Ethereum Transition Will Be Completed Next Year, Here's The Leaked Information

Ethereum is the second largest cryptocurrency by market cap. (Unsplash)

JAKARTA – Ethereum's transition process from the Proof-of-Work (PoW) to Proof-of-Stake (PoS) model is said to be completed by the end of next year. After a number of testnet mergers carried out by developers in recent years, it is finally entering its final stage of merging with one that will be completed in 2023.

For information, the PoW model that allows mining activities using high computing is claimed to be not environmentally friendly because it wastes energy. While the PoS model is touted as an environmentally friendly model.

The reason is, the PoS model allows staking or locking of tokens in the network for a certain period of time to get rewards in the form of tokens. In PoS there is no need for mining activities using high-power computer devices such as VGA and high-power electricity consumption.

According to Cointelegraph, the transition to PoS began in December 2020 with the launch of Beacon Chain, starting Phase 0 of a three-phase process. Phase 1, the current phase, which was previously scheduled to be completed in 2021 had to be delayed due to a lot of unfinished work on the developer's side. However, the second phase is expected to be completed in the third week of September. The final phase of this transition is scheduled to be completed by the end of 2023.

The Beiko team as the main developer of Ethereum announced the details of the transition of the Groeli testnet which will be merged with the Prater network of Beacon Chain. If the merging process is complete, the Goerli name will be retained.

“Prater will run through the Bellatrix upgrade on August 4th, and joins Goerli between August 6-12: if you are running node or validator, this is your last chance to go through the process before the mainnet,” wrote Ethereum developer Tim Beiko in a Twitter post. , July 27, 2022.

As is known, Ethereum is currently entering the stage of The Merge, a transition process from PoW to PoS. The transition process takes a long time.

Meanwhile, the testnet merger is scheduled to be completed in two phases starting August 4, which will begin with an upgrade called Bellatrix. Then the second stage, the developer will launch the Paris upgrade, where the layer or layers will switch from PoW to PoS. This is expected to be completed by August 6 to 12.

Ethereum as the second largest cryptocurrency by market capitalization, is the first cryptocurrency to make the transition from PoW to PoS model. This has the potential to have a huge impact on other cryptocurrencies built on the Ethereum network.