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In just three weeks, Ethereum will be merged with the public testnet Ropsten.
In light of this news, Joe Lubin, founder of the ConsenSys developer store, appeared on Bloomberg on May 17 to discuss Ethereum’s upcoming move to Proof-of-Stake.
“The merger of the first major test network is scheduled for early June, the current plan is June 8,” Lubin said. “A few weeks after that, there will be a merger of several other major test networks, and if all goes according to plan, we could see a merger in the third quarter.”
Merger will unite Beacon Chain Eth2 with Ethereum’s core Proof-of-Work network, moving the network to Proof-of-Stake consensus. The transition is designed to reduce ethereum’s energy by more than 99.9% by abandoning the energy-intensive mining process.
Reduction of ETH emission
This will also reduce new ether emissions by 90%. Combined with burning basic transaction fees, the upgrade is expected to result in deflationary ether emissions, meaning that more ETH than is created as a new offering, which could be destroyed. lead to a bullish price movement of ether.
Lubin’s appearance at Bloomberg comes after Ethereum developer Trent Van Epps tweeted that the merger is now scheduled to launch on the public testnet Ropsten on June 8.
If successful Ropsten fork will be The Merge’s first rollout on a public testnet, marking an important milestone in the roadmap Ethereum’s transition to Proof of Stake.
Lubin highlighted the scalability provided by Proof of Stake, describing the updates as the modularity of Ethereum by “separating the execution aspects from the security aspects.”
He also noted the important role that Layer 2 networks will play in scaling Ethereum after the merger. He predicted that future upgrades that guarantee the availability of data up to L2 would allow it to scale to “millions of transactions per second” in the future.
The CEO of ConsenSys answered questions related to the decentralization of Proof-of-Stake chains. “350,000 validators is quite a large number, much more than in any other system. The entry barrier for individuals or small organizations to test the Ethereum network is now very low compared to Proof-of-Work systems,” he said.
Matt Miller of Bloomberg questioned the decentralization of Proof-of-Stake systems. Lubin described the consensus method as “much more secure and much less susceptible to attack” than Proof-of-Work. He noted that attacks on PoW chains can be carried out by hiring mining power for short periods to attempt a 51% attack.
“Attacking the Proof-of-Stake system is very expensive,” Lubin continued.
“51% of hundreds of billions of dollars is not easy to get, and once you start trying to accumulate, it will raise the price of ether to an unattainable level, [и] it will be very difficult to steal such an amount of ether.”
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