The creator of the Ethereum blockchain, Vitalik Buterin, said that an event called Merge – a long-awaited network update, following which classical mining will become a thing of the past – will take place tentatively on September 15th.
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With blockchain Merge event Ethereum abandon the Proof-of-Work (PoW) model, in which transactions are processed by the resources of the miners, and switch to the Proof-of-Stake (PoS) model – transactions will be certified by holders of the Ethereum cryptocurrency. Last week the algorithm change was successfully conducted on the Goerli test subnet. Now the creator of the blockchain Vitalik Buterin informed tweeted that the number of hashes left for the network to operate in PoW mode was limited.
According to the previous forecast, the update was supposed to happen between September 15 and 20. Ethereum developers will hold another meeting this week, during which they will work out the difficulties that may arise at the last moment before the update, and set a specific date for the Merge.
Many services are built on the Ethereum blockchain, and some of them will temporarily stop working during the network upgrade to avoid unpleasant surprises. After the update, transactions on the Etherium network will be significantly accelerated, and energy consumption will decrease by more than 99%, since the mining equipment will become useless.
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