The exact parameters for the long-awaited Merge blockchain update to a proof-of-stake consensus mechanism were made public by the Ethereum Foundation on Wednesday.
Eventually merging the Ethereum mainnet, the main public network that everyone utilizes, with the Beacon Chain, the Ethereum proof-of-stake chain, will convert Ethereum from a proof-of-work consensus method to proof of stake. The mainnet and Beacon Chain exist concurrently at this time; however, only the mainnet handles transactions. Ethereum will be entirely proof of stake after the Merge.
The complex nature of the merge process means that it won’t take place instantaneously.
What Is the Non-Profit Ethereum Foundation Saying?
The Ethereum Foundation, a non-profit organization, confirmed: “Ethereum’s proof-of-stake upgrade is finally here, after years of hard work! The Merge has been planned for the Ethereum mainnet after successfully upgrading all public testnets.
The update, which will occur in two phases, “Bellatrix” and “Paris,” was also mentioned. These updates will occur on September 6 and then between September 10 and September 20, respectively.
The Ethereum Foundation claims that switching to proof of stake will make Ethereum “99% more energy efficient.” In July, the co-founder of the blockchain Vitalik Buterin also stated that he thinks the shift is “excellent for decentralization,” despite detractors’ claims that it will have the opposite effect.
Is there any prediction?
According to recent predictions made by Ethereum developers, Bellatrix and the mainnet merging will be separated by 14 days. The merge is anticipated to occur on September 15.
