The Merge, the transition of the ETH network from proof-of-work (PoW) to proof-of-stake (PoS), is expected to take place in August 2022, according to Ethereum co-founder Vitalik Buterin and a few core developers.
Colin Wu, a popular crypto reporter, shared this a few hours ago on Twitter. According to Buterin, as reported by Wu, the merge can only be postponed if potential risks are discovered during the June testnet merge.
Colin Wu tweeted, “At the Eth Shanghai Summit, Vitalik said that the Ethereum merge (POW to POS) is likely to happen in the summer in August, If there are some potential risks, September or October is also possible.
“Vitalik said the crypto space focuses too much on financial applications, which are high risk and have limited room to improve futher. Take Luna and UST for example, it completely collapsed when the market fell, and many people lost more than tens of billions of dollars.”
More on The Upcoming Merger
The upcoming event is the most anticipated in the world’s largest smart contract platform history. Before the “difficult bomb” slows down the network, this is expected to happen.
At a panel during the Permissionless conference, Preston Van Loon, an Ethereum core developer, said, “As far as we know, if everything goes to plan, August – it just makes sense. If we don’t have to move (the difficulty bomb), let’s do it as soon as we can.”
The difficult bomb is a deliberate process built into Ethereum’s code. Its purpose is to slow down the network at a specific time. The ETH development team specifically included this to encourage developers to push the PoS transition and make it difficult for miners to remain on the network after the merge implementation.
In agreement with Buterin, Ethereum researcher Justin Drake stated that he has a “strong desire to make this happen before the difficulty bomb in August.”
Meanwhile, it has been announced that the merge of Ropsten, Ethereum’s main public testnet, will take place in the coming month. This is one of the final steps before the Ethereum blockchain switches to the proof-of-stake (PoS) consensus mechanism.