The Ethereum core developer, Tim Beiko, declares that all preparations for the Ethereum Merge have now been finished in accordance with the Readiness Checklist.On August 18, he tweeted to indicate that the Merge Mainnet Readiness Checklist was fully completed.
Merge Mainnet Readiness Checklist is all checked out ✅ Feels good 😁 https://t.co/943v4LuS7g
— Tim Beiko | timbeiko.eth 🐼 (@TimBeiko) August 17, 2022
In actuality, with the Merge Mainnet Readiness Checklist completed, the Merge advances one step closer to the scheduled date of September 15. The Ethereum Mainnet is now prepared to combine with the Beacon Chain after checking everything off the checklist. If the Merge is successful, Ethereum (ETH) will go from a proof-of-work (PoW) consensus to a proof-of-stake (PoS) consensus.
A checklist called “making the Merge ready for the Mainnet release” is provided for Ethereum developers in a paper called “the Merge Mainnet Readiness Checklist.” The various elements of the readiness checklist include specification, testing, testnets, and research and development.
Additionally, it requires updating the consensus and execution layer software, authenticating the Engine API, and making papers accessible to the public. Test frameworks and modules on the consensus and execution layer by forking public testnets like Ropsten, Sepolia, and Goerli. The Merge is proceeding according to schedule if the Mainnet Readiness Checklist for the Merge has been completed.
The FOMC meeting and deflationary pressure have caused a modest drop in the price of Ethereum (ETH) after it briefly reached the $2000 mark. Due to the EIP-1559 burning mechanism, Ethereum (ETH) will be a deflationary asset following the Merge. The amount of circulating ETH will decrease, sending the price of ETH plummeting. Prior to now, Vitalik Buterin predicted that, under the appropriate circumstances, the price of ETH would increase once more. Due to the “waiting time” notion, these correct circumstances will manifest themselves 6 to 8 months following the Merge.
The Ethereum Foundation has also dispelled myths regarding the Merge. No changes will be made to Ethereum’s gas costs, transaction speed, or staking.
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