Ethereum (ETH) to Move to Proof-of-Stake Beginning September 19
Ethereum Foundation engineers have already determined the date for the long-awaited shift from Proof-of-Work (PoW) to Proof-of-Stake (PoS) consensus.
This effort needed many years of planning and development. Now, it is anticipated that the Ethereum network will become quicker, more dependable, and more beneficial for users.
Ethereum Is Now Prepared to Continue as a Proof-of-Stake Blockchain Network
As one of the most congested networks in the world, Ethereum is now prepared to shift to a Proof-of-Stake consensus method. As indicated by Tim Beiko, a fundamental developer of Ethereum, the transfer is set for September 19. It is important to note that other developers agreed with this transition date estimate.
However, the community has acknowledged that this is just a rough estimate for the ultimate changeover. On Twitter, Superphiz.eth said that this merging schedule is not final. He said that they are enthusiastic, but that this timeframe is more of a “planning timetable” than an actual declaration.
By combining with Beacon Chain, Ethereum will be able to transition from its present PoW consensus method to a PoS blockchain network.
Ethereum is migrating to a PoS blockchain network for several reasons. One of them relates to the development of the crypto ecosystem and the necessity for ETH to provide trustworthy solutions to people throughout the globe. Today, using Ethereum is complex and expensive.
Ethereum is not a user-friendly network since transactions might take a long time to execute and fees can be almost impossible to pay for certain users. This occurred as a result of the proliferation of new user-friendly solutions, such as decentralised finance (Defi) protocols and non-fungible coins (NFTs).
The shift to a Proof-of-Stake network will improve efficiency. Therefore, there should be no congestion, and transaction rates should be cheaper than they are now. This might help Ethereum enhance the solutions it offers customers and compete with other blockchain networks that have been introduced to the market in recent years that are more efficient.