Ethereum announced the launch of the Eth2 Beacon Chain on Monday, one of its final experiments before transitioning from proof-of-work to proof-of-stake later this year.
The proof-of-stake shift will alter the way transactions are validated, allowing miners to validate the most transactions by putting up the greatest collateral.
According to Ethereum engineer Tim Beiko, the final integration now hinges on only two factors.
Ethereum, a decentralized, open-source blockchain computing platform, announced the creation of the Eth2 Beacon Chain on Monday, which will shortly join with the public testnet, Ropsten. For quite some time, experts have been awaiting an event known as “the merging,” and Monday’s launch has renewed hope that the merge will take place.
A Ropsten testnet merge has been scheduled for June 8, in preparation for the actual merge later this year. The Eth2 Beacon Chain will be merged with the Ethereum mainnet, transitioning the network from proof-of-work (PoW) to proof-of-stake (PoS) (PoS). Tim Beiko, an Ethereum developer, made the formal news on Twitter, saying, “The longest-running Proof of Work testnet on Ethereum is switching to Proof of Stake! “A new beacon chain was deployed today, and The Merge will be available on the network around June 8th,” the developer said, referring to it as “the first dress rehearsal.””
