Today the 18th of August, Tim Beiko, a core developer on the Ethereum Platform expected merge has confirmed everything is in order. Through a tweet, Tim stated that the “Merge Mainnet Readiness Checklist” is ready and “checked out”. According to the founder and the CEO of Etherium, the merge is set t happen on the 15th of next month. with this confirmation, delays in the plans might be unlikely despite the vitalic warning earlier.
The merge between Etherium and .,lk;kmm will move Ethereum’s prove-of-work (PoW) to proof-of-stake (PoS) consensus, a technology considered to be much better.
You can learn the difference between Proof-of-Stake (PoS) and Prove-of-Work (PoW) more explicitly here.
what merge means for Ethereum
The Targeted date for the merge which is expected to be in about a few days may vary a little. according to the Etherium foundation, the specific exact date depends on the hashrate. In viltaliks on words on a tweet earlier, the “Ethereum PoW network now has a (roughly) fixed number of hashes left to mine.”
The merge will make Etherium a “deflationary asset” due to the “EIP-1559 burning mechanism”. This means the prices are likely to plummet with ultimately potential serge to with the right conditions. These conditions are expected to come around 6-8 months later.
Also read: Goldman Sachs Joins Wells Fargo in Acknowledging XRP as a Digital Currency
There have been upgrades in the past by Ethereum to cap the high gas fuel which in the end made Ethereum transaction cost very high. However, the foundation confirmed that the merge will not have any impact on this or the transaction speed and staking. Everything will run smoothly as usual.
