Vitalik Buterin, founder of Ethereum, stated that the migration to Proof-of-Stake (PoS) will take place in August of this year, if no new unforeseen events arise. His speech took place during the event ETH Shanghai Web 3.0 Developer Summitwhere the programmer also talked about other technical Ethereum topics.
such a migration will have many impacts on both Ethereum as in other cryptocurrencies. First of all, ETH mining with graphics cards will be phased out, which is bad news for miners and GPU manufacturers alike.
Also, the main focus of this change is to increase the scalability of Ethereum, which can reduce transaction fees and consequently put pressure on competing cryptocurrencies like Cardan (ADA), Sunshine (SUN), Avalanche (AVAX) and others.
Testing will take place in June.
Vitalik Buterin was excited to talk about «The Merge»ie Ethereum’s migration from Proof of Work to Proof of Stake. Such enthusiasm seems to come as a relief, after his entire team has been working on this for seven years and there is a huge demand from the community.
“The main news for Ethereum this year is the migration from Proof of Work (PoS) to Proof of Stake (PoS). We have been working on this change since the inception of Ethereum seven years ago, but eventually all of this work will be published in its entirety.”
Next, the founder of Ethereum says that the tests will initially be carried out on the testnet (test network) still next month, on the 8th, and then they will be corrected.
“This will be the biggest test, bigger than all the previous tests.”
Ethereum migration scheduled for August
Expected by many, and the reason for several memes, the migration of Ethereum to Proof-of-Stake should take place at the end of this year. According to Vitalik Buterin, the expected date is August, if they do not find problems during the tests mentioned above. Otherwise, it may take another few months, however, the forecast is for this year.
“If all goes well, the migration will take place in the summer. A few days ago I said that August would be a possible date for the migration. If we do not find any problems, the migration will take place in August, but of course there is always the risk of unforeseen events and delays.”
“So September is a possible date, October too. But migration, seeing how things are, is very close to happening.”
Such a change could have a huge impact on the entire ecosystem and not just on Ethereum. First, ETH is the second largest cryptocurrency in the markettrailing only Bitcoin, being a true proof-of-stake, today used only by smaller projects.
Furthermore, competing cryptocurrencies could fall by the wayside if Ethereum succeeds in allowing its users to trade cheaply. What can make ETH absorb both the capital of these coins for itself and projects for its ecosystem.
Finally, also with the end of graphics card mining, the supply of these products is expected to grow to levels never seen before. Which is great for gamers who haven’t been able to find them for years at a good price.