Ethereum Confirms Date for the Merge
- Ethereum will move from a Proof-of-Work consensus mechanism to a Proof-of-Stake mechanism following the upgrade.
The wait for Ethereum’s much-anticipated update, called the Merge, appears to be coming to an end as Ethereum developers recently confirmed a likely date for the update. Ethereum will reportedly make the switch from a proof-of-work (PoW) blockchain to a proof-of-stake (PoS) network, which uses less energy on September 19.
During a conference call with other developers, Tim Beiko, a major Ethereum developer who organizes meetings for the core protocol, presented September 19 as a possible merger goal date. The core developers raised no objections to the suggested date. But, they later clarified that the recommended target date should be viewed as a plan rather than a tight timeline.
Beacon Chain community manager superphiz.eth, wrote in a tweet,
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!
Plans to move from a Proof-of-work to a Proof-of-stake have been going on for some years. Ethereum’s transition to PoS-based ETH 2.0 got underway on December 1, 2020, with the introduction of Beacon Chain. The program’s first phase was supposed to begin in the middle of 2021, but due to unresolved issues and the complexity of the code audits, it was postponed to the first quarter of 2022. The Beacon Chain will effectively become the new home for Ethereum activities after the September Merge event.
As per the next line of action, the Goerli network will host Merge’s last trial, which is slated for the second week of August. Afterward, the grand Merge, scheduled for the latter part of September, would become a focus for developers.
Ethereum’s switch to a PoS network is the talk of the community. The transition would make Ethereum more eco-friendly as it is expected to consume 99% less energy, and would usher in the era of sharding, which will most likely come into play in Q1 2023. As a result, Ethereum would become highly scalable and can stand toe-to-toe with centralized payment services.
Solana, Avalanche, Cosmos are some of the well-known PoS networks. However, Ethereum exceeds all in terms of developer and investor activities. Following the Merge, validators will confirm transactions and create new blocks in place of miners. In the context of the Ethereum network, a validator is an individual or organization that has deposited at least 32 Ethereum to the Beacon Chain.
The POS Vs POW Debate
The PoS vs. PoW controversy has been one of the most debated subjects in the crypto world. Some who support PoW, like Jack Dorsey, believe the PoS mechanism is centralized and less secure, while others who support PoS assert that it is more eco-friendly and sufficiently secure.
Proof-of-stake lessens the amount of computing required to validate blocks and transactions that maintain the security of the blockchain and, consequently, a cryptocurrency. Under the POS model, coin owners use their coins as collateral in other to validate blocks.
Both the POW and POS consensus mechanisms play huge roles for many blockchains. These models enable blockchains to conduct transactions, validate data, and sync data. Although each method has advantages and disadvantages, they have all been demonstrated to be effective at maintaining a blockchain.
How will the Merge Affect Ethereum?
The Merge will probably result in a reduction in the supply of new ETH, and depending on how much ETH is available for stake, there could be an increased interest in the Ethereum blockchain. Without a question, Ethereum’s update is timely. There has never been a better opportunity to make this transition than right now, with numerous interest groups, including venture capital firms, interested in the crypto industry. According to several experts, the Merge might attract more investors to Ethereum.
The upgrade could possibly see more Ethereum users become validators, alongside an overall increase in Ethereum’s user base. Many people believe Ethereum’s switch is for the best. Without a doubt, Ethereum has played a huge role in the growth of the cryptocurrency industry and is behind most of the biggest innovations in the industry.
Lawrence has covered some exciting stories in his career as a journalist, he finds blockchain-related stories very intriguing. He believes Web3 will change the world and wants everyone to be a part of it.
