After the implementation of the Ethereum blockchain in the consensus Proof-of-Stake model called “Beacon Chain”, questions of its integration with the Proof of Work blockchain seem to progress without problems. Ethereum creator Vitalik Buterin recently delivered a speech at the World Blockchain Conference, referring to this process also known as “Merge”, which translates to “fusion”.
In recent years, the network has undergone several updates implemented via forks. All this to prepare the groundwork for the upcoming event, when the Pow chain will be transferred to the ETH 2.0 blockchain. Buterin said at the time that it would be “at some point, maybe six months from now. “
It is worth noting that mining does not require an external hard drive .
Once connected, the network will have to implement an additional hard fork to “clean” or “purify”. As confirmed by Buterin, the main developers have done their best to make this event happen as quickly as possible. Therefore, the merger will be introduced as a “minimal” update:
“So there are a lot of things that cannot be done while implementing the Hard Fork. For example, we will not authorize disbursements […]. Currently, if you already have a Proof of Stake deposit, you cannot withdraw it. Once logged in, you still won’t have it. “
The hard fork will allow users to withdraw their ETH staking rewards on the Beacon Chain deposit contract. At the time of writing, Etherscan data certifies that this contract holds 6,413,090 ETH valued at approximately $ 13,957,897,992.45.
Additional data provided by Eth2 Rewards indicates that as of July 8, there were 186,449 active validators with a 99.34% share and 6.37% rewards percentage on a locked ETH. The expected annual returns for validators were now 2.04 ETH ($ 4,727.17).
Ethereum on the road to the “infinite future”
The “cleaning” Hard Fork will also remove the ETH1 data voting mechanism that allows the Beacon or PoS blockchain to “communicate” with the PoW-based blockchain. Buterin advised all customers to stop trying to download the PoW channel before the merger.
Buterin added that after the merger there will also be smaller but necessary changes, such as code simplification.
“A lot of small changes could come along with the merger. But to make sure that the merger itself happens faster, we delay them; they will take effect after the merger. “
Ethereum has seen a sharp increase in the level of interest (not just from investors). More and more users want to participate in the network. The developers have been working on several solutions for a long time, like the EIP -1559, which will be introduced in August with the London hard fork.