In a recent blog post, the Ethereum Foundation revealed the definitive date for the long-awaited Merge. This date has been greatly anticipated by the Ethereum community.
Final Upgrade For The Merge To Happen on Sep. 6th
The update to Bellatrix, which is expected to take place at 11:34 UTC on September 6, is the first step toward the migration, as stated in the blog post that was published on August 24. On the same day, support for the Kiln testnet will be discontinued.
Ethereum Foundation said:
“Following years of hard work, Ethereum’s proof-of-stake upgrade is finally here! The successful upgrade of all public testnets is now complete, and The Merge has been scheduled for the Ethereum mainnet.”
At the moment, proof of work is the process for reaching a consensus that is used by both Bitcoin and Ethereum. Because of this, miners are required to verify transactions and maintain the network’s safety. It is designed to be sluggish, expensive, and use a significant amount of energy.
As part of an update known as “The Merge,” the Ethereum network will transition from a Proof-of-Work (PoW) consensus model to a Proof-of-Stake (PoS) consensus model.
The method by which the blockchain and the Beacon Chain are combined is referred to as the Merge, and the name “Merge” refers to this process.
The Foundation has verified that all publicly accessible tenets have been updated without incident. If node operators want to continue to participate in the network after the merging, they will need to keep an execution and consensus layer client.
Concurrently, “validators must guarantee that user transactions and state transitions blocks that they construct and attest to are valid.”
The Foundation has also announced a million-dollar incentive for any “white hat” hackers who discover any serious flaws in the network before September 8th.