It has been promised for a long time, but the time is drawing near when the Ethrereum blockchain platform will change for the better.
The developer of the Ethereum Tim Beiko Foundationone of the most outstanding personalities within the crypto ecosystem thanks to his work so that the blockchain of ETH change your current mechanism proof of work (PoW) for one proof of stake (PoS)provided suggestions on “La Fusión” (The Merge), which is about to unfold.
The expert recommended, for average users of applications and protocols, to test the tools to make sure nothing is broken as more tests are run: “Run stuff, and if something is unclear or broken, leave a comment.”
In this way, the specialist asked that most of the projects based on Ethereum begin to test and create prototypes in the test network Kintsugi. “This way, changes can be more easily incorporated into future specification and customer releases,” he said.
In addition, Beiko encouraged “pay attention and make sure they are prepared” for “The fusion” and recalled that there will be two significant changes in the operation of smart contracts:
- Beacon’s randomization method (Randomness Beacon)which helps run applications, will change.
- Block times will be reduced from 13 seconds to 12 for each.
“At any point, if we find issues, we will obviously take the time to fix + address them before moving forward. Only then will we think about proof-of-stakeing the mainnet,” Beiko concluded.
Tim Beiko’s Request
How the testnet works
The test network Kintsugi gives the community an opportunity to experiment with post-merger Ethereum and start identifying any issues.
Once the feedback has been incorporated into the client software and specifications, a final series of testnets will be released.
The fusion (or, in English The Merge) is the step that inaugurates the Ethereum 2.0 stagewhere the merge between the legacy chain based on proof of work (PoW) and the new chain based on proof of stake (PoS) will occur.
The testnet numbers
According to the information provided by the development team, there are at least 2.3 million ETH deposited on the new Kintsugi testnetwith 72,000 validators. This denotes a great interest of the community.
The name Kintsugi is derived from a Japanese pottery repair art that involves repairing breaks with lacquer dusted or mixed with gold, silver, or platinum powder.
According to the official documentation, the merger is scheduled for the first quarter of 2022, provided the testnets are stable. This will be one of the biggest milestones for Ethereum since it was created, marking the long-awaited transition from Proof-of-Work to Proof-of-Stake.
those who wait rates cheaper transaction options will have to wait a bit longer, as that will not be part of the merger and will only be implemented when the “Sharding” (fragmentation, in Spanish) in the next phase of the roadmap.
Towards cleaner ether mining
The merger will transform ethereum from this current model, known as proof of work, to one called proof of stake, which will spell the end of the crypto mining of ether. Instead, cryptocurrency owners who have a certain amount of ether can deposit it and become a so-called validator.
“Replace these power-hungry machines,” he said. David Lawantdirector of crypto index fund research Bitwise Asset Managementand ethereum will end up consuming much less energy than it does today, about 99% less.
Mining on the new platform will be easier and more sustainable
The more you deposit, the more chances you have to be chosen as a validator to organize people’s transactions on the ethereum blockchain into blocks and get the reward, which will be paid in ether.
Since these validators use their own cryptocurrencies to stake, they are incentivized to do their jobs better. If they don’t, their ether starts to sink. That’s why proof-of-stake advocates present the model as a boon to increased security: validators are motivated to keep the network more secure.
Less ether will also be issued, creating more scarcity of the virtual currency.
Once the merge is complete, the blockchain of Ethereum will be completely proof-of-stake, a chain called beaconchain.
With more security and less chance of adverse climate impact, experts predict that more institutional investors will be interested in space. Billionaire investor Mark Cuban himself told Fortune recently that he is “very optimistic” about the merger, Business Insider Spain reported.