An Ethereum (ETH) developer is expecting ETH to merge to its new proof-of-stake system in August of this year.
At the Permissionless decentralized finance (DeFi) conference this week, a panel moderator quizzed Ethereum protocol developer Preston Van Loon about the timeline for the highly-anticipated upcoming Ethereum 2.0 Merge.
“These are just the last few steps we have to take, and as far as we know, if everything goes according to plan, August – it just makes sense.”
Ethereum core Dev @preston_vanloon just said the eth merge is ready,they are now only testing, and expects the merge to happen in August. Packed room @Permissionless are excited about it. Great question @TrustlessState. Also on panel @drakefjustin pic.twitter.com/vX4beNatJ5
— Benjamin Cohen (benjicohen.eth) (@benjicohen421) May 19, 2022
Ethereum 2.0 looks to solve the network’s scalability issues by shifting over from a proof-of-work (PoW) consensus mechanism, which Ethereum currently employs, to a proof-of-stake (PoS) consensus mechanism. According to Ethereum co-founder Vitalik Buterin, the smart contract platform will eventually be capable of facilitating 100,000 transactions per second via second-layer solutions following the completion of the highly-anticipated upgrade.
The first phase of Ethereum’s upgrade to version 2.0 was rolled out in late 2020 to help reduce the blockchain’s congestion and high transaction fees.
Ethereum is trading for $1,941 at time of writing. The recent market downturn has hit the second-ranked crypto asset by market cap especially hard in 2022. ETH is down more than 3.6% in the past 24 hours, 28% in the last two weeks and 37% in the last month.
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