Ethereum Core Devs Says Merge Coming In Soon If Everything Goes To Plan
2022-05-23 15:49:40
Ethereum Test Network Will Undergo Testnet In June before Mainnet
The long-awaited migration of Ethereum from a proof-of-work (PoW) algorithm to proof-of-Stake (PoS) will likely happen in August, says the Ethereum core developer at Prysmatic labs. The Ethereum network is quite expensive to use but it has good utility. The reason for the upgrade of Ethereum is, for users to have a better experience when using the Ethereum network. The goal is to upgrade the Ethereum network to meet global demand as well as improve security and decentralization. This upgrade has always been part of the roadmap.
As of writing, you can buy Ethereum on the Gate.io exchange at $1950.35 and the token is down by 3.80% due to the bearish market for some weeks now. On the Gate.io exchange, you can buy, sell and trade numerous ETH trading pairs.
The Beacon chain (Phase 0): This is already live, and this stage brought the staking to Ethereum, laid the groundwork for future upgrades, and will eventually coordinate the new system.
The Merge (Phase 1): This is when the proof-of-work (PoW) and the proof-of-stake (PoS) eventually come together. This stage is to be launched this year, 2022. The mainnet Ethereum will need to merge with the Beacon chain stage at some point. This will enable staking for the entire network and signal the end of energy-intensive mining.
Shard chains (Phase 2): This is estimated to be done in 2023 and the goal of this phase will be to expand Ethereum’s capacity to process transactions and store data with time multiple phases that will emerge from this phase.
The long-awaited migration of Ethereum from a proof-of-work (PoW) algorithm to proof-of-Stake (PoS) will likely happen in August, says the Ethereum core developer at Prysmatic labs. The Ethereum network is quite expensive to use but it has good utility. The reason for the upgrade of Ethereum is, for users to have a better experience when using the Ethereum network. The goal is to upgrade the Ethereum network to meet global demand as well as improve security and decentralization. This upgrade has always been part of the roadmap.
As of writing, you can buy Ethereum on the Gate.io exchange at $1950.35 and the token is down by 3.80% due to the bearish market for some weeks now. On the Gate.io exchange, you can buy, sell and trade numerous ETH trading pairs.
Ethereum Upgrade Path
According to the Ethereum foundation website, ETH1 is called the execution layer, while ETH2 is called the consensus layer, so the addition of the execution layer and the consensus layer is what will result in the new Ethereum.The Beacon chain (Phase 0): This is already live, and this stage brought the staking to Ethereum, laid the groundwork for future upgrades, and will eventually coordinate the new system.
The Merge (Phase 1): This is when the proof-of-work (PoW) and the proof-of-stake (PoS) eventually come together. This stage is to be launched this year, 2022. The mainnet Ethereum will need to merge with the Beacon chain stage at some point. This will enable staking for the entire network and signal the end of energy-intensive mining.
Shard chains (Phase 2): This is estimated to be done in 2023 and the goal of this phase will be to expand Ethereum’s capacity to process transactions and store data with time multiple phases that will emerge from this phase.
Update On Ethereum Merge
During the Permissionless conference, a core developer of Ethereum by name, Preston Van Loon, said that the Ethereum Merge transition will occur maybe in August if they do not have any challenges,this brought so much excitement to the atmosphere during the event as the attendees were happy to hear this news. The Mainnet launch will bring the ability to run smart contracts into the proof-of-stake (PoS) system, in addition to the full history and the current state of Ethereum, to ensure that the transition is smooth for all ETH holders and users. Migrating from one consensus mechanism to another in the blockchain is a complex change, which requires multiple tests on Testnets, like Ropsten, which will occur in June before they are finally deployed on the Mainnet in August. With the current state of the market, if the new version of Ethereum is released, will investors buy Ethereum?
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