It’s only a matter of days before The Merge and there are several important things to remember for network users. The long-awaited transition of Ethereum (ETH) to Proof-Of-Stake (PoS) will require updates on the Beacon Chain and the Proof-Of-Work (PoW) chain on a well-defined schedule.
Information to know about the progress of The Merge
While the arrival of the Merge of Ethereum (ETH) has never been so tangible, a wealth of information accompany this transition. The first, which is also the most important, concerns dates.
Let us first recall that the transition from Proof-of-Work (PoW) to Proof-of-Stake (PoS) will only be complete after the two current chains have each to their own update.
On the one hand, we have the Bellatrix update, on the Beacon Chain, the proof-of-stake consensus chain. This update must occur very precisely on September 6 at 1:34:47 p.m.Paris time, at epoch 144896. An epoch is a unit of measure on a PoS blockchain.
As for the Beacon chain, an epoch lasts about 6 min 30 s and contains 32 blocks. When writing this article, we were at epoch 142151 for example:
Ethereum Beacon Chain Overview
On the current main chain side, the proof-of-work chain is the paris update which must occur in an interval between September 10 and 20. This will take effect when the “Terminal Total Difficulty” (TTD) is reached, i.e. the maximum mining difficulty.
From this moment, the next block will be generated by a Beacon Chain validator. The estimates consider that The Merge will be effective two epochs after this block, approximately after 13 minutes.
We can also point out that the “bug bounty” program has been valued by a multiple of 4. Thus, anyone who finds a bug qualified as critical by September 8 will be rewarded a million dollar bounty.
👉 To go further – Find our guide on The Merge is what it implies
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The Ethereum Foundation makes an FAQ available
Regarding the lack of a precise date on the advent of the TTD, the Ethereum Foundation explains that it actually depends on the hashrate deployed by the miners. An increase or decrease in the latter will affect the date of the Terminal Total Difficulty, but the fact is that this is inevitable.
As we already know, miners will no longer receive rewards for block production after The Merge.
The various players in the ecosystem may also wonder what the changes to come will mean for them. In truth, this will really only concern those who actively participate in the maintenance of the network, investors will have, so to speak, nothing to do.
Most of the work will be done by the validators. The latter will indeed have to update their client and make sure their node is working properly. For their part, the ETH stacked on the Beacon Chain will remain locked as agreed until further update.
As for the various decentralized applications (dApps), developers are encouraged to perform as much testing as possible. on Goerly and Sepolia to troubleshoot any issues. However, the major difficulties should only concern smart contracts using functions specific to a PoW environment.
Provided everything goes well, Ethereum (ETH) will then have succeeded the biggest update in its history in less than a month.
👉 Also in the news – CME to launch options on Ether (ETH) futures ahead of The Merge
published by editions Larousse
Source: Ethereum Foundation, Beaconscan
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I timidly discovered the world of blockchain at the end of 2018 during my quest for financial freedom. Initially invested moderately, it was only two years later that I took the gamble of betting everything on the movement that was taking shape then. I then dedicate 2021 to training myself better to acquire more knowledge and seriousness. As I often like to say: I still have a billion things to learn. And what I do know, I want to share with you.
Vincent Mayor
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