Ethereum’s Consensus Layer Will Be Updated
The first stage of The Merge, Ethereum’s two-part transition to ESG-friendly technology, will take place on Sept. 6.
This initial step will be an update to Ethereum’s consensus layer, dubbed Bellatrix, according to the Ethereum Foundation, an independent nonprofit dedicated to maintaining and scaling Ethereum.
The second update, dubbed “Paris,” will update the execution layer and complete the transition to proof-of-stake. The exact timing of Paris depends on the network’s hash rate, or the amount of computing power committed to securing the network. The greater the hash rate, the sooner the network will hit “terminal total difficulty,” triggering the Merge.
This final step is still scheduled for Sept. 14 or 15, according to independent estimates.
After reaching terminal total difficulty, the next block in the chain will be produced under proof-of-stake consensus.
“The Merge transition is considered complete once the [proof-of-stake] Beacon Chain finalizes this block,” the Ethereum Foundation wrote. “Under normal network conditions, this will happen 2 epochs (or ~13 minutes) after the first post-TTD block is produced!”
The price of Ether rose 1.5%, to $1,678 after the announcement, according to data from The Defiant Terminal.
ETH Price, Source: The Defiant Terminal
The Merge has been delayed for years, and is the most anticipated upgrade to Ethereum in the blockchain’s history. The transition from proof-of-work to proof-of-stake – competing technologies used to validate transactions and append them to the blockchain – is expected to cut Ethereum’s energy use by more than 99%, directly addressing one of the primary criticisms of the world’s second-largest cryptocurrency by market capitalization.