Has Web3 just had its Netscape moment? The launch of the first web browser in 1994 was a turning point for the internet. Now, if crypto enthusiasts are to be believed, the switch by the Ethereum blockchain to a new system for validating transactions — a move known as “the merge” — is an equally historic moment for what has become known as Web3.
Moving away from its previous, energy-intensive validation mechanism puts Ethereum on a more sustainable long-term path. For the network that has become the main platform for blockchain-based applications like non-fungible tokens and decentralised finance, that is certainly significant.
But nine years after Ethereum was launched, there is still a long way to go. Here are five issues that will help to determine whether or not the merge will one day be seen as a significant moment in the history of the internet.