Ethereum May Transition To Proof Of Stake In August.
Ethereum, the second-largest blockchain network, may switch to the proof of stake consensus algorithm in August. The implementation of Ethereum’s move to a proof-of-stake blockchain could occur between August and October 2022. The changeover is typically referred to in the cryptocurrency community as The Merge or ETH 2.0.
Vitalik Buterin, the co-founder of Ethereum, verified the news during the Ethereum Developer Summit in Shanghai on Friday. While Buterin stated that there is a strong possibility that The Merge will occur in August, he also emphasized that delays may occur. If there are no issues, the integration will occur in August,” Buterin stated on Thursday at the ETH Shanghai Web 3.0 Developer Summit.
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Ethereum’s Merge Has Been Long Anticipated
The merge is a widely awaited upgrade to Ethereum that will transition the principal blockchain from a proof-of-work method to a proof-of-stake mechanism if everything goes according to plan.
Currently, Ethereum uses a proof-of-work architecture in which miners compete to solve hard problems to validate transactions demanding a great deal of energy and computer power. Ethereum’s transition to proof-of-stake, where transactions are authenticated by those who contribute, or “stake,” to the network, is intended to make it more efficient and environmentally friendly.
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This move will be a significant change with numerous implications. Ethereum developers have worked on the transition to proof-of-stake for years. Still, the integration has been repeatedly delayed, causing many people to think that the merger is unlikely to occur. However, “the integration appears to be imminent,” added Buterin. Ethereum will eventually transition into a proof-of-stake network.
The recommitment to the schedule follows last week’s announcement that the Ethereum network will reach a “major testing milestone,” with the Ropsten testnet Merge scheduled for June 8. The PoW test network will be combined with a new PoS consensus layer testnet during the Ropsten testnet Merge.
It is intended to replicate what would occur after the actual Merge between Ethereum and the Beacon Chain occurs, and the network becomes a PoS network.
Suppose The Merge is successfully executed in August. In that case, the final milestone on the roadmap for Ethereum, formerly known as Eth2, is the sharded chains upgrade, which is anticipated to become live in early 2023. Until then, the network will continue to rely on layer-2 networks, such as Optimism and Polygon, to manage high transaction volumes and scalability.
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