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The founder of Ethereum reveals when Ethereum will turn into a PoS mechanism

The founder of Ethereum reveals when Ethereum will turn into a PoS mechanism

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Answer The founder of Ethereum reveals when Ethereum will turn into a PoS mechanism

During the Ethereum Developer Summit in Shanghai, stated Vitalik Buterin, co-founder of Ethereum, said he expects the second largest blockchain network to switch to a Proof of Stake consensus algorithm by August.

But the launch may be pushed back to October if the developers encounter some difficulties.

It should be noted that the official timetable has not yet been presented.

The upgrade “Ropsten,” one of the public Ethereum networks, will undergo testing and integration on June 8, which will be an important date and milestone before moving to the PoS mechanism.

By simulating the actual merger, developers will be able to determine if the main network is ready to integrate with the existing network launched separately in December 2020.

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In April, Ethereum developer Tim Peko confirmed that a merger was no longer expected in June.

But he confirmed that Ethereum is in the final chapter of the transition.

The long-awaited shift from Ethereum to a quota mechanism could be a watershed moment in the cryptocurrency industry as it will dramatically reduce the power consumption of the second largest blockchain network.

This will also put more pressure on Bitcoin developers to work on the same approach given the increasing power consumption of the largest cryptocurrency.

But such a scenario is unlikely to happen.

Earlier this month, the Ethereum Foundation integrated its bug bounty program with the Ethereum mainnet.

The maximum reward has been raised to $250,000.

This is another sign that the consolidation will likely happen within the next few months after several previous delays.

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