Saturday, July 2, 2022

Ethereum’s Merge to Proof-of-Stake to Happen in August

The Takeaway:

Core Ethereum developer Preston Van Loon says that Ethereum’s merge from proof-of-work mechanism to proof-of-stake will happen this August — hopefully.

2022 is set to be the year Ethereum completes its largest consensus merge in history. Ethereum’s long-awaited shift from the environmentally unfriendly Proof of Work (PoW) consensus mechanism to a much more eco-friendly Proof of Stake (PoS) mechanism is most likely to occur sometime in August. According to a report by ConsenSys, Ben Edington (Product Manager at Teku), Mikhail Kalinin (Researcher at ConsenSys R&D), and Sajida Zouarhi (Product Manager at Hyperledger Besu) are the three members working closely on the migration.

Ethereum core developer Preston Van Loon told attendees at the Permissionless conference that The Merge would happen sometime in August “if everything goes as per the plan.” He told the 5000 attendees that the company was looking forward to making The Merge happen before the network suffered any catastrophe.

“As far as we are aware, if everything goes according to the plan, August will be the month — it just makes sense. If we don’t have to move [the difficulty bomb], let’s make it happen as soon as possible,” Van Loon said.

Supporting Van Loon’s statement, Ethereum researcher Justin Drake said that the guaranteeing the transition happens would be the topmost priority for Ethereum. The “difficulty bomb” refers to a part coded into the Ethereum blockchain that slows down the network. It was programmed to initiate the merge to PoS by making it more complicated for miners to stay behind on the Proof of Work protocol after the transition.

ON April 11, Tim Beiko released a statement that said that The Merge had once been delayed. Irrespective of a successful “shadow fork test,” Beiko announced that the transition won’t happen in June. He further stated that Ethereum devs need to act promptly to avoid the difficulty bomb; else they’d need to come up with yet another update to slow down the bomb.

Beiko said, “If client developers are not able to execute The Merge to mainnet before the difficulty bomb freezes the network, the transition needs to be delayed again.”

The Ropsten Testnet Merge Set to be Conducted on June 8

Ropsten — one of the Ethereum network’s key test networks — will participate in the transition in June, Ethereum devs say. If the Ropsten merge happens according to the plan, the Ethereum network will undergo a shift from the PoW protocol to the PoS consensus mechanism.

Testing Ropsten is clearly a huge milestone for Ethereum devs to carry out the actual merge estimated to happen this August.

This is supposedly a very big change as a lot of money is at stake. If anything goes wrong, it’d lead to a disaster as Ethereum is arguably one of the most used blockchains and its network has heavy traffic.

If The Merge is successfully deployed in August, the ultimate landmark on the roadmap for Ethereum is the upgrade estimated to go live early next year. Until then, the network will continue to leverage layer-2 networks such as Polygon and Optimism to manage scalability and high exchange volumes.

While layer-2 networks have their own sets of advantages and disadvantages, they tend to be much more affordable and faster compared to the base layer.

The native token of Ethereum, ether (ETH), is currently the second-largest cryptocurrency in the market. As of now, it has a market capitalization of $365 billion and is trading at a little over $1,900, down from $3,000 earlier this month. 

Disclaimer: The article reflects the opinions of the author and is not representative of Chaintimes’ views.
The article does not offer any investment advice. User discretion is advised when investing in or trading with cryptocurrency. Extensive and diligent research should be carried out by the reader before making a decision.

Harry Finnerty
Harry Finnerty
After completing his graduation from Strayer University, Harry started to work in the real estate industry. However, soon he realized that his real interest is in the financial industry and once he came to know about bitcoin and the technology behind it, he dedicated his life to understand and write about it.

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