Ethereum Confirms Official Final Merge Date!
With the markets in a full rally today even after the fed increase rate change many speculate it's a bull trap. The other side of it however shows that people really don't care about the fed rate hike and that in general loans etc really are not changing all that much compared to the rate hikes the Fed has been putting forward.
In any case we are starting to see crypto markets heat up as well and with it bullish news once again.
The Goerli merger
The Goerli merger is the final piece that will move Ethereum to proof of stake. It will require miners on the consensus and execution layer to update both. This final testnet will take place on August 4th just one week away from today. This will be the final testnet needed in order to push ahead with the official merge date of September 19th 2022. It will be important to watch how the Goerli testnet goes as any issues that come up will push this date back.
If September 19th moves forward the completed Ethereum move to Proof of Stake will be completed by late 2023 (just in time for what normally is a bull run in the crypto markets) However I foresee more delays as a release last year was delayed till this year and talks about updating the Ethereum blockchain started all the way back in 2017.
Want To Keep Proof of Work?
Of course people don't like change as with change comes many unknowns. However it's required to grow, learn and become stronger and is why you should always gear to setting yourself outside of your comfort level when you can. This change to the new PoS(Proof of Stake) system would be a huge change to how the chain works and operates. Instead of money being fueled into buying GPUs, power etc the money instead gets injected into the token itself as you need to have at least 42 ETH in order to run a node yourself. The higher the node stake the more chances it has at mining the block rewards.
Will ETH move to DPOS voting after? It begs the question as there are issues with a centralized PoS system if any one person or business buys up the bulk share.
Well the figurehead of Ethereum has a message for you. If you want Proof of Work use Ethereum Classic. We actully started to see a shift in this a few months ago when Ethereum Classic started to gain some mining power. However the price differences might end up causing a lot of miners to bail out and sell off their equipment instead of mining high risk in hopes Ethereum classics price goes up.
Important Dates
To sum everything up here is what we are looking at
August 5th - final testnet the biggest of all of them runs August 5th 2022
if all goes well we will see...
September 19th - official move to Proof of Stake