Ethereum 2.0: the switch to proof of stake will take place tomorrow – BeinCrypto

The news has been on everyone’s lips for a long time, and it’s finally here: Ethereum is about to begin its great transformation and bring about significant changes.

First tests this week

The Merge update is the long-awaited Ethereum adventure. Highlighted by the ecological concerns of the crypto sphere and by the claims of Vitalik Buterin, who guarantees that it will allow his creation to pollute less when mining, The Merge is one of the great events of the year for the Ethereum blockchain. If we had already been talking about it for almost a year and a half without really knowing when it was finally going to be available, we now know that it will start on June 8.

Indeed, according to data from Github Ledgerwatch, it looks like Ethereum has ironed out the final issues that were preventing it from rolling the update. It only remains for him to get started, and the event has already been announced in a blog post published by the team of developers.

“Stakeholders and node operators must manually override the TTD in their execution and consensus layer clients by June 7, 2022.

Proof-of-work testnets can have volatile hash rates, and the exact timing of the merge on Ropsten is difficult to accurately predict. Assuming there are no unexpected hash rate fluctuations, we expect The Merge to occur around June 8-9, 2022.”

Excerpt fromblog post from Ethereum

Nevertheless, we will have to be patient before seeing the first results, since the update will only be deployed on the test network. According to Gregory Raymond, co-founder of The Big Whale, it will take until August for The Merge to expand to the mainnet.

“The Ethereum testnet will be updating to proof-of-stake on June 8th and, if all goes well, it will be available in August for the mainnet. This update should reduce the energy expenditure of this protocol. […] There, we will move to a system where you will just have to prove that you have a certain number of cryptocurrencies in your wallet, and this proof of stake will allow transactions to be validated.

Gregory Raymond during an intervention for BFM Crypto

Source: BFM Crypto Twitter account

Already some doubts about The Merge

If the crypto sphere is scrutinizing the progress of The Merge and impatiently awaiting the first results to possibly see part of its activity migrate to proof of stake, the public nevertheless remains very wary.

Indeed, for some, the update addresses very important ecological level issues but overlooks some disadvantages that hinder the progress of Ethereum. Among them, the very high cost of gas fees due to the popularity of layer 2. Very beneficial for ether, they represent a real obstacle for investors. Unfortunately, The Merge will not be able to change the situation.

Finally, the presence of the “bear market” also seems to be a theoretical obstacle for the success of the update since it will require “risking” tokens within an already tense situation for the world of cryptocurrencies.

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Ethereum 2.0: the switch to proof of stake will take place tomorrow – BeinCrypto


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