Major Hint of Ethereum going live this year by Ethereum devs
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After several months, Ethereum will be making a long-awaited switch from the POWconsensus mechanism. The launch had been moved back several times due to drawbacks and it looks like we should expect it in two months’ time (august).
According to one of the core developers on Ethereum, Preston Van Loon, the merge will most likely happen in August if the project does not go according to plan. He made this statement at a conference to a group of Ethereum owners and enthusiasts.
Talking to the over 5000 members in attendance, he explained that the plan is to move the network to the POS consensus before the long-proclaimed difficulty bomb will cause a stop to the POW consensus.
There are several things that ought to be in place before the launch is initiated. First, the Ropsten testnet will simulate the launch of the Eth 2 or new Ethereum consensus. That will be executed during the early days of June, and the errors from the launch will be corrected to avoid them repeating themselves on the mainnet.
Reinstating Preston’s statement on ‘there is increased optimism that everything will go on as planned. It makes sense that the protocol launches in August, and we should do it as soon as possible to avoid moving the difficulty bomb”, an Ethereum researcher, Justin Drake, explained that the drive to make it happen is the network’s top goal. And it has to happen before the difficulty bomb goes live in August.
Explanation on the difficulty bomb?
For the benefit of those who are not familiar with the phrase “difficulty bomb”, we will try to explain what it means.
Back when Ethereum was newly created as a POW consensus, the developers foresaw a ned for the merge with the POS and created a structure to make mining unprofitable once the merge occurs. Perhaps due to the huge electricity consumption, or due to the environmental impact, the difficulty bomb makes sure no miners remain once the switch happens.
Every POW consensus works with minders trying to solve a hard mathematical equation, to choose who would validate the next block. The computation itself is harder than a human mind can conceive, and there is also the demerit of many people vying to get the grand prize of being able to verify the next block. The proof-of-stake on the other hand operates a bit differently. The bomb itself is a set of code in the Ethereum blockchain that allows the network to get so slow on mining. This way, the regards gotten from mining are so insignificant that they can not cover the costs of the supercomputers, let alone make a profit. This way, once the network merges to POS, every miner has no choice but to switch.
One of the most important news that came into the Ethereum blockchain came during the first half of the year. There was an announcement by Tim Beiko, one of Ethereum’s most popular developers, on April 11. He explained that the timeline had changed from the initially-planned June, and the merge will need another update to delay the bomb from activating.
According to Tim, there will be enough evidence needed to show that developers can deploy the merge in the stipulated time before the community would need to vote against changing the consensus mechanisms
The reason this news came out to the limelight is as a result of news that broke out this week about the Ropsten testnet, as earlier said. This will be a major milestone for both the testnet and the Ethereum mainnet. Being the only existing testnet on Ethereum’s POW; It is best suited to simulate how the Ethereum main net and Beacon chain would react together.
Until the launch goes live and is successful, every layer-2 protocol on Ethereum will still use the Layer-1 system, since it is best suited to manage optimism and whale purchases. there is an ethereum blockchain explorer where you can view the details of the new Ethereum protocol. Searches on Wallets, addresses, block numbers, epoch numbers, and even custom searches are available.