After network developers outlined a new schedule for testnets and updates, Ethereum’s Merge event has a new launch date. In a piece of positive news, Ethereum developers propose September 19 as the tentative target date for the “Merge.”
Ethereum’s tentative merge schedule targets a September date for the transition to Proof-of-Stake, final testnet to undergo PoS transition in August #Ethereum https://t.co/99cZZBKWJj
— /r/Ethereum (@r_Ethereum) July 14, 2022
Ethereum‘s ninth shadow fork went live as the network continued to test its upcoming transition from a proof-of-work to a proof-of-stake consensus model. The shadow fork advances work on later this year’s upgrade to the Ethereum mainnet. The following month is expected to see the third and final testnet merge, Goerli.
“This merge timeline isn’t final, but it’s extremely exciting to see it coming together,” tweeted Beacon Chain community manager superphiz.eth. “Please regard this as a planning timeline and look out for official announcements!”
This merge timeline isn’t final, but it’s extremely exciting to see it coming together. Please regard this as a planning timeline and look out for official announcements!https://t.co/ttutBceZ21 pic.twitter.com/MY8VFOv0SI
— superphiz.eth ??? (@superphiz) July 14, 2022
The PoS version of Ethereum, known as the Beacon Chain, is now active alongside the mainnet’s PoW model. The multi-stage upgrade’s introduction in December 2020 marked its beginning.
The Beacon Chain will effectively become the new place for Ethereum activities following the September Merge event.
The subsequent procedures were outlined in more detail on Superphiz.eth, and they included one last test on Goerli, the final Ethereum testnet. With testnets, developers may experiment with new upgrades and modifications to a blockchain network without running the risk of it collapsing or disrupting users.
After The Merge, Ethereum will enter a new age, ending one consensus mechanism and starting a new one. So-called validators will confirm transactions and create new blocks in place of miners all over the world. A validator is an entity that has deposited at least 32 ether to the beacon chain, at least in the context of the Ethereum network. This stake maintains the entity’s economic alignment to maintain its attentive transaction verification; otherwise, they risk losing a portion of their deposit.
Validators, on the other hand, can gain more Ethereum for their work if they keep up their high uptime and stop fraud. Solana, Avalanche, and Cosmos, among other well-known PoS-based networks, are some others. However, none has the same level of investor and developer activity as Ethereum.
Image Credit: Shutterstock
Keep in mind that we may receive commissions when you click our links and make purchases. However, this does not impact our reviews and comparisons. We try our best to keep things fair and balanced, in order to help you make the best choice for you.
