More details on the transition to Proof-of-Stake have been made public by the Ethereum Foundation. The anticipated event often referred to as “The Merge,” is planned for the month of September.
Recent updates issued by the Ethereum Foundation show that the transition to Proof-of-Stake is progressing successfully.
A two-part update is necessary, as stated in a post on the Ethereum Foundation’s blog. The Beacon Chain is where this improvement will be implemented. Thereafter, between September 10 and 20, should a certain Total Difficulty be reached, a second upgrade, named Paris, will be activated. The two networks will be merged in this second update. In order to make the transition to the new ecosystem, it is necessary for node operators to upgrade their clients in both the consensus layer and the execution layer.
To enhance the Ethereum ecosystem, the Proof-of-Work chain will “merge” with the Proof-of-Stake Beacon Chain, which presently operates in parallel with the conventional Ethereum Chain. The Beacon Chain will be responsible for validating network blocks after the conclusion of the Merge. The improvement should decrease Ethereum’s energy consumption by more than 99%, among other benefits.
Earlier this month, the merging on the Goerli testnet, considered the last “dress rehearsal” for the Merge, was successfully conducted, signalling to the crypto world at large that the much-anticipated update was at hand. As a result, ETH’s value increased for most of the month of August until levelling out this past week. JP Morgan even went so far as to say that the “floor” of the cryptocurrency market had been “discovered” because of the excitement around the update.
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