Ethereum co-founder Vitalik Buterin, along with a few core developers, have estimated that The Merge, the transition of the ETH network from proof-of-work (PoW) to proof-of-stake (PoS), should be implemented in August 2022.
This was shared on Twitter a couple of hours ago by Colin Wu, a popular crypto reporter. According to Buterin as quoted by Wu, the merge can only be delayed if potential risks are discovered during the testnet merge slated for June.
Colin Wu tweeted, “At the Eth Shanghai Summit, Vitalik said that the Ethereum merge (POW to POS) is likely to happen in the summer in August, If there are some potential risks, September or October is also possible.
“Vitalik said the crypto space focuses too much on financial applications, which are high risk and have limited room to improve futher. Take Luna and UST for example, it completely collapsed when the market fell, and many people lost more than tens of billions of dollars.”
Vitalik said the crypto space focuses too much on financial applications, which are high risk and have limited room to improve futher. Take Luna and UST for example, it completely collapsed when the market fell, and many people lost more than tens of billions of dollars.
— Wu Blockchain (@WuBlockchain) May 20, 2022
The upcoming event can be considered the most anticipated event in the history of the largest smart contract platform. This event is expected to play out before the “difficult bomb” slows down the network.
At a panel during the Permissionless conference, Preston Van Loon, an Ethereum core developer, said, “As far as we know, if everything goes to plan, August – it just makes sense. If we don’t have to move (the difficulty bomb), let’s do it as soon as we can.”
Ethereum core Dev @preston_vanloon just said the eth merge is ready,they are now only testing, and expects the merge to happen in August. Packed room @Permissionless are excited about it. Great question @TrustlessState. Also on panel @drakefjustin pic.twitter.com/vX4beNatJ5
— Benjamin Cohen (benjicohen.eth) (@benjicohen421) May 19, 2022
The difficult bomb is an intentional process inserted into Ethereum’s code. It’s designed to slow down the network at a given time. This was specifically incorporated by the ETH dev team to encourage developers to push the PoS transition and to also make it difficult for miners to remain on the network after the merge implementation.
In corroboration with Buterin’s estimation, an Ethereum researcher Justin Drake also stated that he has a “strong desire to make this happen before difficulty bomb in August.”
Meanwhile, it has been announced that Ropsten, Ethereum’s main public testnet, is set to undergo the merge in the coming month. This is one of the final preparations before Ethereum blockchain finally transitions to the proof-of-stake (PoS) consensus mechanism.