The Ethereum network is known to be technologically advanced. Upgrades such as EIP-1559 redirected the attention of a large audience toward the network.
To the delight of Ethereum enthusiasts, the network is now set to transition to a proof-of-stake (PoS) model. The migration has been delayed a few times, however, according to reports a core developer of the network has announced that The Merge is likely to occur sometime in August.
Will The Merge finally happen or not is discussed below.
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Will the Transition to PoS Finally Happen?
The transition of the Ethereum network to the proof-of-stake mechanism has been one of the most anticipated events in the community. The Merge has not occurred yet but according to Preston Van Loon, it is anticipated to happen sometime in August this year.
Van Loon is a core developer of the Ethereum network and he announced this at a conference with 5000 people attending. He stated that they are looking to make the transition before the “difficulty bomb” takes place as per schedule.
“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.”
The “difficulty bomb” is a program that was designed to slow down the Ethereum network purposely. The purpose of the program was to make it difficult for miners to stay behind the proof-of-work chain after The Merge had occurred. This will encourage the miners to shift to the PoS.
However, the experts of the Ethereum network including Van Loon and researcher Justin Drake are prioritizing The Merge before the difficulty bomb takes place in August.
Tim Beiko, an Ethereum developer, has also stated that the developers need to act as fast as possible otherwise they would have to launch another upgrade to interrupt the difficulty bomb.
“If client developers do not think they can deploy The Merge to mainnet before block times are slowed too much, it will need to be delayed again.”
The possibility of The Merge occurring in August has now been revealed as the Ethereum network is about to go through a “huge testing milestone”.
According to reports, the Ropsten testnet Merge is set to occur in June. This will see the combination of the PoW test network with a PoS consensus layer testnet. This is meant to show what will happen when the Merge actually happens between Ethereum and the Beacon Chain.
The success of The Merge can open a lot of new doors for ETH enthusiasts as it is also anticipated to make the network more energy efficient. Therefore, if you want to be a crypto investor make sure you choose the best crypto exchange to buy Ethereum.
What Should New Crypto Investors Know?
Cryptocurrencies are getting quite the recognition, as they are being adopted and embraced by individuals, major organizations and companies all over the world. This also attracts the attention of new and inexperienced people who know little or nothing at all about the crypto space.
Such an audience should take their time and make sure they gather some helpful information before diving into the crypto space.
If you are also new to the crypto space and want to invest in digital assets then you should know some helpful tips as mentioned below.
- Choose one of the largest crypto exchanges that also suits your needs the most.
- Monitor the price of the cryptocurrency you want to buy.
- Know when to invest.
- Start by investing as much as you can afford to lose.
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