February 24, 2024

Ethereum co-founder Vitalik Buterin says the blockchain’s highly anticipated ‘merge’ will happen in August

The difficulty bomb was introduced years ago in order to stay at par with the imminent transition into PoS. The difficulty bomb will reportedly make it hard for PoW miners to solve the puzzle during the mining process. Furthermore, this would eventually make mining difficult and decrease the chances of PoW mining.

Proof-of-Stake to revamp Ethereum

The much-awaited shift to PoS comes with an array of benefits. Reduced energy consumption is a prominent one. With regulators calling out PoW cryptocurrencies, Ethereum’s transition from PoW to PoS is considered to be timely. Along with this, the level of decentralization is reportedly elevated as it requires several validators who would be running the network.

In addition to that, Ethereum will also witness a significant decrease of the circulating supply, which may make the asset more deflationary over time, and in turn increase the value of it’s tokens.

At press time, ETH was trading for $2,042 with a nearly 6 percent surge over the last 24-hours. The Merge is further speculated to push the asset’s price all the way to $4k or possibly $5k. Ethereum 2.0 will bring more development into the ecosystem. From sharding to eliminating congestion, Eth2 is considered to be revolutionary for the network.

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