Ethereum Merge Now Has A Date, Price Jumps 12%
July 16 2022 - 2:30AM
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A specific deadline for the transition to proof-of-stake has been
been offered by Ethereum developers who are working on implementing
the merging. Ethereum Merge Now Has A Date The Ethereum mainnet is
now scheduled to launch the merging during the week of September
19, according to a recent developer teleconference. This will
happen after switching the final testnet before the merge to PoS.
The adoption of the transition has been delayed on a number of
occasions. The crucial transition of the Ethereum network from
proof-of-work (PoW) mining consensus to proof-of-stake is almost
complete (PoS). During a conference call on Thursday, members of
the Ethereum development team declared a timetable for the
permanent merger. Tim Beiko, a core Ethereum developer who oversees
protocol meetings, suggested September 19 as a viable date for the
merger during the conference call. The core developers did not
object to the planned goal date. These professionals are giving
their all to make sure the combo is successful. This merge timeline
isn’t final, but it’s extremely exciting to see it coming together.
Please regard this as a planning timeline and look out for official
announcements!https://t.co/ttutBceZ21 pic.twitter.com/MY8VFOv0SI —
superphiz.eth 🦇🔊🐼 (@superphiz) July 14, 2022 The Goerli testnet
merge is anticipated to be live in the second week of August. The
Bellatrix update will then be released on the blockchain in early
September, followed by the merge two weeks later. The new
integration date roughly corresponds to the late-August schedule
Vitalik Buterin suggested earlier this year. Previously, a shadow
fork on the mainnet resulted in the shutdown of 20% of nodes
following its rollout, raising questions regarding merging
stability. After the Beacon chain underwent a 7-block deep
reorganization in May, the price of ethereum crashed.
Superphiz.eth, an Ethereum developer, talked about the merger’s
timeline and underlined that the proposed goal date should be
viewed as a road map rather than a strict deadline. The Sepolia
testnet Beacon Chain launched in June, clearing the way for Merge
dress rehearsal to offer technical insights to Ethereum network
developers. This process culminated with the Sepolia being
incorporated into the network on July 7. It is anticipated that
switching to Proof of Stake (PoS) technology will reduce energy
consumption by 99%. The first quarter of 2023 is when sharding is
expected to be implemented, greatly enhancing network scalability.
The PoS vs. PoW debate has been going on for a while, with
supporters of PoS arguing that it is both equally secure and more
ecologically friendly. Opponents of PoW, like Jack Dorsey, have
criticized it as centralized and insecure. Related reading |
Upcoming ETH Merge Sees Institutional Investor Sentiment Turn
Positive News Result In 12% Price Jump Despite the bear market’s
persistence, investors have enormous faith in the Merge event, as
seen by this morning’s increase of more than 10% in the
second-largest cryptocurrency. According to TradingView, the
current price of one Ethereum token is $1,216. On the previous day,
it had a trading volume of $19 Billion. Ethereum’s value has
increased by 12.86% during the last day. ETH/USD jumps 12%
following merger news. Source: TradingView The merger’s success
will still depend on how successfully it is executed, though. The
switch to PoS will unquestionably be the blockchain’s biggest
improvement since Ethereum’s hard fork in 2016 that gave rise to
Ethereum Classic. The value of the token has decreased by about 70%
as a result of rising inflation and interest rates. Due to the fact
that it would make investing in the token much more accessible, the
merger is anticipated to have a good overall impact on Ethereum
pricing. Additionally, ETH’s institutional appeal may increase by
acting like a debt instrument thanks to staking benefits. But only
if the merge is carried out successfully. Since the hard fork in
2016 that led to the establishment of Ethereum Classic, the switch
to PoS will likely represent the biggest change to the blockchain.
Recent market turbulence may have limited Ethereum’s ability to
gain significant bullish traction. The token’s value has decreased
by around 70% this year as a result of higher inflation and
interest rates. Related Reading | TA: Ethereum Holds Key
Support, Why ETH Must Clear This Hurdle Featured image from
Shutterstock, chart from TradingView.com
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