Ethereum developers working to implement the merger have offered a specific date for transitioning to proof of stake.
Ethereum Merge Has A Date
According to recent developer conference, the Ethereum mainnet will launch the merger during the week September 19. After switching to PoS, the last testnet will be switched.
There have been a few delays in the adoption of this transition. Nearly complete is the critical transition of Ethereum from proof-of work (PoW), to proof-of stake (PoS). On Thursday, the Ethereum development team announced a timeline for permanent merging during a conference call.
Tim Beiko (core Ethereum developer) suggested that September 19 be a feasible date to merge during the conference call. Core developers supported the proposed goal date. All of these professionals will do everything possible to make the combination a success.
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!https://t.co/ttutBceZ21 pic.twitter.com/MY8VFOv0SI
— superphiz.eth 🦇🔊🐼 (@superphiz) July 14, 2022
It is expected that the Goerli merge will be available in August’s second week. Bellatrix will release the update in September and then merge two weeks later.
This new date corresponds roughly to the August schedule Vitalik Buterin proposed earlier in this year.
A shadow fork in the mainnet caused 20% of the nodes to be shut down following rollout. This raises questions about merging stability. The price of Ethereum crashed in May after the Beacon network underwent a seven-block deep restructuring. Superphiz.eth, an Ethereum developer, talked about the merger’s timeline and underlined that the proposed goal date should be viewed as a road map rather than a strict deadline.
In June, the Sepolia testnet Beacon Chain was launched. This opened up Merge to provide technical insight to Ethereum network developers. The Sepolia was incorporated into Ethereum network’s infrastructure on July 7.
Switching to Proof of Stake technology (PoS), is expected to reduce energy consumption by 99 percent. Sharding, which greatly enhances network scaling and is scheduled to begin in the first quarter of 2023.
PoS vs. PoW has been debated for quite some time. PoS supporters argue it is equal in security and better for the environment. Jack Dorsey, one of the opponents to PoW has called it centralized and unsecure.
Upcoming ETH Merge Sees Institutional Investor Sentiment Turn Positive| Upcoming ETH Merge Sees Institutional Investor Sentiment Turn Positive
News: 12% price jump
Despite the bear market’s persistence, investors have enormous faith in the Merge event, as seen by this morning’s increase of more than 10% in the second-largest cryptocurrency. TradingView shows that one Ethereum token’s current value is $1,216. It traded volume was $19 billion the day before. Ethereum’s value has increased by 12.86% during the last day.
Following merger news, ETH/USD surges 12% TradingView
The merger’s success will still depend on how successfully it is executed, though. The switch to PoS will unquestionably be the blockchain’s biggest improvement since Ethereum’s hard fork in 2016 that gave rise to Ethereum Classic. As a result, the token’s value has dropped by around 70% due to increasing inflation and higher interest rates.
Because it will allow investors to make investments in the token more affordable, there is a strong chance that the merger will have an overall positive effect on Ethereum pricing. Additionally, ETH’s institutional appeal may increase by acting like a debt instrument thanks to staking benefits.
Only if the merger is successful. The switch to PoS, which will be the largest change in the blockchain’s history since the 2016 hard fork that resulted in Ethereum Classic being established, is likely to mark the most significant.
Recent market turbulence may have limited Ethereum’s ability to gain significant bullish traction. The token’s value has decreased by around 70% this year as a result of higher inflation and interest rates.
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Featured Image from Shutterstock. Chart from TradingView.com