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Cryptoknowmics 2022-08-25 07:07:02

Ethereum Foundation Announces Merge Date For The Ethereum Mainnet

The Ethereum protocol support team made public disclosures about the “Merge” schedule in a blog post published on Wednesday. The merge will convert Ethereum from a Proof-of-Work (PoW) consensus method to Proof-of-Stake (PoS) by combining the Ethereum mainnet and the Beacon Chain. Currently, only the mainnet executes transactions. After the merger, Ethereum will fully reflect its stake. It also stated that the two-phase update, “Paris” and “Bellatrix,” would occur on September 6 and between September 10 and 20, respectively. PoW Consensus Algorithm Ethereum now employs the same Proof-of-Work (PoW) consensus algorithm as Bitcoin. Because of this, miners need to verify transactions and maintain network security. It is intended to be sluggish, expensive, and energy-intensive. After then, “a Beacon Chain validator will produce the subsequent block,” according to the blog. The merging transition will be complete when the Beacon Chain finalizes this block. This transition will occur two epochs (about 13 minutes) after the first post-TTD block is generated under typical network conditions. Recently, Ethereum programmers forecasted that Bellatrix and the mainnet merge would be separated by 14 days. September 15 is the planned date for the Merge. The Ethereum Foundation claims that switching to Proof-of-Stake will make Ethereum “99% more energy efficient.” Despite the claims of its detractors, co-founder of the blockchain Vitalik Buteri...

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