On Friday, Ethereum founder and crypto billionaire Vitalik Buterin stated that the Ethereum Merge would likely occur in August 2022. The Merge involves ETH blockchain transitioning from proof-of-work to proof-of-stake.
Buterin revealed the development during the Ethereum Shanghai web3 Developer Summit. He also confirmed potential risks would mean possible delays to September or the following month.
ETH Merge Likely in August: Vitalik Buterin
Vitalik Buterin touched on the Ethereum Merge, ETH protocols, and undertakings associated with scaling and various blockchain improvements during the summit. He commented on benefits related to the PoS transition, including improving the ETH ecosystem plus more apps.
Buterin revealed that everything came together after working on the proof-of-stake for nearly seven years. The founder added that everything going as planned would see the Merge arriving in the summer.
The leading upgrade towards ETH Merge – the Ropsten-beacon chain integration on the ETH test network – occurred this week. Meanwhile, genesis would happen on 30 May, while transitioning on 8 June. Moreover, Buterin shared the ETH protocol’s update roadmap, citing the conclusion execution and consensus layer, introducing the beacon chain, EIP 1559, and proof-of-stake light client. For now, the ream works on long-term functionalities like enhanced signature aggregation, single-slot confirmations, and one undisclosed leader election.
Furthermore, he shared developments related to “The Verge” to increase rollups’ scalability via sharding plus statelessness Verge via Verkle Trees and associated features. Completing these features would allow users to execute massive transactions and ease Ethereum node operation without high-end computers with increased hard drive capacity. Also, it will make the platform more decentralized as individuals can be validators without a hassle.
Moreover, the summit discussed “The Splurge” and “The Purge.” These upgrades will simplify the Ethereum blockchain by eliminating technical debt and historical data. However, Buterin believes the Surge and the Merge completion will satisfy Ethereum users. The team will remain dedicated to making Ethereum secure and straightforward.
Buterin on Terra Crisis
The ETH founder trusts earlier stablecoin, and DeFi projects were attractive. Nevertheless, some projects, like UST and LUNA, haven’t worked in making multiple optimizations. He added that designing stablecoins without collateral does not fit.
James Thompson