Blockchain

Ethereum Merge To Take Place In August

Moving the network from proof-of-work to a proof-of-stake consensus for optimization.

Blockchain

Ethereum Merge To Take Place In August

Moving the network from proof-of-work to a proof-of-stake consensus for optimization.

Ethereum’s (ETH) highly anticipated merge could be delivered as early as August, “if everything goes to plan,” said Ethereum core developer Preston Van Loon at the Permissionless Conference on Thursday, May 19. The merge moves ETH from a proof-of-work (PoW) to a proof-of-stake (PoS) consensus, optimizing the network.

In early May, prominent core developer of Ethereum Tim Beiko shared an open letter outlining current needs and updates surrounding the network, everything from Shadow Forks to mainnet. In the update he called on developers to help test the network, saying that it needs a few mainnet Shadow Forks without issues, clients passing various merge test suites, and smooth deployments across existing public testnets. The community has responded well to this, with some incentives like NFTs being offered for participation.

Moving ETH to a PoS system is a major step forward for the network. PoS will enable broader use of smart contracts, lower energy consumption, as well as optimized security.

All focus seems to be on the merge to the mainnet with Ethereum’s site stating, “an implementation goal of The Merge is simplicity in order to expedite the transition from Proof-of-Work to Proof-of-Stake. Developers are focusing their efforts on this transition, and minimizing additional features that could delay this goal.” Meaning other features like the ability to withdraw staked ETH will have to wait until after The Merge is complete.

Elsewhere in Web3, Pussy Riot’s UnicornDAO raised $4.5 million USD to support underrepresented groups of digital artists.

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