Ethereum ($ETH) is getting closer to transitioning to full Proof-of-Stake (PoS) as core developer, Tim Beiko, announced that the crypto project has entered ‘the last chapter of Proof-of-Work (PoW).’
However, while the change was expected around the midpoint of 2022, Tim Beiko is putting the date of the Merge to a few months after June.
Beiko further added that there is no official date for the Merge, explaining that a date will only be set ‘once client teams are confident that the software implementations have been thoroughly tested and are bug free.’
Beiko also posted some of the issues that need to be addressed before the merge:
Beiko’s statements come after developers this week started testing the new mechanism for verifying blockchain transactions, through a ‘shadow fork’ or test version of the network.
According to Ethereum, Proof-of-Stake comes with a number of improvements to the Proof-of-Work system,
These improvements are:
- Better energy efficiency – You don’t need to use lots of energy mining blocks
- Lower barriers to entry, reduced hardware requirements – You don’t need elite hardware to stand a chance of creating new blocks
- Stronger immunity to centralization – Proof-of-Stake should lead to more nodes on the network
- Stronger support for shard chains – A key upgrade in scaling the Ethereum network
The Merge will change how the network is run and who makes money off of it and will dramatically reduce its energy use.
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RECOMMENDED READING: 3 Structural Changes Coming to Ethereum in 2022
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