Today marks a very special moment in the history of Tezos. After several months of negotiation, Tezos has finalized steps to acquire the Ethereum Foundation. Ethereum will be integrating the best features from Tezos. Here is what this acquisition means for the Ethereum ecosystem.
Since 2017, Ethereum has been working on a Proof of Stake system. Vitalik has been a huge proponent for migrating from the computationally intensive Proof of Work. It is greener, and it is cheaper. Tezos has been a great testnet for this technology and has achieved a number of upgrades without issues since 2018. Proof of Stake is live and working! Finally, the Ethereum community will be able to use this system.
Better gas prices
Ethereum is the world computer. However, it is an expensive one. Minting an NFT can cost hundreds of dollars! With the acquisition by Tezos, Ethereum will be able to enjoy transactions that take less than 30s and cost less than $1. The dark times of having to choose how and where to make a transaction, or having to use Polygon are over.
With the large mining consortiums having legacy hardware setups and a lot of sway, upgrades have been difficult on Ethereum. No more! Using Tezos' upgrade system and votes, there will no longer by a possibility to stall improvements.
Solidity. A word capable of triggering PTSD in any smart contract developer. That's a thing of the past. Going forward, developers are going to be able to use multiple options, from Michelson to SmartPy. We expect development times for the Ethereum community to be slashed by orders of magnitude with this acquisition!
Here is a quote from Vitalik on the matter:
"We have been fans of what the Tezos team has accomplished for years. The breakneck speed of the transactions, the blockchain upgrades, and the energy efficiency are remarkable. With this acquisition, the Ethereum team will be able to change their focus from Proof of Stake (since 2017!) and get on with their lives. We are incredibly thankful."