Home Blockchain Ethereum Founder Expects Blockchain Merger to Happen Next Month

Ethereum Founder Expects Blockchain Merger to Happen Next Month

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Ethereum Founder Expects Blockchain Merger to Happen Next Month

According to network co-founder Vitalik Buterin, the long-awaited Ethereum blockchain software upgrade, the merger, is now expected to happen around September 15, as the third and final test environment network “Goerli” merges. before the Ethereum blockchain made its long-awaited move to proof-of-stake was successfully completed.

The developers chose a number of so-called total terminal difficulties required of the final block mined in Ethereum before the network moved to new software. The final date range is expected to be approved in another developer call next week. Goerli was the last of the three public testnets to perform a dress rehearsal for the merge.

Called the merger, the software upgrade has been in the works for years and will change the way Ethereum directs transactions to become more energy efficient. The Ether software upgrade The Merge is set to bring the blockchain to a system called Proof of Stake, in which staked Ether tokens will order transactions, from its current system called Proof of Work, a mechanism which uses powerful computers to order transactions.

The merger represents a transition in the way Ether tokens are minted and transactions are validated, away from mining blocks using complex computer puzzles under the proof-of-work method and towards proof-of-stake. Under the POS method, Ether holders can sign up to validate transactions on Ethereum based on locked token reserves.

After a final testing stage of the merge known as Goerli earlier this week, Buterin said the proof-of-work version of Ethereum only has a rough “fixed number” of mining slots left. This means developers can be more certain of when the official network upgrade can begin.

A previous forecast set a date between September 15 and 20. There is another call between the Ethereum devs next week to sort out any last minute issues with the merger, at which time a specific date will be set.

Ethereum is a blockchain-based software platform that can be used to send and receive value around the world with its native cryptocurrency, ether. First proposed in 2013 by Russian-Canadian computer programmer Vitalik Buterin, Ethereum was designed to extend the usefulness of cryptocurrencies by allowing developers to create applications based on Ethereum, called “decentralized applications” or dapps.

(With contributions from Bloomberg)

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