The core developer of the Ethereum blockchain project shared some unique information regarding the future upgrade in the Ethereum blockchain network.
Ethereum is a 2nd ranked crypto asset by market cap value, just after King asset Bitcoin. Ethereum Foundation, a nonprofit organization behind the Ethereum project, decided to shift Ethereum from Proof-of-work Consensus to Proof-of-stake Consensus. In the present time Ethereum lovers are eagerly waiting for this upgrade.
Preston Van Loon, the core developer at the Ethereum project, talked about the Ethereum blockchain development works, on a panel at the Permissionless conference.
Van Loon said that we should not expect much from Ethereum but the shift of the Ethereum blockchain from Proof-of-work to Proof-of-stake Consensus will take place in The summer of this year.
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Ethereum core developer said that current development works are almost in the final phase but here we have to see a three months time frame to see the final move.
Van Loon said:
“As far as we know, if everything goes to plan, August—it just makes sense,” said Van Loon. “If we don’t have to move (the difficulty bomb), let’s do it as soon as we can.”
Ethereum core developer hinted that the “difficulty bomb” step is a very big thing and it is acting as a road bump in the path of Ethereum merge.
According to a tweet from event co-host Bankless JusDrake’srake frothy Ethereum foundation, the chances for “difficulty Bomb” to happen be considered a deal in August.
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
Here “Difficulty Bomb” is a step, which will result in the slow speed of the Ethereum network, so here developers are precisely looking at this “Difficulty Bomb” as a very big issue but surely they are planning to execute it with proper planning and fastly.
Statements by the Ethereum core developer are clear hints that merge will not overall result in something new in terms of speed.
Last year, Vitalik Buterin, co-founder of Ethereum, stated that 2022 will be the year to shift Ethereum from PoW to PoS but the actual impact will be visible in the next 2-to 3 years because after the merge event the developer team will work on the efficiency of the transactions only.
Read also: Former Fed chair says Bitcoin has been successful only as speculative assets
Ethereum core developer says ETH merge may take in August
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