August 2022 is the time when Ethereum’s difficulty bomb is set to explode along with slowing down the ETH blockchain. As per Vitalik Buterin, the altcoin’s co-founder, the Ethereum Merge might be delayed if plans change.
At the Shanghai Web 3.0 developer meeting, Ethereum co-founder Vitalik Buterin stated that the Ethereum Merge might happen as early as August 2022.
Buterin is confident about the Proof-of-Stake changeover timescale. However, he cautioned of a delay if issues with the testnet implementation develop.
On June 8, the Merge will be tested on the Ropsten testnet, and a smooth transition to Proof-of-Stake is critical to the event’s timing.
The Ethereum Merge might be postponed if difficulties emerge and developers uncover concerns that need to be addressed. A delay, according to Buterin, may push the Merge back to September or October 2022. He was said to have said
Buterin was referring to the difficulties that occur when the Ethereum blockchain, along with all of its decentralized apps and protocols, switches from Proof-of-Work to Proof-of-Stake.
As a result, the Ropsten testnet test is critical to the Ethereum Merge’s early completion. If major issues discovered during the test take a long time to fix, the Merge will be delayed.
According to Justin Drake, an Ethereum researcher, the integration is on schedule and at the top of the development team’s priority list. Drake is “desperate to make this happen before the August difficulty bomb.”
Drake refers to a difficulty bomb as a software written in the Ethereum blockchain that slows it down. This would incentivize people to switch from Proof-of-Work to Proof-of-Stake consensus.
The bomb accomplishes this by making it more difficult for miners to use the Proof-of-Work consensus method after the Merge.
The Ethereum Merge is not the end of the blockchain network’s journey. Following the successful move of Ethereum to Proof-of-Stake, the development team has planned the Surge, Verge, Purge, and Splurge.
Through the use of sharding methods, The Surge will address scaling and enhancements. The Verge would use Verkle Trees, an Ethereum blockchain improvement that allows for reduced proof sizes and encourages “statelessness.”
Statelessness refers to the transfer of responsibility for supplying and storing Ethereum world state to a network member or witness.
The Purge will focus on Ethereum Virtual Machine (EVM) simplicity and the final milestone, while the Splurge will execute the altcoin’s roadmap’s various and vital extras.
After analyzing the ETH trajectory, @IamCryptoWolf, a crypto analyst and trader, predicts that Ethereum price might retake $2,800.
The fractal pattern is identical to what the analyst saw on the Ethereum price chart in October 2016, with the initial fake-out followed by the ascending triangle failing. If the ascending triangle pattern holds, the analyst expects Ethereum to reach $4,200 in the long run.
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Original Source :coinpedia.org