Home Blockchain Here’s When Ethereum’s Proof-of-Stake Blockchain Change Could Happen

Here’s When Ethereum’s Proof-of-Stake Blockchain Change Could Happen

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Here’s When Ethereum’s Proof-of-Stake Blockchain Change Could Happen

The Ethereum network has been on the right track for years to transition from its power-hungry proof-of-work blockchain to a more efficient proof-of-stake system, and now its developers are suggesting a date to make the switch. It’s not final yet, but on a call streamed via the Ethereum Foundation YouTube page, they decided to submit this pull request offering to make the change when the network reaches a specific point of difficulty, which is expected to happen on September 15 or 16.

Dubbed Terminal Total Difficulty (TTD), it specifies the mining of a particular block where the old grid ends and the new one starts at 58750000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000 to 58750000000000000.

| Main network | To be determined | To be determined | To be determined |

| Main network | 5875000000000000000000 | September 15, 2022 | To be determined |

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This would change the system that underpins the Ether cryptocurrency which is second in value to Bitcoin, as well as a number of other blockchains and distributed applications that connect to the network in various ways. There have been phantom tests and forks to try to identify potential issues already, and a now complete merge with the final testnet, Goerli, went pretty well to help narrow down a date for the actual live network.

Both Bitcoin and Ethereum currently rely on proof-of-work systems to execute secure transactions that enable trading in cryptocurrency and anything that lives on the blockchain. Computers around the world connect to validate transactions, solving cryptographic puzzles in a competition to mine blocks and earn valuable crypto for the people who mine them.

Proof of Stake, which is already used by other blockchains, can significantly reduce the amount of energy used by requiring miners to lock up the crypto they already own as collateral for the ability to validate transactions and to incur the penalty of losing those tokens if their calculations do not. it doesn’t add up.

Move the network to September – which is a strategy that not everyone who is currently mining Ethereum is happy to — would put it a bit outside the three-month window proposed by Chris Dixon on our decoder podcast in aprilbut it could help solve a huge problem with web3 and blockchain projects when finished.

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