Following weeks of speculation, Ethereum core developer Tim Beiko announced in a tweet on Tuesday that the much-anticipated Ethereum Merge would be delayed. Beiko noted that the network’s switch to proof-of-stake is more likely to happen “in the few months after” than in June.
This was the tweet developer, Beiko, replied to:
The Merge marks Ethereum’s transition to a proof-of-stake (PoS) security method. The network currently uses a proof-of-work (PoW) mechanism, in which a distributed network of computers competes to validate transactions.
The switch to a PoS system, in which users reserve the power to protect the network by “staking” ether, is projected to reduce Ethereum’s energy costs by 99 percent and make scaling easier.
Beiko’s announcement comes after Ethereum achieved a critical milestone on Monday with the first successful shadow fork of the Ethereum mainnet — effectively a dry run for the network’s future consensus mechanism shift.
Hmm, the developer made some news here.
