- September 19th is scheduled to see the network transition.
- The Merge will mark the beginning of a new era for Ethereum.
Ethereum developers have established a new target date for the long-awaited Merge of the blockchains. September 19th is scheduled to see the network transition from a PoW blockchain to a PoS network, which is more energy efficient.
A PoS variant of Ethereum, the Beacon Chain, is now functioning in parallel with the mainnet’s PoW version. The multi-stage upgrade’s introduction in December 2020 marked its commencement. There are plans to merge all Ethereum activity to the Beacon Chain in September.
Smooth Transition Expected
Additional information was provided by Superphiz.eth on the future stages, including a final Ethereum testnet experiment on Goerli. New upgrades and alterations to the blockchain network may be tested on testnets without risking the network’s collapse or disrupting users. Ethereum developer Marius van der Wijden has hailed the latest “shadow fork” as “another step in the right direction.” The Merge event was successfully tested on Sepolia last week, as well.
The Merge will mark the beginning of a new era for Ethereum, which will witness the demise of one consensus mechanism and the emergence of another. Validators, rather than miners, will be responsible for verifying transactions and minting new blocks. In the Ethereum network, a validator is someone who has deposited at least 32 Ethereum to the Beacon Chain as a minimum.
That deposit offers a financial incentive to maintain confirming transactions; if they do not, part of it may be reclaimed. Validators, on the other hand, may earn more Ethereum for their services if they keep up their uptime and avoid fraudulent behavior.
Additionally, several additional PoS-based networks are widely used. In terms of investor and development activity, none, however, comes close to Ethereum’s level of popularity.
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