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Ethereum ($ETH) Has Entered ‘the Last Chapter of Proof of Work,’ Says Ethereum Core Developer

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.’

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SEE ALSO: Ethereum Burns Over $6 Billion Since August 2021 as June 2022 Final Upgrade Inches Closer

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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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