- Buterin and Ethereum core developer state that The Merge will likely occur in August, provided there are no complications after the Ropsten Testnet.
- The Ethereum network will become more decentralized and secure once the switch is complete.
Ethereum co-founder, Vitalik Buterin, has stated that the network’s “Merge” could happen in August. But he added that The Merge could be held back till September or October if there are any issues.
Buterin and Ethereum core developer confirm dates
Buterin made the revelation while speaking on the network’s future at the ETH Shanghai And Mask Network (ETH Shanghai Summit). He also gave further insights on “The Merge.” Buterin disclosed that the network had scheduled The Merge to happen on June 8 on the Ropsten Testnet.
He also said, “it is the largest testnet we have ever done.” If ‘The Merge’ should happen on Ropsten Testnet, as Buterin stated, many other test networks will also switch from the PoW to the PoS consensus. Buterin further said, “if there are no issues with the Ropsten Testnet, “The Merge” would be finalized by August. But, if there are any issues, The Merge might be delayed by one or two months.”
One of galaxy digital’s research associates, Christine Kim, opined on Twitter that the Ropsten testnet of The Merge would enable developers to see their client’s behavior in a public but less controlled test network environment.
To clarify, the discussion was not about a delay to the Ropsten fork. That’s still expected for around June 8. The discussion today was around if/how to adjust TTD to better align with the scheduled date. https://t.co/ECCpAxtbE9
— Christine Kim (@christine_dkim) May 19, 2022
Once The Merge is complete, more large volume transactions can occur on the Ethereum network. The switch to PoS introduces a feature known as network sharding, which enables greater scalability of the network.
Sharding breaks the Ethereum network into smaller portions, with each shard having its sets of smart contracts and account balances. Also, Preston Van Loon, an Ethereum core developer, made similar remarks while being interviewed during the ongoing permissionless conference.
Today, Ethereum core developers working on consensus layer (CL) software clients such as #Prysm, #Teku, #Lighthouse, and #Nimbus gathered for their 87th bi-weekly Zoom call. Summary notes on what they discussed start here 🧵 https://t.co/qabLczcqMH
— Christine Kim (@christine_dkim) May 19, 2022
He added that the network’s team is putting in the effort to ensure that the switch is completed by August. Van loon said, “based on current information and if there are no delays, August – that’s the most sensible option.” “If it’s not necessary to postpone this difficulty bomb, it’s best we do it within the shortest possible time.”
A distraction
Earlier in the month, the network’s core developers stopped working on upgrading the network. They had previously wanted to upgrade the network to make it difficult for miners to remain on the PoW chain once the PoS switch is complete.
However, the developers realized that working on such an upgrade would slow down the network and create a distraction from working on The Merge. They discovered that one of the side benefits of completing The Merge is that it would also make it difficult for miners to remain on the PoW chain, an objective they also wanted to achieve.
The additional benefits of PoS and enhancing ETH’s value
Even though the network remains secure and decentralized with either the PoS or PoW, the network will benefit more from being on the PoS. The PoS mechanism consumes less energy, makes the network better decentralized, and enhances the network’s security.
More importantly, the completion of The Merge reduces ETH’s circulation supply by nearly 90 percent. Hence, ETH’s price should soar since there is more demand than supply.
Credit: Source link
