According to Ethereum core developer Tim Beiko, the network’s much-anticipated shift to proof-of-stake isn’t likely to come until the fall.
After a few weeks of speculation, Ethereum core developer Tim Beiko confirmed in a tweet Tuesday that the long-awaited Ethereum Merge will come later than expected. Instead of June, Beiko said that the network’s transition to proof-of-stake is more likely to come “a few months after.”
The Merge signifies Ethereum’s shift to a proof-of-stake (PoS) mechanism for securing itself. Today, the network relies on a proof-of-work (PoW) system, whereby a decentralized network of computers competes to validate transactions.
Ethereum’s move to a PoS mechanism, whereby users reserve the ability to secure the network by “staking” ether, is expected to cut Ethereum energy costs by 99% and make it easier for the network to scale.
The update from Beiko comes after Ethereum passed a major milestone on Monday with the first successful shadow fork of the Ethereum mainnet – amounting to a dry run of the network’s upcoming shift in consensus mechanisms.