Recently, Russian-Canadian programmer Vitalik Buterin, creator of Ethereum ($ETH), commented on a “merge” hard fork as the Ethereum network transitions from proof of work to proof of stake. .
The Ethereum Foundation explains the upcoming Merge upgrade on mainnet on September 15th:
“The merge represents the joining of Ethereum’s existing execution layer (the mainnet we are currently using) with its new proof-of-stake consensus layer, the Beacon Chain. Eliminate the need for energy-intensive mining and instead use staked ETH to secure the network. A truly exciting step in realizing Ethereum’s vision of increased scalability, security and sustainability.
“It is important to remember that initially the beacon chain was shipped separately from the mainnet. Ethereum mainnet with all accounts, balances, smart contracts, and blockchain state will continue to be protected by Proof of Work, even while Beacon Chains are running in parallel using Proof of Stake. . As the Merge approaches, these two systems will eventually merge, completely replacing Proof of Work with Proof of Stake.
“Consider an analogy. Imagine Ethereum as a spaceship not ready for interstellar voyages. With Beacon Chain, the community has built a new engine and enhanced hull. After significant testing, it was time to hot swap the old and new engines in flight. This will allow new, more efficient engines to be integrated into existing ships, ready to throw some serious light years into space.“
In an interview on the Bankless podcast, Buterin claimed that the long-awaited upgrade has yet to be reflected in Ethereum prices. said there is.
As reported by The Daily HODL, Buterin said:
I basically hope this merger is not priced in. By that I mean not only in market terms, but even in psychological and narrative terms.
The Ethereum co-founder went on to predict that the upgrade’s added value would not be “priced” until shortly after launch.Buterin has years of experience working with Ethereum, including the first launch version He told an interviewer about:
I think it can be fast or slow. Comparing the process of launching a beacon chain to the process of launching ETH 1.0, ETH 1.0 took 20 months after I wrote the first version. A white paper to get started.
Buterin strikes a delicate balance between getting Merge upgrades out the door while keeping the network fully functional and intact. He pointed to the worthwhile impact that Ethereum researchers and developers were putting “more effort” into the issue of launching the upgrade.
At the annual Ethereum Community Conference (EthCC) in Paris, France on July 21, Buterin shared his thoughts on the “long-term future of the Ethereum protocol.”
Buterin began by saying:
“The Ethereum protocol is currently in the midst of this long and complex transition, in many ways to become a much stronger and more robust system, right?
“Late last year, I published an updated roadmap document of sorts. There we talked about these big five categories happening in the world of the Ethereum protocol. Here we have merges, surges, barges and a little lower. Will it be a purge and a splurge?
“Merging is proof of stake. The Surge is for sharding, The Verge is for his Verkle Trees, The Purge is for expiring states and deleting old history, etc. The Splurge is basically all the fun stuff.”