Ethereum co-founder, Vitalik Buterin has confirmed that the much-awaited Ethereum merge will likely happen in August, 2022. Blockchain enthusiasts have been eagerly awaiting the launch of Ethereum 2.0, which will see the Ethereum network moving to a proof-of-stake (PoS) model. But what exactly is the Ethereum merge and what did Vitalik Buterin say about it?
What Did Vitalik Buterin Say About the Ethereum Merge?
After much anticipation, the Ethereum merge is set to go live on Ethereum’s testnet, Ropsten on June 8. Recently, Vitalik Buterin discussed the upcoming launch during the ETH Shanghai Web 3.0 Developer Summit. There, he said that the merge will be a significant test for the whole ETH ecosystem.
“This will be a major test, larger than any of the tests that we have done before,” the Ethereum co-founder said. “Taking a large existing test network with many applications with proof-of-work, moving into proof-of-stake.”
However, he added that there might be delays.
“If there are no problems then the merge will happen in August,” Buterin further said. “But of course, there’s always a risk of problems. There’s also a risk of delays. And so September is possible and October is possible as well.”
What is Ethereum Merge?
The merge is the biggest Ethereum upgrade after the London Hardfork Upgrade from a year ago. Currently, Ethereum follows the proof-of-work consensus, which has several drawbacks. This includes exorbitant gas fees and the significant environmental impact of mining ETH.
To solve these issues, Ethereum is now moving to the PoS consensus. Put simply, merge refers to the merging of the Ethereum mainnet with the beacon chain PoS system. After the merge, the network will fully transition from PoW to PoS.
Admittedly, the Ethereum Merge has been delayed multiple times in the past. Since Ethereum co-founder, Vitalik Buterin too has alluded to possible delays again, the August launch remains to be seen.