During Ethereum's developer summit in Shanghai, co-founder Vitalik Buterin said that he expects the second largest blockchain to switch to the proof-of-stake consensus algorithm in August. The launch could be pushed to October if developers stumble into some difficulties.
That said, it is worth noting that the official timeline is yet to be presented.
As reported by U.Today, Ropsten, one of Ethereum's public testnets, will undergo the merge on June 8, which will be a crucial milestone before transitioning to proof-of-stake.
Alex DovbnyaIn April, Ethereum developer Tim Beiko confirmed that the merge was no longer expected to take place in June. However, he did confirm that Ethereum was "in the final chapter" of the transition.
Ethereum's much-anticipated switch to proof-of-stake could be a watershed moment for the cryptocurrency industry since it will dramatically reduce the energy consumption of the second largest blockchain.
This will also put more pressure on Bitcoin developers to work on the same code change due to the growing energy consumption of the largest cryptocurrency. However, such a scenario is extremely unlikely to play out.
Earlier this month, the Ethereum Foundation merged its bug bounty program with the Ethereum mainnet. The maximum reward has been bumped up to $250,000. This is yet another sign that the merge will likely happen within the next few months after several delays.
Disclaimer: The opinions expressed by our writers are their own and do not represent the views of U.Today. The financial and market information provided on U.Today is intended for informational purposes only. U.Today is not liable for any financial losses incurred while trading cryptocurrencies. Conduct your own research by contacting financial experts before making any investment decisions. We believe that all content is accurate as of the date of publication, but certain offers mentioned may no longer be available.
Yuri Molchan
Tomiwabold Olajide
Dan Burgin
Vladislav Sopov