The main event that supporters of Ethereum have been anticipating for a number of years may soon be just around the corner. During a conference call on Thursday, several of the most prominent developers working on Ethereum presented a new possible date for the Ethereum Merge, which is the name given to the transfer of the blockchain to a proof-of-stake (PoS) consensus architecture.
The Merge may be approximately two months away, as stated by developers affiliated with the Ethereum Foundation.
Tim Beiko, a core developer for Ethereum, announced on a conference call on Thursday that the transition to PoS for the network was now tentatively set for September 19. The updated estimate was met with little resistance from the other key developers.
Later, an Ethereum Beacon Chain community health consultant named superphiz.eth tweeted, “This merging timeline isn’t final, but it’s really exciting to see it coming together.” Please consider the following as a planning schedule, and keep an eye out for any formal announcements!
The Ethereum Merge is a much-anticipated upgrade that will combine the existing consensus layer with the brand-new proof-of-stake Beacon Chain, which went live in December 2020. This upgrade has been highly anticipated by the Ethereum community. The Merge is anticipated to free Ethereum from the energy-intensive proof-of-work consensus process, replace it with the less resource-intensive proof-of-stake consensus mechanism, and reduce the amount of ETH issued by around 90 percent. This will result in a 99 percent improvement in the ecologically friendliness of the network.
In order to ensure that it is ready for the Merge, the network has been putting itself through a series of test forks. Only a week ago, the merge process for Ethereum’s Sepolia testnet was finished. The date of August 11 has been scheduled for the concluding test of Superphiz.eth on the Goerli public testnet.
The ninth shadow fork was successfully deployed without any major issues yesterday, and as a result, the forecast for a mainnet Merge in September is looking more likely than it was before.
It is important to note that the transition of the Ethereum network from proof-of-work to proof-of-stake has been plagued by a number of setbacks over the course of the past few years. As the amount of demand increases, the engineers working on Ethereum will be more focused than ever on ensuring that the network’s biggest major update to date is deployed faultlessly.
Over the course of the last day and a half, there has been a 13.38 percent increase in the price of ETH.