The crypto world has been eagerly awaiting what is now called The Merge. This is the moment when Ethereum switches from proof-of-work to proof-of-stake. The developers are doing everything they can to make this transition happen in August.
If they don’t transition in time, then a digital bomb will explode and slow down the network. Proof of stake will first be rolled out on Ropsten on 8 June. This is Ethereum’s test network. Not only Ethereum programmers test here, but also third parties that use Ethereum’s blockchain.
When will it be completed?
But the news about the test network is nothing more than a sop to most investors. It is time for the real thing. Ethereum developer Preston Van Loon told the Permissionless conference that they are confident that The Merge will be completed in the next three months.
What is ‚The Merge‘?
The Merge: when the current Ethereum blockchain merges with the proof-of-stake beaconchain. Technically speaking, Ethereum already has a proof-of-stake chain, but not much is being done with it yet. When the two merge, Ethereum will say goodbye to the current proof-of-work system and miners will have to find other work. From that moment on, the network will be in the hands of anyone who fixes Ethereum (these people will be called strikers). Miners were incentivised by rewards in the form of crypto, and the same will be true for strikers. The reward for strikers will depend on how much ETH is staked in total, and how large their share is.