The anticipated merge of the Ethereum (ETH) network, where it will move from proof of work (PoW) to proof of stake (PoS) consensus, is getting closer and closer. The big update was repeatedly delayed, but Ethereum core developer Preston Van Loon believes that it will finally happen in August.
Ethereum merge
During the Permissionless conference, Van Loon told a packed house that the current plan is to launch the merge in August. A small caveat is that everything has to go according to plan until then. In the past it often happened that the update was postponed again.
“As far as we know, if everything goes according to plan, August – it just makes sense.”
Ethereum co-developer Justin Drake also indicated that completing the merge is the top priority right now. Also, the Ethereum team would really like to get this done before the so-called “Difficulty Bomb” starts.
The difficulty bomb refers to the program that is encoded in the Ethereum blockchain and intentionally slows down the network. It was designed to encourage the transition to PoS by making it more difficult for miners to remain on the proof-of-work chain after the merge.
Ethereum Scalability
Although the target is now an August launch, this is of course not yet a definite date. A lot could still happen that could possibly lead to a delay. Nevertheless, investors are looking with high hopes at the possible merge.
This merge will bring a lot of revolutionary changes to the Ethereum network. First of all, the switch from PoW to PoS is of course extremely important. Especially today when energy consumption and climate change are of great importance in political discourse.
It will also lay the foundation for making the network much more scalable. The transaction costs on the Ethereum network can be extremely high at times and this has everything to do with congestion. The merge could end this sooner or later.