Ethereum’s highly anticipated merge is now underway and is expected to go into full effect sometime between Sept. 13-16. The long-awaited upgrade will see the Ethereum network transition from proof-of-work (PoW) to proof-of-stake (PoS), a move that has been years in the making.
The first part of the merge, known as the “Bellatrix” upgrade, was activated today. This upgrade lays the groundwork for the Beacon Chain, which is the PoS chain that will eventually replace the PoW chain.
The merge is a complex process that will happen in several stages. The first stage, which is currently underway, is the “proof-of-concept” stage. This stage is designed to test the technical feasibility of the merge and is not expected to have any major impact on the network.
The second stage, known as the “mainnet” stage, is when the actual merge will take place. This is expected to happen sometime between Sept. 13-16.
During the mainnet stage, Ethereum users will have to “opt in” to the merge by transferring their ETH to a special address. Once the merge is complete, all ETH will be transferred to the Beacon Chain and will be subject to the new PoS rules.
The third and final stage of the merge is the “transition” stage. This stage will happen over the course of several months and will see the PoW chain slowly phased out in favor of the PoS chain.
The transition stage will also see the introduction of a new cryptocurrency, known as ETH2.0. ETH2.0 will be the native currency of the Beacon Chain and will be used to pay transaction fees and rewards for stakers.
The merge is a major milestone for Ethereum and is expected to have a profound impact on the network. The switch to PoS will make Ethereum more energy-efficient and will open the door for new features and applications.
So far, the merge has been proceeding smoothly and is on track to be completed on schedule. However, there is always a risk of unforeseen problems and delays.
If you want to keep up with the latest developments, you can follow the Ethereum blog or join the Ethereum Discord server.
