The Ethereum Foundation has provided new details regarding the forthcoming Proof-of-Stake update. The long-awaited event, known as The Merge, is set for September.
The Ethereum Foundation has provided updates showing that preparations for the Merge to Proof-of-Stake are proceeding nicely thus far.
According to an announcement on the Ethereum Foundation‘s blog, the shift will require a two-step update. The initial update, named Bellatrix, is set for Beacon Chain epoch 144896, which is due on September 6. This enhancement will be implemented on the Beacon Chain.
When a specific Total Difficulty barrier is reached anytime between September 10 and September 20, a second upgrade, dubbed Paris, will be implemented. This second update is the one that will merge the two chains. To properly move to the new ecosystem, node operators must upgrade the consensus and execution layer clients.
Ethereum merge update confirmed. Source: Ethereum Foundation
The Merge is a planned upgrade to the Ethereum ecosystem in which the Proof-of-Work chain will merge with the Proof-of-Stake Beacon Chain, which currently coexists with the Ethereum Chain. The Beacon Chain will validate network blocks once the Merge is complete. Among other benefits, the improvement is anticipated to lower Ethereum’s energy consumption by more than 99%.
The Merge has been in the works for years, and in 2022, as the often-delayed event has inched closer to becoming a reality, excitement has reached a fever pitch. The merging on the Goerli testnet, the final “dress rehearsal” for the Merge, was conducted successfully earlier this month, signalling to the crypto community that the legendary upgrade is approaching. As a result, the price of ETH rose throughout most of August before levelling off last week. JP Morgan even claimed that the crypto market had found a floor due to the upgrade’s enthusiasm.