Ethereum Merge: How will the PoS transition impact the ETH ecosystem?

Ethereum is ready to move to PoS by the third week of September, but most of the promised scalability features will only be available 'after 2023.
Analysis
The Ethereum blockchain is about to undergo one of the most crucial technical updates since its inception, moving from proof-of-work (PoW) to proof-of-stake (PoS), also known as Ethereum 2.0, or Eth2.

The Ethereum developers have given September 19 as a perpetual date for merging the current PoW chain with the PoS chain. The merge is expected to roll out to Goerli's testnet in the second week of August. After the successful integration of the Goerli testnet, the blockchain will launch the Bellatrix update in early August and roll out the merge two weeks later.

Discussion around the transition began with a focus on scalability, so Ethereum developers proposed a three-phase transformation process. The transition itself has been in the works for almost two years, starting December 1, 2020, with the launch of Beacon Chain, initiating phase 0 of the three-phase process.

Beacon channel started move it to PoS, allowing users to stake their Ether (ETH) and become validators. However, phase 0 did not affect the main Ethereum blockchain: the Beacon chain exists alongside the main Ethereum network. However, the Beacon chain and the mainnet will eventually be linked in the merger.

Phase 1 was supposed to launch in mid-2021, but was delayed to early 2022, with developers citing unfinished work and code auditing as the main reasons. Starting in phase 1, Eth2 will host all of Ethereum's transaction history and support smart contracts on the PoS network. Stakeholders and validators will officially spring into action as Eth2 removes mining from the network.

Phase 2, the final phase of the transition, will see the introduction of Ethereum WebAssembly, or eWASM, on the current Ethereum Virtual Machine (EVM). WebAssembly was created by the World Wide Web Consortium and is designed to make Ethereum significantly more...

Crypto Jul 29, 2022 0 79 Add to Reading List

Ethereum Merge: How will the PoS transition impact the ETH ecosystem?

Ethereum is ready to move to PoS by the third week of September, but most of the promised scalability features will only be available 'after 2023.

Analysis

The Ethereum blockchain is about to undergo one of the most crucial technical updates since its inception, moving from proof-of-work (PoW) to proof-of-stake (PoS), also known as Ethereum 2.0, or Eth2.

The Ethereum developers have given September 19 as a perpetual date for merging the current PoW chain with the PoS chain. The merge is expected to roll out to Goerli's testnet in the second week of August. After the successful integration of the Goerli testnet, the blockchain will launch the Bellatrix update in early August and roll out the merge two weeks later.

Discussion around the transition began with a focus on scalability, so Ethereum developers proposed a three-phase transformation process. The transition itself has been in the works for almost two years, starting December 1, 2020, with the launch of Beacon Chain, initiating phase 0 of the three-phase process.

Beacon channel started move it to PoS, allowing users to stake their Ether (ETH) and become validators. However, phase 0 did not affect the main Ethereum blockchain: the Beacon chain exists alongside the main Ethereum network. However, the Beacon chain and the mainnet will eventually be linked in the merger.

Phase 1 was supposed to launch in mid-2021, but was delayed to early 2022, with developers citing unfinished work and code auditing as the main reasons. Starting in phase 1, Eth2 will host all of Ethereum's transaction history and support smart contracts on the PoS network. Stakeholders and validators will officially spring into action as Eth2 removes mining from the network.

Phase 2, the final phase of the transition, will see the introduction of Ethereum WebAssembly, or eWASM, on the current Ethereum Virtual Machine (EVM). WebAssembly was created by the World Wide Web Consortium and is designed to make Ethereum significantly more...