Next month promises to be decisive for the future of Ethereum and cryptocurrencies

Ethereum’s native currency, Ether, is set to change significantly on September 15 through a major protocol update called “The Merge.” Some crypto specialists believe that this update will attract new investors to cryptocurrency.

Important dates for the next few days for Ethereum

On September 15, the Ethereum blockchain will undergo a significant change. Ethereum France claims that this event has been expected for seven years.

The Ethereum blockchain will make a significant change to its operating system on September 15. Called “The Merge,” this update involves moving from Proof of Work to Proof of Stake. This will allow ETH holders to use new features with lower energy requirements than the current system.

Once the two current chains have completed their updates, the transition from proof-of-work to proof-of-stake will be complete.

The Bellatrix update of the Beacon Chain PoS consensus chain is due to be applied at 1:34:47 PM PST on September 6 at epoch 144896. “epoch” are units of measurement used in blockchains of proof of participation.

The Paris update must be applied on the current mainchain side via a proof-of-work checkout. The update will be implemented when the “Terminal Total Difficulty” (TTD) – or the highest mining difficulty – is reached. This should happen between September 10 and 20.

Once this block is generated, the next block will be generated by a Beacon Chain validator. The estimates assume that the merge will be effective two epochs after this block, i.e. approximately 13 minutes after the block is generated.

The announcement mentions that the “bug bounty” program offers a reward worth $1 million to anyone who finds a critical bug before September 8.

32 ETH to become a validator

By September 15, anyone with 32 ETH can deposit them into escrow. Depositing ether in escrow can lead to a raffle that allows investors to validate transactions and receive compensation. This is a significant shift in the cryptocurrency paradigm.

According to blockchain consultant Stanislas Barthélémi of KPMG France, the upgrade of Ethereum is one of the five most important events in the cryptocurrency ecosystem since the creation of bitcoin in 2009. He says it is crucial because the stakes are high: the network currently secures nearly $400 billion in value in ethers, stablecoins – cryptocurrencies convertible into fiat currency – and non-fungible tokens (NFTs).

Finally, it is the validators and the actors of the maintenance of the Ethereum network the main concerned. Investors will be affected by the update in the sense that it will probably have an impact on the value of Ethereum tokens.

Validators will do most of the work, as they need to update their system and make sure their nodes are working properly. Additionally, ETH stored on the Beacon Chain will remain locked until a future update; this was agreed to by both parties.

Before releasing their dApps – decentralized applications – developers should perform as much testing as possible on Goerly and Sepolia. This will help them find any issues with Ethereum apps and blockchain. The only real issues that could arise are with smart contracts that use specific proof-of-work functions.

The next Ethereum update will be the largest in its history. The update will be complete in about a month if all goes as planned.

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Next month promises to be decisive for the future of Ethereum and cryptocurrencies

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