“The merge” is arriving even quicker than initially expected.
The dates for the eagerly awaited “Merge” event, which would significantly lower Ethereum’s electricity consumption, have been released by its creators.
The Ethereum Foundation announced on Wednesday that a two-stage upgrade of the software that powers the platform will start on September 6, 2022. Later, somewhere between September 10-20, the second and last step will be completed.
The much-discussed “merge” update will take place next month on the Ethereum network, which powers the second-largest cryptocurrency by market cap. Proof-of-work consensus mechanisms will be replaced by proof-of-stake blockchains.
The long-awaited software update will transform the way Ethereum processes transactions to make them more energy-efficient. Dates for the long-awaited update to ETH 2.0 have been floated about by developers for some time.
This is it: The Merge is coming.
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The Ethereum Foundation, a nonprofit group, declared: “Ethereum’s proof-of-stake upgrade is finally here, after years of hard work! The Merge has been planned for the Ethereum mainnet after the successful upgrade of all open testnets.
It was reported that the update will occur in two stages: “Paris” and “Bellatrix.” On September 6, the Bellatrix upgrade on the Beacon Chain will go into effect. This upgrade is in charge of initiating the remaining steps in the Merge procedure. The Merge is anticipated to occur between September 10 – September 20, 2022, depending on the extent of the Terminal Total Difficulty.
Ethereum currently operates the same proof of work consensus algorithm as Bitcoin. Because of this, miners are needed to verify transactions and maintain network security. It is intended to be sluggish, expensive, and energy-intensive.
In contrast, Proof of Stake does away with miners altogether in favour of validators who “stake” (i.e., lock up) Ethereum to maintain network uptime and security. The only way to produce new ETH after the update will be to stake existing ETH on the network, which analysts predict could have a deflationary effect on the cryptocurrency.
The Ethereum Foundation claims that switching to proof of stake will make Ethereum “99% more energy efficient.”
Although Buterin previously pointed out that there are numerous planned upgrades to come, Ethereum users have long discussed how the merge will enhance the network. Developers anticipate that these upgrades will also increase the network’s speed and effectiveness.
The Ethereum Foundation announced that the switch to proof-of-stake has taken a very long time. Thank you to everyone who helped with the research, designing, creation, analysis, testing, breaking, fixing, or justifying of everything that led to The Merge.
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