ethereum merge

The Ethereum Merge event could be happening sooner than anyone thought. The Ethereum 2.0 merger has been pushed back several times over the past year, but Ethereum founder Vitalik Buterin says the key event’s final date has now been set.

The Ethereum Merge marks the move from proof of work to proof of stake for altcoins. Buterin, announced the “Merger” date after several delays last year.

At the Web 3.0 ETH Developers Summit, he told attendees that Ethereum Merge is the biggest event on the altcoin development roadmap for 2022. In summer 2022, Ethereum developers will complete all their work on Proof-of-Stake, which has been in development for almost seven years.

When speaking on the Permissionless panel, Preston Van Loon, Ethereum’s lead developer, announced that the Ethereum Merge would be released in August.

The announcement was confirmed by Vitalik Buterin, who said that it depends on issues encountered in development; if all goes well, summer 2022 will be the perfect time to switch from proof-of-work to proof-of-stack.

Cryptoassets are a highly volatile unregulated investment product.

Ethereum: Key to the future of PoS

For the following important reasons, Ethereum 2.0 should be a game-changer for ETH holders and the community:

Energy efficiency is higher. The power consumption of the Ethereum blockchain has repeatedly been criticized. As a result of changing the consensus mechanism, hardware requirements will be reduced, and entry barriers will be reduced, reducing energy consumption and increasing efficiency.

Additionally, moving to a bundled certificate can reduce the risk of centralization, since more modes and distributions will be possible, and the low power altcoin network will be more secure. In addition, if hacked, a community can rely on social recovery if they fall victim to a 51% attack.

A triple-halving story for Ethereum

As the altcoin approaches “The Merge”, the Ethereum Triple Halving report predicts a significant rise in ETH. An Ethereum researcher and analyst named Nikhil Shamapant first proposed the narrative. Chanapant argued that Ethereum’s transition from PoW to PoS could act as a catalyst, for example, halving bitcoin and triggering a breakout in the altcoin.

ETH price could soar to $2,800 following the announcement of the Ethereum Merge date

Ethereum’s market structure has continued to deteriorate. In the medium term, we would not be surprised to see some sort of bullish retest as the altcoin rises to $2,800 while the Ethereum Merge event approaches.

Ethereum’s price is therefore expected to increase over the medium to long term. Still, near-term action may be determined by the overall direction of the crypto market, where weakness has been the order of the day.

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Cryptoassets are a highly volatile unregulated investment product.