The second-biggest cryptocurrency by market cap, Ethereum, is moving from a proof-of-work consensus mechanism to a proof-of-stake. With this, Ethereum Foundation will bring its much anticipated ‘The Merge’ transition next month.
The merge upgrade will be fully completed between September 10 and 20. Developers have finally disclosed the dates for when the much-talked-about update to ETH 2.0 will take place.
Today, the non-profit Ethereum Foundation also confirmed saying, “Following years of hard work, Ethereum’s proof-of-stake upgrade is finally here!” As of now, the upgrade of all public testnet is completed successfully and The Merge has been scheduled for the Ethereum mainnet.
It added that the update will take part in two phases. The first will be “Bellatrix” which will happen on September 6 and the other is “Paris” which will take place between September 10 to September 20.
Migrating to proof-of-stake will make Ethereum 99% more energy efficient, claims the Ethereum Foundation. Co-founder of Ethereum Vitalik Buterin also said earlier this month that The Merge can boost crypto payments again.
Vitalik believes the transition is great for decentralization despite the critics who deny the fact saying it will actually do the opposite. Well, the merge is supposed to be the most promising upgrade, thus it’s only reasonable to have high hopes for this revolutionary transition.
Following the updates, developers expect an improvement in the speed and efficiency of the network. Even the excitement as such that institutions are grasping Ethereum digital assets as The Merge nears.
