Ethereum developers working on completing the merging have provided a date for the switch to proof-of-stake.
The Merge Now Has A Date
According to a recent developer teleconference, the merging will start on the Ethereum mainnet the week of September 19. This will take place following the final testnet switch before the PoS merge.
The transition’s adoption has been postponed several times. It’s almost time for the Ethereum network to switch from proof-of-work (PoW) mining agreement to proof-of-stake (PoS). During a recent conference call on Thursday, members of the Ethereum development team announced a timeline for the permanent integration.
During the conference call, Tim Beiko, a senior Ethereum developer in charge of the protocol discussions, suggested September 19 as a potential day for the merger. The core developers did not oppose the anticipated goal date. These experts are doing everything they have to make the combination work.
It is anticipated that the Goerli testnet merge will go live in the second week of August. Then, the Bellatrix update and merge will be made available on the blockchain in early September.
The revised integration date nearly fits the Vitalik Buterin-proposed late-August plan earlier this year.
In the past, a shadow fork on the mainnet caused the closure of 20% of nodes after its rollout, raising concerns about the stability of merging. The price of ethereum plummeted after the Beacon chain underwent a 7-block deep restructuring in May. Ethereum developer Superphiz.eth discussed the timing for the merger and emphasized that it is best to see the planned goal date as a roadmap rather than a deadline.
This merge timeline isn't final, but it's extremely exciting to see it coming together. Please regard this as a planning timeline and look out for official announcements!https://t.co/ttutBceZ21 pic.twitter.com/MY8VFOv0SI
— superphiz.eth 🦇🔊🛡️ (@superphiz) July 14, 2022
In June, the Sepolia testnet Beacon Chain became life, paving the way for the Merge dress rehearsal to give Ethereum network developers technical advice. Sepolia’s integration into the network on July 7 marked the completion of this process.
By moving to Proof of Stake (PoS) technology, energy consumption is expected to be reduced by 99%. Sharding is anticipated to be used in the first quarter of 2023, significantly improving network scalability.
The argument between PoS and PoW has been going on for a while, with supporters of PoS claiming that it is more environmentally friendly and equally secure. Jack Dorsey and other PoW critics have called it centralized and insecure.
News Causes a 17% Price Increase
Investors have pinned a lot of hope on the Merge event despite the bear market’s tenacity, as seen by this week’s surge of more than 17% in the second-largest crypto currency. Ethereum price is currently valued at $ 1,200 per TradingView. It had a trading volume of $19 billion the day before. The price has been consolidating in the box for some days, though. Post the Merge; it is expected to break out of the box.
However, the merger’s success will still depend on how well it is carried out. The blockchain will undoubtedly have advanced the most with the move to PoS since the hard fork of Ethereum that created Ethereum Classic in 2016. Because of rising interest rates and inflation, the token’s value has fallen by nearly 70%.
The merger is projected to positively influence Ethereum price because it would make investing in the token much more accessible. Due to the advantages of staking, ETH may also gain institutional appeal by acting like a debt instrument.
Nevertheless, only if the fusion is completed correctly. The migration to PoS will probably be the biggest change to the blockchain since the hard fork in 2016 that resulted in the creation of Ethereum Classic.
The recent market instability may have prevented Ethereum from gaining major upward momentum. Due to increasing inflation and interest rates, the token’s value has dropped by about 70% this year.
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