Tim Beiko, a computer scientist who coordinates Ethereum development teams, reportedly stated that the much-anticipated transformation from a proof-of-work mining model to proof-of-stake will likely be completed within a few months.
“No firm date yet”
Vitalik Buterin’s blockchain invention, Ethereum, is set to change from the PoW consensus mechanism which consumes a lot of energy to PoS in the summer. Many see the “The Merge” process as a step-stone for the future development of the project.
Tim Beiko is one of Ethereum’s most prominent developers. He believes that the initiative may see daylight sooner than many people think. He did however mention that the move was in its final stages.
“No date is set yet, but we are certain that we are in the last chapter of PoW for Ethereum.”
Beiko stated previously that he would not be surprised if Ethereum 2.0 happened in the fall. However, he didn’t give a date or month.
Vitalik Buterin, Ethereum’s founder, claimed that “The Merge”, which is the fusion of two currencies, should take place before July this year. It is unclear whether such forecasts should be relied upon as dates have been moved forward multiple times.
The biggest benefit of the PoS model transition is the green focus. Ethereum, like Bitcoin, currently uses a lot of energy to power its supercomputers. These supercomputers then validate transactions and create new block after each transaction.
The second-largest digital asset system uses more than 112 Terawatt hours of electricity annually, according to the most recent figures. This is more than what the Philippines and Belgium use each year.
Furthermore, an Ethereum transaction takes around 268 kilowatt hours of energy. This is the same amount as an American family consumes in nine days.
Ethereum launches the Mainnet’s first ‘Shadow Fork.
Developers of the blockchain protocol successfully passed a major test that focused on its future transition. They launched a shadow fork to test the new software.
Parithosh Jayanthi, Ethereum Foundation Developer – stated that the fork merges related fields to the configurations of existing testnets.
“In doing this, we essentially inherit state/txs from the canonical testingnet.”
Van Der Wijden, another major developer of the blockchain protocol, described the launch “shadow fork” in a historical context.
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