Highlight
- Preston Van Loon told the board of the Ethereum blockchain transition.
- Ethereum will be merged to proof-of-stake in August before the difficulty bomb.
On Friday, during a virtual summit at the Permissionless Conference in Shanghai, Ethereum’s developer, Preston Van Loon, told the board that the Ethereum merge, the second biggest blockchain, would occur in August before the Difficult bomb.
The Ethereum developers stated that a “difficulty bomb” would increase the difficulty of mining the proof of work protocol. It could lead to an ice age, forcing the proof of work chain to stop building blocks that verify transactions through mining, thereby freezing.
Though the official time has not been made known, the launch might linger until October if the developer experiences some setbacks. The PoS merge will be a positive step toward improving the Ethereum ecosystem and other applications.
The Ethereum developer, Tim Beiko, states that the Merge was delayed before despite the successful shadow fork test. It will not be launched in June, but their hands will be on the desk to avoid the difficulty bomb.
He said,
“We have been working on proof-of-stake for about seven years now.”
But finally, all of that work is coming together. If everything goes well, the likely plan is for the merger to happen in the summer.
Vitalik Buterin updated the Ethereum protocol concerning completing the execution layer and consensus layer headings, the beacon chain, PoS light client, and EIP-1559. Since the introduction of EIP-1559 in 2019, it has helped to change the way network fees are made on the Ethereum blockchain, and it has also increased the network capacity.
He also gave the development procedures of “The Surge” and “The Verge,” which will allow users to make a large number of transactions and also run accessible Ethereum nodes without using a powerful computer that has more hard drive space.
However, he pointed out that the execution of the Merge and the Surge applied in August. Ethereum 2.0 will be released in 2023, making Ethereum simpler, safer, and more secure.
