Ethereum Merge Confirmed to Start on September 6: Here's What You Need to Know

The most anticipated crypto event in the Ethereum network, known as "Merge," is coming soon. The start date of this transition will kick off on Sept. 6, the Ethereum Foundation noted on its blog on Wednesday, Aug. 24.

Ethereum's Proof-of-Stake Transition

In the next two weeks, the long transition process on Ethereum will be taking place, hence the Merge. According to a report by The Verge, the process will move towards a proof-of-stake blockchain from the proof-of-work approach.

By this period, the most awaited ETH 2.0 update will be the main highlight of the event.

"Following years of hard work, Ethereum's proof-of-stake upgrade is finally here! The successful upgrade of all public testnets is now complete, and The Merge has been scheduled for the Ethereum mainnet," the Ethereum Foundation said.

For this part, the process will cover two phases, including "Bellatrix" and "Paris." The first is scheduled on Sept. 6, while the latter will occur between Sept. 10 and 20.

Proof of Stake vs. Proof of Work

To give you a clearer explanation of the involved mechanisms in the transition, Decrypt said that Ethereum borrows the same proof-of-work process just like Bitcoin.

First, the proof-of-work pertains to a more costly use of energy, so the flow of the transactions in the network will keep on running. However, it's considered to be a very slow process to begin with.

Meanwhile, proof-of-stake wants to eliminate the miners on the same page. It relies on validators and assures that the network will be much more secure and operational.

When the ETH update kicks off, creating a new coin will be a bit trickier than before. This is because you can only stake the pre-existing ETH on the platform.

As for this, the experts predict that there will be a deflation in the trend of the cryptocurrency once this event starts.

For Vitalik Buterin, the current co-founder of ETH Foundation, the proof of stake transition will mean that making cryptos will be 99% more energy efficient" than usual.

For the next upgrades, Buterin is hopeful that the Ethereum Foundation will keep up. He also hopes that ETH users will enjoy the upcoming updates, including a more efficient transaction at a faster rate.

Mark Cuban is Bullish Towards Ethereum

Ethereum remains one step behind Bitcoin, the largest cryptocurrency in the world in terms of market capitalization. Despite the bearish state of several digital coins at the moment, the "Shark Tank" icon is hopeful that the value of ETH will shoot up soon, U Today reported.

We can remember that last year, 2021, the American entrepreneur proudly declared that he was an "Ethereum maxi" as a way to express his high hopes for the second biggest crypto globally.

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Written by Joseph Henry