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Vitalik Buterin, co-founder of Ethereum, revealed during the Ethereum developer meeting in Shanghai that the second largest blockchain will convert to the proof-of-stake consensus method in August. If developers run into problems, the debut could be pushed out until October.
It’s worth mentioning, though, that the official timeline has yet to be revealed.
Ropsten, one of Ethereum’s public testnets, will combine on June 8, according to U.Today. This will be a critical milestone before the move to proof-of-stake.
Developers will be able to determine whether the present mainnet chain is ready to merge with the Beacon Chain, which was created separately in December 2020, by modeling the actual merge.
Tim Beiko, an Ethereum engineer, acknowledged in April that the integration will no longer take place in June. He did acknowledge, though, that Ethereum was “in the final chapter” of its transition.
The much-anticipated switch to proof-of-stake on Ethereum could be a watershed moment for the cryptocurrency industry, since it will drastically cut the second largest blockchain’s energy consumption.
Due to the largest cryptocurrency’s increasing energy consumption, this will also put greater pressure on Bitcoin developers to work on the same code modification. Such a scenario, however, is exceedingly improbable to occur.
The Ethereum Foundation combined its bug bounty program with the Ethereum mainnet earlier this month. The top prize has been increased to $250,000. This is just another evidence that, after repeated delays, the merger will most certainly take place over the next few months.
Disclaimer: The opinion expressed here is not investment advice – it is provided for informational purposes only. It does not necessarily reflect the opinion of EGG Finance. Every investment and all trading involves risk, so you should always perform your own research prior to making decisions. We do not recommend investing money you cannot afford to lose.
