“Merger” Is Coming – And Potentially flat as soon as you can than previously expected. according to According to a Wednesday blog post by the Ethereum Foundation, the upgrade is expected to be fully completed between September 10th and 20th.
Ethereum, the network behind the second largest cryptocurrency by market capitalization, proof of work consensus mechanism to Proof of Stake Blockchain is coming next month with a much-talked-about upgrade known asmerge
The developers have set a date for when the long-awaited update to ETH 2.0 will take place for some time to come.
But today, the non-profit Ethereum Foundation says: With all public testnets successfully upgraded, The Merge is scheduled for Ethereum on his mainnet.
He added that the updates participating in the two phases “Bellatrix” and “Paris” will take place on September 6th and September 10th to September 20th respectively.
Currently, Ethereum uses the same consensus mechanism as Bitcoin known as Proof of Work. This requires miners to validate transactions and keep the network secure. This is slow, costly, and uses a lot of energy by design.
However, Proof of Stake is different as it uses validators to stake or lock up Ethereum to completely eliminate miners and keep the network running safely. After the update, the only way to create new ETH is to stake your existing ETH on the network, which analysts expect could have a deflationary impact on the cryptocurrency.
Moving to Proof of Stake will allow Ethereum to 99% more energy efficient, according to the Ethereum Foundation. Blockchain co-founder Vitalik Buterin also said in his July statement that the changeGreat for decentralization, despite critics who say it actually does the opposite.
Ethereum users have long talked about how the integration would improve the network, but Buterin himself recently More planned upgrades come. Following these updates, developers expect network speed and efficiency to improve as well.
Ethereums transition to Proof of Stake has taken a very long time, the Ethereum Foundation said today.
“Thanks to everyone who has contributed to researching, identifying, developing, analyzing, testing, breaking, fixing, or explaining everything that has led us to The Merge.”
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