The transition of Etherium (ETH) to PoS is scheduled for August this year

The transition of Etherium (ETH) to PoS is scheduled for August this year

An Etherium transition to PoS is scheduled for as early as August of this year. At the Permissionless conference, the Etherium Developer Council said that the transition to Proof-of-Stake consensus could happen as early as August this year, “if everything goes according to plan. The team hopes to make the transition before a so-called “complexity bomb” worsens the network’s performance. A “difficulty bomb” is a procedure that gradually makes mining ETH coins more difficult. It is divided into several stages, each of which increases the time for block validation. As of today, the speed of creating a new block is about 13 seconds. “Complexity bomb” – made on purpose to gradually force miners to leave the first generation network and switch to the new one. The information about the merger was also confirmed by Vitalik Buterin, the founder of the Etherium network.

Etherium co-founder Vitalik Buterin and several other developers have confirmed that the transition to the new Proof-of-Stake consensus mechanism may take place as early as August of this year.

At the Permissionless conference, the Etherium Developer Council said that the long-awaited transition to the Proof-of-Stake (PoS) consensus mechanism could happen as early as August this year, “if everything goes according to plan. Developer Preston Van Loon said the team hopes to make the transition before a so-called “complexity bomb” worsens the network. “Complexity bomb” is a procedure that gradually makes mining ETH coins more difficult. It is divided into several stages, each of which increases the time for block validation. As of today, the speed of creating a new block is about 13 seconds. The system is made on purpose to gradually force miners to leave the first generation network and switch to the new one. According to another developer, Justin Drake, ensuring fast merging has always been a priority for the team. According to him, the developers want to have time to do this before the “complexity bomb” moves to a new stage and complicates mining. Notably, the so-called “merger” was planned back in April, but one of the developers of Etherium announced that it is postponed again. Information about the merger was also confirmed by Vitalik Buterin, the founder of the Etherium network. At the ETH Shanghai Web 3.0 summit held today, he said that the tentative time for the transition is late summer. However, he mentioned some risks that could push the timeline to September/October this year. The main reason many ether owners are waiting for the merger is that they expect ETH issuance to decrease by about 90%. Fewer ETH in circulation means less supply and therefore higher demand, which should significantly increase the cryptocurrency’s value. The most optimistic traders believe that the migration to PoS will raise the price twofold – to almost $5,000. Recall that the migration of the main test network of Etherium Ropsten should take place as early as June 8. After that, numerous network performance tests will begin, and only then will the exact migration date be known.


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