Join Our Telegram channel to stay up to date on breaking news coverage
Ethereum is inching closer to transitioning into a poof-of-stake (PoS) network. The network will transition from PoW to PoS after the Merge, an eagerly awaited process by the community. The Ethereum developers have now provided a perpetual date for the Merge in a conference held on Thursday.
Ethereum devs provide a perpetual date for the Merge
During the conference, Ethereum’s core developer, Tim Beiko, proposed September 19 as the scheduled date for the Merge. The selection of this target date was supported by the core developers of the network.
After this conference, Ethereum developer superphiz.eth talked about the timeline for the Merge. He said that the provided perpetual data should not be used as a roadmap, but it cannot serve as a hard deadline of when the Merge will happen.
Your capital is at risk.
The transition of Ethereum from PoW to PoS started at the beginning of December 2020. At the time, Ethereum launched Beacon Chain, marking the start of the process of changing the network’s consensus. Over the years, there have been several delays to the Ethereum Merge date because of the complex nature and the incomplete work.
In June this year, Ethereum developers completed a process important to the Merge. The Sepolia testnet Beacon Chain was launched, paving the way for the Merge dress rehearsal to give the developers valuable insights. Sepolia was merged with the mainnet on July 7.
The final trial phase for the Merge will happen on the Goerli network, scheduled to happen next month. The official date for the Merge will happen in mid-September. Ethereum as a PoS network is expected to lower energy consumption by 99%. It will also introduce sharding during the first quarter of 2023, boosting network scalability.
The debate between PoW and PoS
There has been intense debate over PoW and PoS networks. The supporters of PoS claim that the consensus is more environmental-friendly and offers better security. On the other hand, the supporters of PoW claim that proof-of-stake is centralized and less secure than PoS.
The co-founder of the Ethereum network, Vitalik Buterin, has been defensive about PoS. Buterin has previously argued that PoS was not centralized and less secure as PoW proponents touted it. Buterin said that PoS does not involve voting, same as PoW and that nodes reject invalid blocks in both consensus models.
Read more:
Join Our Telegram channel to stay up to date on breaking news coverage
