Ethereum’s merge is coming in August if everything goes to plan according to the developers of the network so let’s find out more in today’s latest Ethereum news.
If the developers can complete the merge in August, they won’t have to worry about the difficulty bomb that might go off. The difficulty bomb will start slowing down the entire network so the Ethereum developers are hoping to transition to a PoS faster which will negate the need for an update to delay the bomb. Ethereum’s merge is coming in August and the core developer Preston Van Loon said that there’s momentum behind finalizing the move in the next three months:
“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.”
Ethereum foundation Justin Drake noted there’s a strong desire to make this happen before the bomb in August. Van Loom and Drake referred to an event called The Merge which is when the current ETH blockchain merges with the PoS beacon chain and the move will shift the network from mining where people run computers to earn ETH to staking where the holder dan deposit their ETH in exchange for rewards. August is not just a random date but the Ethereum core developers decided not to upgrade the network and delay the difficulty bomb which will degrade the network. It’s an element encoded in the blockchain which can slow down the network and the goal was to encourage developers to push forward with a PoS and make it difficult for miners to stay behind the chain after the swtich.
Both the PoS and PoW help keep the network decentralized and secure but Proof of stake has a few added benefits. Aside from using less energy, it also makes it easier to participate in the running of the network and furhter enables decentralization and increase security. The real reason many await the Merge is that it is expected to cut the issuance of ETH by 90%. PoS has been a long time coming and has been live since December 2020 after Phase 0 of what was known as Ethereum 2.0 it was then just the beacon chain and a PoS network which you can’t really do anything with. So far, people were able to lock their ETH into it and promise future payouts. The merging of the chains with the Beacon chain will alter that.