The essential step of the Ethereum network’s shift from proof-of-work (PoW) mining consensus to proof-of-stake (PoS) is almost complete. During a recent conference call, Ethereum (ETH) developers suggested a date for The Merge.
During the call, Sept. 19 was mentioned as a possible merge target date by Core Ethereum developer Tim Beiko, who is in charge of protocol meetings. The stated goal date received no opposition from the core developers.
By switching to a PoS network, Ethereum should consume 99% less energy, and the addition of sharding will make the network highly scalable and competitive with centralized payment processors.
Roadmap to The Merge
Superphiz.eth, an Ethereum developer, tweeted about the roadmap and clarified that the proposed goal date as a roadmap than a deadline.
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
On December 1, 2020, the transition from PoS to ETH 2.0 based on Beacon Chain marked the beginning of Phase 0. The initial phase was planned to begin in mid-2021, but it was pushed back owing to unfinished business and the difficulties involved in code audits.
Sepolia testnet Beacon Chain went live earlier this year, setting the stage for its Merge dress rehearsal to provide Ethereum network engineers with crucial technical insights. On July 7, Sepolia was merged with the network.
The final trial of the Goerli network will be held at the Merge, which is scheduled to begin on August 2nd. Following its integration, the official Merge, which is set to take place in the second half of September, will become a high priority for developers.
PoS vs. PoW
Contrary to popular assumption, PoS does not entail voting on protocol settings, just like PoW does not, according to Vitalik Buterin, the co-founder of Ethereum. Buterin further clarified that nodes in both PoS and PoW reject invalid blocks.
The PoS vs. PoW controversy has raged for years, with PoS supporters claiming it is more environmentally friendly and equally secure, while PoW supporters, including Jack Dorsey, have labeled PoS centralized and less secure.
While Buterin continues to advocate for PoS, a recent HOPR analysis highlighted some of the significant weaknesses that could be critical following the event.
“We should stress that this isn’t an emergency: It doesn’t affect any funds today. But this WILL be a major problem post Merge and validators are incentivized to disrupt each other to poach a share of millions of $$$ in MEV,” the report warned.
Validators on the network broadcast attestations and blocks linked to their public keys, according to the report. However, since these validators are well known ahead of time, highly targeted and selective attacks (DoS or other) against forthcoming validators are feasible.
The HOPR team observed that an audit report even classified the problem as “mitigated,” which is untrue given that attackers are not just capable of (DoS) targeting the Teku node.