ETH devs move up the date for Merge
Ethereum's transition to Proof-of-stake is in inching ever closer after developers agreed to a tentative date for the Mainnet merge.
The Ethereum Merge may be coming sooner than planned after core developers declared a tentative Merge date of Sept 15 which will see the blockchain transition to proof-of-stake.
The Ethereum Mainnet Merge date came into view after core developers like Tim Beiko and Prysmatic Labs co-Founder Terence tsao agreed in an Aug 11 developers call it would be when total Terminal Difficulty (TTD) hits 58750000000000000000000.
This was confirmed in a GitHub post titled "Tentative mainnet TTD" which was committed to by Beiko on Aug 11.
While the exact date and TTD could still be changed. The successes of the different Testnet merges could be a promising sign that the Ethereum Mainnet will transition to Proof-of-Stake(PoS) consensus next month without issue.
The new official schedule is at least three days earlier than Ethereum core developer Tim Beiko's last prediction of Sep 19.
Tentative Mainnet TTD— terence.eth (@terencechain) August 11, 2022
Note: nothing is final until it's in client release, so do expect changes last minute due to unforeseen circumstances https://t.co/PQ0YOKpk1u
At the end of PoW and when PoS will begin the TTD is the total difficulty required for the final block that will be mined before the transition to PoS.
Before the Merge can be completed the Bellatrix fork must be performed which will implement the software needed for clients to run the consensus layer. This is scheduled to happen on Sep 6, approx 10 days before the Merge.
On Aug 12, the Goerli Testnet became the last remaining Testnet to successfully perform its transition to PoS, following the Sepolia merge on Jul 7 and Ropsten on Jun 9.
Secondly, After the Merge, the Ethereum network's energy consumption is expected to go down by more than 99.99% it will be able to stave off attacks on the network and scalability will improve.
BTC and ETH miner and crypto angel investor Chandler Guo is an obvious proponent of PoW chains. is leading the charge for miners to fork the Ethereum to exist
pow pos both ok https://t.co/f6uReMzyca— Chandler Guo (@ChandlerGuo) August 10, 2022
He has vowed to release the code needed to perform an ETH PoW fork that bypasses the difficulty bomb, which is a mechanism that significantly reduces the block reward for miners to disincentivize them from attempting to produce any more blocks. the difficulty bomb will immediately precede the Mainnet merge.
Furthermore, According to CoinGecko ETHW is trading about 7.5% down over the past day at $72.5 on Poloniex, ETH has gained 1.5% over the past 24 hours to $1,881.54