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Ethereum, the second-largest blockchain project in the ecosystem, has seen notable adoption and growth since its establishment. The project that introduced the concept of smart contracts, DeFi, and millennial NFTs is now transitioning its consensus mechanism. Since the Proof-of-Work (PoW) based mechanism is not green for our environment, Ether is shifting to Proof-of-Stake (PoS).
Indeed, the community is highly bullish on the project and is waiting for the most significant upgrade. Notably, Geth, the main client of Ether that is currently running the PoW network, is almost ready for the merge.
PoS network is ready for the merge
Geth, the main client of Ethereum, is almost ready to merge the PoS network. According to Péter Szilágyi, the maintainer of the Ether client, although it is not visible from the outside, the go-Ethereum codebase is just a PR away. Indeed, after a PR, the network could be merged. Moreover, Szilágyi underscored that such PR itself is also done and just requires a test.
Ethereum 2.0 is not too far now
Ethereum 1.0 clients will merge with Ethereum 2.0 by redirecting RPC calls from PoW miners to PoS. After the merge, the network will be managed by stakers, and miners will no longer have a part of the network.
According to experts, the upgrade is expected to occur this June or July. However, Ben Edgington, one of the blockchain’s developers, deemed that the timeline seems aggressive.
Edgington further explained that it is probably doable, but the timeline does not leave a lot of breathing room to handle issues that arise. Notably, the developers will be pushing for the ideal/aggressive timetable of Merging before mid-July but will have contingency plans to push back the complexities bomb if required.
However, the overriding imperative is to do the whole shift well.
Ether 2.0 appears to be at its final stage
The Ethereum 2.0 merger specs have not apparently been frozen yet with a new testnet launch. However, noting the overall scenario, it seems like the work is at its final stages with just refinements and testing left.
It will be huge as the entire network will be running on a new consensus with the blockchain’s inflation to be reduced from 4% a year to below 1%. Following the scenario, we found that the clients are ready for it, with the whole upgrade now just months away after years of developments.
