Another Delay? Ethereum Investors are Now Surely Dumping Their Tokens!
Ethereum investors seem tired of the back-to-back delays on the Ethereum ‘Merge’ upgrade.
The long-awaited Ethereum transition to proof-of-stake (PoS) has been pushed back again and again. According to the latest reports, the date for the ETH 2.0 upgrade is finally been fixed to August, this year. Ethereum Co-Founder Vitalik Buterin recently attended the ETH Shanghai Web 3.0 Developer Summit. In that particular event, he mentioned that the PoS transition is scheduled to go live on Ethereum’s testnet Ropsten on June 8, next month.
Preston Van Loon, a core developer of the Ethereum network, has also stated, at the permissionless conference, that the transition referred to as ‘The Merge’ is set to happen in August if everything goes according to the plans. Vitalik Buterin stated at the Ethereum Summit, “This will be a major test, larger than any of the tests that we have done before, taking a large existing test network with many applications with proof-of-work, moving into proof-of-stake.”
Vitalik Buterin has also confirmed that The Merge is all set to occur in the month of August this year. But he also made a point to emphasize the aspect of a delay. Ethereum researchers also passed a corresponding statement regarding a chance of delay. Justin Drake mentioned in a report that the team is making sure that the Merge goes according to the timeline as it is on the top of the priority list.
He also stressed a “strong desire to make this happen before difficulty bomb in August.” The “difficulty bomb” is referred to the program that’s coded into the Ethereum blockchain. This program is intended to slow down the network and was created to encourage a shift to the PoS consensus. What the code does is, makes it tough for the miners to operate the proof-of-work (PoW) consensus mechanism once The Merge has occurred.
The Merge happens to be the first of Ethereum’s major upgrades. This comes after their London upgrade. After The Merge, Ethereum has lined up The Surge, The Verge, The Purge, and finally The Splurge. The Surge is concerned with scaling and its improvements, reportedly. Through sharding techniques, this is designed to happen. Next comes The Verge which applies Verkle trees to encourage statelessness by using the Merkle proof upgrade. After that, The Purge is responsible for bringing the addition of the EVM simplification track along with erasing historical data and technical debt. After that, The Surge, which is the final stage of the roadmap will take care of miscellaneous and important extras. Experts anticipate that any more delays on the Ethereum blockchain would not only cause harm to the reputation of the Ethereum network, but to its market dominance as well.