Bad news for Ethereum pushing back The Merge

Ethereum users as well as investors and developers have been eagerly awaiting June’s event, The Merge, the name of a groundbreaking web update that will finally roll out this fall.

The Merge: it will be for the fall

The Ethereum community is eagerly awaiting the merger. This update aims to connect the execution layer of Ethereum, the cradle of decentralized applications, NFTs and DeFi, with the consensus layer of the Beacon Chain (Proof of Stake).

Initially, the transition was scheduled for June 22. However, as has already happened, the developers of the project have just announced yet another postponement. Indeed, on April 13, Tim Beiko, developer coordinator for The Merge, informed during a chat that the June rollout target would not be met. “It won’t be in June, but probably in the following months. No firm date yet, but we are definitely in the final chapter of PoW on Ethereum. »

However, the announcement of the extension of the deadlines does not seem to have been unanimous. On a Reddit forum dedicated to Ethereum miners, a mining pool operator said he “reviewed the code and ran a node on the merged testnet.” According to him, the merger cannot take place before 2023. It seems that Ethereum’s transition to Proof-Of-Stake consensus is not just a technical problem, but a governance problem.

Another disappointment for the Ethereum community. Reactions to the news were mixed, on the one hand expressing that netizens were fed up with “Ethereum 2.0” being delayed for several years. On the other hand, some users respected the decision, noting that such updates should not be rushed at the risk of negatively impacting the network.

Mainly technical problems

Often referred to as Ethereum 2.0, although officially known as the consensus layer, Ethereum’s transition from a proof-of-work (PoW) consensus model to a proof-of-stake model is one of the most significant in the history of the network.

This update is seen as a fundamental change that will put an end to the debate on the energy consumption of the network and the decentralized applications that are installed on it. Additionally, it also marked the end of Ethereum mining as we know it today, a topic that miners are clearly worried about.

The reason The Merge is so important is because the shift from proof-of-work to proof-of-stake will redefine the future of Ethereum.

The system that blockchains currently use for mining, i.e. the creation of new blocks rewarded with ETH for the miner, is a proof-of-work system. The proof-of-work ecosystem asks computers to answer extremely difficult equations in order to add a new block to the chain: it is this work that ensures the inviolability of the chain. Today, it is the most used protocol for blockchains including Bitcoin.

But proof-of-work is increasingly criticized for its environmental costs. The equations have become so complex that a large computing campus is needed to solve them. You have to deploy a very powerful computing power, and suddenly, the energy consumption becomes very high to run the whole thing.

Proof of stake is another block validation protocol, but unlike proof of work, it does not require as much power consumption. With proof-of-stake, miners must stake a portion of their cryptocurrency holdings in order to mine new blocks, eliminating the need to mobilize sprawling computer parks.

Although we are used to delays from the Ethereum team, this new delay is still surprising. In fact, The Merge update is well on its way. Several testnets succeeded, like Kintsugi or Kiln, both succeeded.

The news is all the more surprising given the success of Shadow Fork. As a reminder, Shadow Forks are networks created by reproducing the state and history of the Ethereum blockchain. In other words, it allows to test the deployment of The Merge update under the exact conditions of Ethereum.

We want to give thanks to the writer of this write-up for this remarkable content

Bad news for Ethereum pushing back The Merge


Explore our social media accounts along with other pages related to themhttps://metfabtech.com/related-pages/