The arguably most anticipated development in the crypto ecosystem currently is Ethereum 2.0, which is the transitioning of the Ethereum network from proof-of-work (PoW) to Proof-of-Stake (PoS) consensus algorithm, and there has been notable progress in this regard since the beginning of the year.
The latest development regarding this is a much-needed approval that makes the path to the PoS era clearer. As a report as it, the Ethereum Improvement Proposal (EIP) that has to do with the merging of the two chains in the process of moving the Ethereum network to proof of stake has been formally created.
On 22nd July, Mikhail Kalinin, a researcher at ConsenSys created a pull request for EIP-3675 on Github. This proposal is targeted at initiating the process of upgrading the Ethereum network from its current protocol to the much-awaited PoS consensus algorithm.
According to the specification found on Github, Etheruem 2.0 Phase 0, which is known as Beacon Chain, has been up and running since December 2020 without any record of failure:
“The beacon chain network has been up and running since December 2020. Neither safety nor liveness failures were detected during this period of time. The long period of running without failures demonstrates sustainability of the beacon chain system and witnesses its readiness to start driving and become a security provider for the Ethereum Mainnet.”
Tim Beiko Confirms EIP-3675 Creation
Tim Beiko, an Ethereum (ETH) core developer, also confirmed the new development via a Twitter post on 22nd July, stressing the significance of the proposal.
Tim Beiko tweeted, “Hard to overstate how valuable’s Mikhail Kalinin’s work on The Merge has been, and it’s finally being formalized in an EIP.”
— Tim Beiko | timbeiko.eth 🦇🔊 (@TimBeiko) July 22, 2021
The aforementioned merge is expected to come before shard chains launch and it represents the end of Ethereum 1.0. However, it’s likely not playing out in 2021.