Ethereum founder expects blockchain merger to happen next month
The Ethereum blockchain’s much-anticipated software upgrade, Merge, is now likely to happen around September 15, according to the network’s co-founder Vitalik Buterin, as the third and final “Goerli” test environment network merges before the Ethereum blockchain makes its long-awaited move to proof-of-stake is complete.
Developers have chosen a number of so-called total terminal difficulties required by the last block mined in Ethereum before the network switches to new software. The final date range is expected to be approved during another developer call next week. Goerli was the last of three public testnets to run through a general test of Merge.
Called the Merger, the software upgrade has been in the works for years, and it will change the way Ethereum orders transactions to become more energy efficient. Ether’s software upgrade The Merge is set to take the blockchain to a system called Proof of Stake, where staked Ether tokens will order transactions, from the current system called Proof of Work, a mechanism that uses powerful computers to order transactions.
The merger represents a transition in how Ether tokens are minted and transactions validated, away from mining blocks using complex calculation tasks under the proof-of-work method and towards proof-of-stake. Under the POS method, Ether holders can register to validate transactions on Ethereum based on the custody of locked tokens.
After a final test phase of the merger known as Goerli earlier this week, Buterin said the proof-of-work version of Ethereum now only has a rough “fixed number” of mining machines. This means developers can be more certain when the official network upgrade can begin.
An earlier forecast put a date between September 15 and 20. There is another call between Ethereum developers next week to iron out any last-minute hiccups to the merger, where a specific date will be decided.
Ethereum is a blockchain-based software platform that can be used to send and receive value globally with its native cryptocurrency, ether. First proposed in 2013 by Russian-Canadian computer programmer Vitalik Buterin, Ethereum was designed to expand the utility of cryptocurrencies by allowing developers to create Ethereum-based applications, called ‘decentralized applications’ or dapps.
(With input from Bloomberg)
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