Massive Ethereum Upgrade Expected To Happen in August, Says ETH Protocol Developer


An Ethereum (ETH) developer is expecting ETH to merge to its new proof-of-stake system in August of this year.

At the Permissionless decentralized finance (DeFi) conference this week, a panel moderator quizzed Ethereum protocol developer Preston Van Loon about the timeline for the highly-anticipated upcoming Ethereum 2.0 Merge.

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“These are just the last few steps we have to take, and as far as we know, if everything goes according to plan, August – it just makes sense.”

Ethereum 2.0 looks to solve the network’s scalability issues by shifting over from a proof-of-work (PoW) consensus mechanism, which Ethereum currently employs, to a proof-of-stake (PoS) consensus mechanism. According to Ethereum co-founder Vitalik Buterin, the smart contract platform will eventually be capable of facilitating 100,000 transactions per second via second-layer solutions following the completion of the highly-anticipated upgrade.

The first phase of Ethereum’s upgrade to version 2.0 was rolled out in late 2020 to help reduce the blockchain’s congestion and high transaction fees.

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Ethereum is trading for $1,941 at time of writing. The recent market downturn has hit the second-ranked crypto asset by market cap especially hard in 2022. ETH is down more than 3.6% in the past 24 hours, 28% in the last two weeks and 37% in the last month.

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Featured Image: Shutterstock/Vadim Sadovski




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