During the Ethereum developer event in Shanghai, co-founder Vitalik Buterin stated that the second-largest blockchain will shift to the proof-of-stake consensus mechanism in August. If developers run into problems, the debut date might be pushed to October.
Crucial milestone before transitioning to proof-of-stake
According to a source, Ropsten, one of the public testnets of Ethereum, will merge on June 8. It will be a critical milestone before the switch to proof-of-stake.
By the actual merge, programmers will be able to confirm whether the present mainnet network is ready to join with the Beacon Network, which was released in December 2020.
In April, Ethereum engineer Tim Beiko stated that the integration will no longer take effect in June. However, he acknowledged that Ethereum was “in the concluding section” of the transformation.
Ethereum switch to proof-of-stake, a historical change
The much-anticipated Ethereum transition to proof-of-stake might be a life-changing experience for the crypto market since it will significantly cut the energy usage of the 2nd biggest blockchain.
This will also increase the stress on Bitcoin programmers to concentrate on the same code change related to the largest cryptocurrency’s rising energy demand. Such a situation, however, is exceedingly improbable to occur.
The Ethereum Foundation combined its bug bounty programme with the Ethereum mainnet this month. The jackpot prize has been increased to $250,000. This is just another indication that the merger will take place over the next several months, despite many delays.
