An Ethereum core developer revealed today during a conference that if “everything goes to plan” the merge to proof-of-stake (PoS) will occur in August.
And if the developers can complete the merge to proof-of-stake in August, they won’t have to worry about defusing the “difficulty bomb” that will go off.
The Merge in August
In a Twitter post by web3 investor Benjamin Cohen, Ethereum core developer Preston Van Loon told a panel at the Permissionless conference today that there’s momentum behind finalizing the move in the next three months.
Ethereum core Dev @preston_vanloon just said the eth merge is ready,they are now only testing, and expects the merge to happen in August. Packed room @Permissionless are excited about it. Great question @TrustlessState. Also on panel @drakefjustin pic.twitter.com/vX4beNatJ5
— Benjamin Cohen (@benjicohen421) May 19, 2022
Meanwhile, a tweet from event co-host Bankless cites co-panelist Ethereum Foundation Justin Drake said this:
BREAKING: Ethereum researcher @drakefjustin says Ethereum Merge may happen as early as August.
“Strong desire to make this happen before difficulty bomb in August”
“Stars are aligned”
Live from panel at Permissionless conference.
AUGUST MERGE
We wanna believe Justin. pic.twitter.com/VS0rgzNSGX
— Bankless (@BanklessHQ) May 19, 2022
“Difficulty bomb” is a blockchain-encoded piece that purposely slows down the network. It was designed to both encourage developers to go ahead with proof-of-stake and discourage miners from remaining on the proof-of-work chain after the changeover.
About The Merge
Van Loon and Drake discussed The Merge, which occurs when the Ethereum blockchain and the proof-of-stake beacon chain converge. This will alter the network’s focus from mining, in which users use powerful computers to generate ETH, to staking, in which Ethereum holders deposit their ETH in return for incentives.
This month, core devs chose not to distract their focus from The Merge, which is presently undergoing testing. Its accomplishment would eliminate the need to detonate the bomb of difficulty.
Proof-of-stake provides various advantages over proof-of-work to keep the network safe and decentralized. Proof-of-stake consensus should make it simpler to engage in network management, allowing for more profound decentralization and increased security.
But the actual reason people are waiting for The Merge is that it is predicted to reduce ETH issuance by 90%. Less ETH in circulation implies less supply and more demand, driving the coin’s price upward.