Ethereum co-founder Vitalik Buterin says the blockchain’s highly anticipated ‘merge’ will happen in August
“If there are no problems, then the merge will happen in August,” Buterin said at the ETH Shanghai Web 3.0 Developer Summit on Thursday.
The merge is a highly anticipated upgrade to Ethereum that, if all goes smoothly, will shift the major blockchain from a proof-of-work mechanism to proof-of-stake.
Currently, Ethereum relies on a proof-of-work model, where miners race to complete complex puzzles to validate transactions. This requires a lot of computer power and energy. In shifting to proof-of-stake, where transactions are validated by those who contribute, or “stake,” to the network, Ethereum is supposed to become more eco-friendly and efficient.