- Ethereum core designer Tim Beiko has validated that the Ethereum combine will not take place in June as expected
- Tim Beiko thinks it will come ‘in a couple of months after June
- However, Ethereum designers remain in the last chapter of transitioning the network from proof-of-work to proof-of-stake
- Approximately 11.4 million ETH has been transferred to the ETH 2.0 deposit agreement
The extremely expected ‘Merge’ in between the Ethereum Mainnet and the ETH 2.0 Beacon Chain has been postponed past its anticipated launch in June.
The postponement of the Merge between the 2 core parts of the Ethereum network was validated by core designer Tim Beiko who described that the Merge would take place ‘in a couple of months after June. He restated that Ethereum designers were ‘certainly in the last chapter of PoW of Ethereum’.
It will not be June, however likely be in a couple of months after. No company date yet, however, we’re certainly in the last chapter of PoW on Ethereum
— Tim Beiko|timbeiko.eth (@TimBeiko) April 12, 2022
Ethereum Switching to Proof-of-Stake Will Make the Network More Sustainable and Eco-Friendly
At the time of composing, the Ethereum 2.0 Beacon chain runs parallel to the Ethereum mainnet that continues to be protected using proof-of-work. The Merge is indicated to bring these 2 systems together and introduce a brand-new age of proof-of-stake on the Ethereum network.
Once the Merge is total, all the clever agreements from the Mainnet will now operate on the proof-of-stake network. In addition, the Beacon chain will maintain the whole history and the present state of Ethereum with the switch to the brand-new algorithm.
Keep in mind that the main incentive to change Ethereum to an evidence of stake algorithm is to ‘begin the period of a more sustainable, environmentally friendly Ethereum’.
Over 11.4 Million Ethereum Locked on the ETH 2.0 Contract
With the development of the Merge upgraded, prospective validators of the Proof-of-stake Ethereum network continue to transfer the minimum requirement of 32 ETH to the deposit agreement.
The deposit agreement now holds 11,410,050 ETH, valued at roughly $35143 Billion. This quantity in Ethereum will not be readily available for withdrawal up until after the Merge is total.