Massive Ethereum Upgrade Expected To Happen in August, Says ETH Protocol Developer

Massive Ethereum Upgrade Expected To Happen in August, Says ETH Protocol Developer

An Ethereum (ETH) developer is expecting ETH to merge to its new proof-of-stake system in August of this year.

At the Permissionless decentralized finance (DeFi) conference this week, a panel moderator quizzed Ethereum protocol developer Preston Van Loon about the timeline for the highly-anticipated upcoming Ethereum 2.0 Merge.

“These are just the last few steps we have to take, and as far as we know, if everything goes according to plan, August – it just makes sense.”

Ethereum 2.0 looks to solve the network’s scalability issues by shifting over from a proof-of-work (PoW) consensus mechanism, which Ethereum currently employs, to a proof-of-stake (PoS) consensus mechanism. According to Ethereum co-founder Vitalik Buterin, the smart contract platform will eventually be capable of facilitating 100,000 transactions per second via second-layer solutions following the completion of the highly-anticipated upgrade.

The first phase of Ethereum’s upgrade to version 2.0 was rolled out in late 2020 to help reduce the blockchain’s congestion and high transaction fees.

Ethereum is trading for $1,941 at time of writing. The recent market downturn has hit the second-ranked crypto asset by market cap especially hard in 2022. ETH is down more than 3.6% in the past 24 hours, 28% in the last two weeks and 37% in the last month.

Download our Android app, never to miss the latest news

Get it on Google Play

Original Source :dailyhodl.com

Want to know how to start investing in Cryptocurrencies and Stocks? Click here and get more information about the top investing platform available.

Want to receive the latest stock and cryptocurrency news and investing ideas that can help you make money ?! Subscribe to our newsletter. Enter your email below and hit the subscribe button.

Want to know how to start investing in Cryptocurrencies and Stocks? Click here and get more information about the top investing platform available.

If you want professional consultation regarding stock or cryptocurrency investing leave your information below and experts from our trusted partners will reach out to you

Subscribe

* indicates required