Vitalik Buterin (co-founder of the Ethereum network) said that the much-anticipated update to Ethereum’s blockchain software, known as Merge, is expected to be released around September 15.
This update will remove the Proof-of-Work model (PoW), in which transactions are processed using miners’ resources. It will switch to the Proof-of-Stake model (PoS), where holders of Ethereum cryptocurrency will certify and verify transactions. The algorithm change was implemented last week on the Goerli subnet. Vitalik Buterin, a blockchain creator, has now revealed via Twitter that the network can only be run in PoW mode if a number of hashes remain.
According to previous predictions, the update is expected to occur between September 15th and 20th. The Ethereum developers will meet again this week to discuss any issues that might arise before the upgrade. They will also set a date for the merger.
Many services are built on the Ethereum blockchain. Some of these services will temporarily cease to work during the upgrade to prevent any unpleasant surprises. The update will significantly accelerate transactions on Ethereum. Energy consumption will drop by more than 99 per cent as the mining equipment will cease to be useful.
The forecast predicts that the Ethereum rate could rise to $4,000.