In about 65 days, there is a chance that Ethereum’s highly anticipated transition from proof-of-work (PoW) to proof-of-stake (PoS), otherwise known as Consolidation, will be implemented. The information was shared via “a planning timeline” on Twitter, indicating that the transition from PoW to PoS could happen on September 19. final” and that people should “pay attention to official announcements”.
Ethereum Beacon Chain Community Director, Superphiz, Shares a ‘Planning Timeline’ Setting the Merge Date
Ethereum (ETH) supporters and the crypto community in general have been waiting for a long time for developers to complete the transition from PoW to the PoS consensus model. In the middle of the wait, there were some changes to the network that allowed for a smoother transition. For example, part of the Consolidation process started with the implementation of the network’s Beacon chain, an Ethereum PoS chain running in parallel with the Ethereum PoW chain.
The beacon chain was shipped on the first day of December 2020. Statistics from the ETH 2.0 contract show that around 13.1 million ETH are locked today. To stake ether using the PoS system, 32 ETH deposits are required to initiate the staking process and there are 395,762 validators at the time of writing.
When merging is officially implemented, PoW miners using the Ethash algorithm will be forced to mine a different blockchain, such as Ethereum Classic (ETC). Despite this upcoming change, ether miners continued to dedicate their hash power to the ETH network, and on June 4, the hashrate hit an all-time high at block height of 14,902,285. The hash rate that day reached 1,320 terahash per second (TH/s) or 1.32 petahash per second (PH/s).
Today, the global Ethereum hash rate is lower and hovering at 968.75 TH/s according to coinwarz.com metrics. With around 13 million ETH invested in the ETH 2.0 contract, Ethereum developers decided to delay the network’s difficulty bomb via the Gray Glacier update.
The decision meant that the Merger would not happen until September 2022, although there were prior hints that it could happen in August. On Thursday, Superphiz, the Ethereum Beacon chain community director, said: shared He said on Twitter it was something he called a “planning timeline” and thought it was “extremely exciting” to see them get together.
The timeline Superphiz shared on Twitter includes specific client release dates and a supposed date for the Merger to happen. Despite the date, Superphiz also said that “this merger timeline is not final”, and the developer also stressed that people should “see this as a planning timeline and pay attention to official announcements”. The document “Call of PoS Implementers #91 – 2022-07-14” says the “recommended” timeline for discussion will be as follows:
- The Goerli/Prater client launches July 27 or 28.
- Announce 28/29.
- Prater Bellatrix on August 8
- Goerli Unification on the 11th.
- ACD 18 Aug plan Mainnet Merge:
- Bellatrix early September;
- Combine after two weeks (week of 19 September).
Difference Between Aged and Fresh Cheese
A number of Ethereum supporters liked Superphiz’s tweet and one person Wrote “Great timing if true.” Ethereum developer Tim Beiko Moreover replied To his tweet with a screenshot of a comment Superphiz made to the research and development (R&D) Discord server.
In the screenshot, one person wrote: “So we have these extremely soft, changeable goals of the Goerli merger and Mainnet merger on August 11. [the] The week of September 19.” Beiko responded on the R&D Discord server, “If I had to use textures, I would consider Goerli as stale cheddar (not parmesan) and main mesh burrata.”
For now, the Merger could happen on September 19, 2022, and Ethereum will eventually transition from a PoW model to a full PoS network. Of course, there is a possibility that the Convergence will not happen on the day specified in the planning timeline and the transition from PoW to PoS will be delayed.
What do you think about the possibility of Ethereum implementing Consolidation on September 19th? Let us know your thoughts on this topic in the comments section below.
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