Ethereum Founder Expects Blockchain Merger to Happen in September — Transcontinental Times
INDIA/USA: As the third and last “Goerli” test environment network merging before the Ethereum blockchain makes its long-awaited transition to proof-of-stake has been completed, the much-anticipated software upgrade, Merge, is now likely to happen around September 15, according to the network collaboration. founder Vitalik Buterin.
Before the Ethereum network changes to new software, the developers have chosen a number of so-called total terminal difficulty requirements that must be met by the last block to be mined. Another developer call is expected to take place next week and approve the exact date range. The final of three open test nets to perform a mock-up of the merger was Goerli.
Merge everything ready to change the ‘Ethereum’ game
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The long-awaited software update, known as Merge, will change the way Ethereum arranges transactions to make them more energy efficient. The software update for Ether “The Merger” will transition the blockchain from its current Proof of Work – a technique that uses powerful computers to arrange transactions – to a system called Proof of Stake, where staked Ether tokens will order transactions.
The merger marks a shift away from the proof-of-work method of mining blocks and towards the proof-of-stake approach to creating new Ether tokens and validating transactions. Holders of Ether can register to validate transactions on Ethereum based on amounts of locked tokens under the POS technique.
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Buterin stated this week that the proof-of-work version of Ethereum now only has a rough “fixed price” of mine tracks following the completion of the Goerli test phase of the merger.
As a result, developers will be able to predict with greater certainty when the formal network update will begin.
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The time was predicted to fall between September 15 and September 20. Next week there will be another call with Ethereum engineers to iron out any last-minute kinks in the merge, and then a firm date will be decided.
The original cryptocurrency of Ethereum, called Ether, can be used to send and receive value across the globe. Ethereum is a blockchain-based software platform. By enabling developers to build Ethereum-based applications, also known as “decentralized applications,” or “dapps,” Ethereum was created to increase the utility of cryptocurrencies. It was first proposed in 2013 by Russian-Canadian computer programmer Vitalik Buterin.
Also Read: The ‘Blockchain Dilemma’ in the Cryptocurrency World
