Main Ethereum Backer Announces Exact Date The Upcoming Merge Will Be Triggered
Lead backer of leading smart contract platform Ethereum (ETH) is providing an official timetable for blockchain's long-awaited transition to proof-of-stake (PoS) consensus.
A new post on the Ethereum Foundation blog lays out the Consolidation schedule, which will be initiated in phases, starting with the Bellatrix upgrade on September 6, followed by an official transition around midday. September 10 and 20.
“Paris, the execution layer portion of the transition, will be triggered by a Total Final Difficulty (TTD) of 58750000000000000000000, expected between the 10th and 20th. September 20, 2022. The exact date TTD is reached depends on the proof of -work hash rate…
Once the execution layer reaches or exceeds the TTD, the next block will be generated by the validator. Beacon Chain. The Merge transition is considered complete after the Beacon Chain completes this block. “
Total Terminal Difficulty (TTD) is the technical term for the computing power required to complete the last block on Ethereum before moving to ETH 2.0.
Hash rate measures the processing power of the Ethereum network as miners solve complex mathematical puzzles to confirm transactions, with a higher hash rate indicating an increasingly powerful network and safer from attackers.
Image "
The Merge aims to solve network scalability issues by setting the stage for future upgrades, including sharding
Blog post also issued a warning to developers to check first and protect their work
We strongly recommend that developers run through a test cycle complete testing and deployment on Sepolia or Goerli and report any issues with tools or dependencies to the maintainers of those projects.”
The Ethereum Foundation goes on to remind readers that once the transition to proof of stake is complete, mining will no longer be active or earn rewards.
Today's announcement comes after a July 29 post in which the project's developers prepared for the final phase of testing.
ETH co-founder Vitalik Buterin also recently provided an update that has pegged September 15 as the Consolidation date.
Ethereum continues to recover from a market-wide slump that saw most crypto assets drop last week. ETH is currently up nearly 3% on the day and is trading for $1,677.
Aug 24, 2022
