Sat. Jul 2nd, 2022
“Migration will take place in August”, says Ethereum founder on Proof-of-Stake

Vitalik Buterin, founder of Ethereum, stated that the migration to Proof-of-Stake (PoS) will take place in August of this year, if no new unforeseen events arise. His speech took place during the event ETH Shanghai Web 3.0 Developer Summit, where the programmer also talked about other Ethereum technical issues. Such a migration will have many impacts both on Ethereum itself and on other cryptocurrencies. Firstly, ETH mining with graphics cards will be phased out, which is bad news for miners and GPU manufacturers alike. Furthermore, the main focus of this change is to increase the scalability of Ethereum, which can lower transaction fees and, consequently, put pressure on competing cryptocurrencies such as Cardano (ADA), Solana (SOL), Alavanche (AVAX) and others.

Tests will take place in June

Vitalik Buterin was excited to talk about “The Merge”, that is, Ethereum’s migration from Proof-of-Work to Proof-of-Stake. Such excitement seems to be a relief, after all his team has been working on this for seven years and there is a strong demand from the community.

“The main news for Ethereum this year is the migration from Proof-of-Work (PoS) to Proof-of-Stake (PoS). We’ve been working on this change since Ethereum’s inception seven years ago, but eventually all this work will be released in full.”

Following, the founder of Ethereum says that the tests will initially be done on the testnet (test network) still next month, on the 8th. and then be corrected.

“This will be the biggest test, bigger than all the tests before.”

Ethereum migration scheduled for August

Awaited by many, and reason for several memes, the migration from Ethereum to Proof-of-Stake should happen later this year. According to Vitalik Buterin, the expected date is August, if they do not find problems during the tests mentioned above. Otherwise, it may take other months, however, the forecast is for this year.

“If all goes well, then the migration will take place in the summer. A few days ago I said that August would be a possible date for migration. If we don’t find any problems then the migration will take place in August, but of course there is always the risk of unforeseen and delays.” “So September is [uma data] possible, october too. But migration, looking at how things are, is very close to happening.”

Such a change could have a major impact on the entire ecosystem and not just on Ethereum. Firstly, ETH is the second largest cryptocurrency on the market, behind only Bitcoin, being a true test for Proof-of-Stake, today used only by smaller projects. In addition, competing cryptocurrencies could fall by the wayside if Ethereum manages to allow its users cheap transactions. Which can make ETH suck both the capital of these coins for itself and projects for its ecosystem. Finally, also with the end of mining with graphics cards, it is expected that the offer of these products will grow to levels never seen before. Which is great for gamers who haven’t been able to find them for years at a good price.