The Ethereum Fusion event has a new launch date. Members of the Ethereum community have decided on a new date for the long-awaited blockchain launch Merge. Ending the summer in style, the network is set to merge on September 19, from its current state of proof of work (PoW) to one low consumption proof of stake network (point of sale).
The announcement of the new date sent Ethereum up 40% over the weekend, sending it to a 10-day high, trading at $1,516.25 on Monday afternoon CET.
Beacon Chain community manager superphiz.eth tweeted, “This merger timeline is not final, but it is extremely exciting to see it come to fruition. Please consider this a planning timeline and pay attention to official announcements!”
The Beacon Chain is the PoS version of Ethereum and it currently runs alongside the PoW-based mainnet. It is a large account book that animates and coordinates the network of stakers. Unlike the Ethereum mainnet, it does not process transactions or manage smart contract interactions, but can be seen as the first step of Ethereum 2.0 – a massive upgrade intended to revolutionize the Ethereum network. Tag string first spear in December 2020, the Merge event scheduled for September will allow Ethereum to move activity to this new ledger.
Sassal.eth, an independent Ethereum educator, angel investor, and advisor, tweeted the following: “Goerli, the last public testnet to go through the merge transition should do so around August 11th.”
Testnets like Goerli or Sepolia provide an environment for developers to test new updates and make changes to a blockchain network without risking bringing that network down or causing unwanted disruption to users.
This new merge date announcement came closer after last week’s testnet called Sepolia also worked successfully. Ethereum developers must all agree that enough testing has been done for the merger to be transparently unveiled. The upcoming merge on September 19 will see Ethereum enter a new era, leaving behind one consensus mechanism and beginning another.