Ethereum merge is expected to hit the markets sooner after core developers announced a tentative Merge date for September 15 which’ll see blockchain transition to proof-of-stake (PoS), as stated by Cointelegraph.
According to Cointelegraph, Ethereum mainnet merge date came into light after core developers such as Tim Beiko and Terence Tsao, co-founder, Prysmatic Labs, agreed in an August 11 developer call, it would be when total terminal difficulty (TTD) will reach 58750000000000000000000. In a post by Github, titled “Tentative mainnet TTD,” which was committed to by Beiko on August 11. Meanwhile, the exact date and TTD is expected to be changed, as the success of the various testnet merges could be a sign that the Ethereum mainnet will transition to proof-of-stake (PoS) algorithm next month without any further issues. The recent official schedule is around three days earlier than Ethereum core developer Tim Beiko’s previous prediction of September 19.
Based on data by Cointelegraph, the lengthy number given is referred to as the TTD, emphasising the end of proof-of-work (PoW) and beginning of proof-of-stake (PoS). TTD refers to the total difficulty required for the final block which will be mined before the PoS transition. On August 12, the Goerli testnet became the last remaining testnet to properly perform its own transition to PoS, following the Sepolia merge on July 7 and Ropsten on July 9. Post the merge, Ethereum’s network energy consumption is expected to go down by over 99.99%, which will enable to stave off attacks on the network and scalability will be better.
Moreover, Cointelegraph’s information showed that Ether (ETH) miners will continue running the original PoW version of Ethereum for maintaining their earning potential. Trading of ETHW is happening at a 7.5% downfall over the past day at $72.5 on Poloniex, while CoinGecko stated that ETH has gained 1.5% over the past 24 hours to $1,881.54.
(With insights from Cointelegraph)