The network Ethereum is about to go into Proof of Stake (PoS) via the update The Merge : After speculation and rumors finally confirmed regarding its date, the Ethereum Foundation is finally developing its official roadmap for the long-awaited event by the community.
Ethereum on the way to The Merge
The network Ethereum currently uses Proof of Work to ensure consensus between its nodes. Nevertheless, since its creation, the developers have aimed to transition to a Proof of Stake system. In December 2020, a new channel called beacon chain was launched by Ethereum. This operates in parallel with the current network and has the sole mission of ensuring consensus in Proof of Stake.
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For its part, The Merge is the update which will allow connect the application layer of Ethereum to the consensus layer in Proof of Stake. Otherwise, it means that the blocks created by transactions made on Ethereum will be validated by the beacon chain in Proof of Stake.
The Ethereum Foundation puts its feet in the dish
And so the Ethereum Foundation announces the release of new clients Bellatrix and Paris, respectively for the application and consensus layers in Proof-of-Stake of Ethereum. Bellatrix will be activated on chain on September 6, while Paris will be usable somewhere between September 10 and September 20.
Once these two updates have been made and activated, the transition will be effective after twelve minutes and Ethereum mining and its current proof-of-work consensus model will be officially obsolete.
In the meantime, the Ethereum Foundation announces that it will quadruple the bounty rewards for developers and other white hats who identify vulnerabilities between now and the official Merge.
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