A specific timeline for the transition to proof-of-stake has been proposed by Ethereum developers who are working to implement the merger.
Ethereum Merge now has a date
The Ethereum mainnet is now expected to launch the merger during the week of September 19, according to a recent developer conference call. This will happen after the final pre-merge testnet failover to PoS.
Adoption of the transition has been repeatedly delayed. The crucial transition of the Ethereum network from proof-of-work (PoW) consensus mining to proof-of-stake (PoS) is nearly complete. During a conference call on Thursday, members of the Ethereum development team announced a timeline for the permanent merger.
Tim Beiko, a lead Ethereum developer who oversees protocol meetings, suggested September 19 as a viable date for the merger during the conference call. The main developers did not object to the planned target date. These professionals give everything to make the combo successful.
This merge timeline isn’t final, but it’s extremely exciting to see it come to fruition. Please consider this as a planning calendar and pay attention to official announcements!https://t.co/ttutBceZ21 pic.twitter.com/MY8VFOv0SI
— superphiz.eth 🦇🔊🐼 (@superphiz) July 14, 2022
The Goerli testnet merge is expected to go live in the second week of August. The Bellatrix update will then be released on the blockchain in early September, followed by the merge two weeks later.
The new integration date roughly matches the late-August timeline that Vitalik Buterin suggested earlier this year.
Previously, a phantom fork on the mainnet would cause 20% of nodes to go down after it was deployed, raising questions about the stability of the merge. After the Beacon Chain underwent a deep 7-block reorganization in May, the price of Ethereum crashed. Superphiz.eth, an Ethereum developer, spoke about the timing of the merger and stressed that the proposed target date should be seen as a roadmap rather than a hard deadline.
The Sepolia testnet Beacon Chain launched in June, paving the way for the dress rehearsal of Merge to offer technical insights to Ethereum network developers. This process culminated in the integration of the Sepolia into the network on July 7.
It is expected that switching to Proof of Stake (PoS) technology will reduce power consumption by 99%. The first quarter of 2023 is when sharing is expected to be implemented, significantly improving network scalability.
The PoS vs. PoW debate has been going on for some time, with PoS proponents claiming that it is both equally secure and greener. Opponents of the PoW, like Jack Dorsey, have criticized it as centralized and insecure.
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News result in price increase of 12%
Despite the persistence of the bear market, investors have enormous confidence in the Merge event, as evidenced by the more than 10% rise in the second-largest cryptocurrency this morning. According to TradingView, the current price of an Ethereum token is $1,216. The day before, it had a trading volume of $19 billion. Ethereum’s value has increased by 12.86% in the last day.
ETH/USD jumps 12% following merger news. Source: TradingView
However, the success of the merger will still depend on its successful execution. The move to PoS will undoubtedly be the biggest blockchain improvement since the 2016 Ethereum hard fork that spawned Ethereum Classic. The value of the token has declined by around 70% due to rising inflation and interest rates.
Due to the fact that it would make investing in the token much more accessible, the merger should have a good overall impact on Ethereum prices. Additionally, the institutional appeal of ETH can increase by acting as a debt instrument through the benefits of staking.
But only if the merge is successful. Since the 2016 hard fork that led to the creation of Ethereum Classic, the move to PoS will likely represent the biggest change to the blockchain.
Recent market turmoil may have limited Ethereum’s ability to gain significant upside traction. The value of the token has declined by around 70% this year due to rising inflation and interest rates.
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Featured image from Shutterstock, chart from TradingView.com