Tim Beiko Archives - Crypto Insider https://cryptoinsider.asia/post_tag/tim-beiko/ Crypto and Blockchain News Wed, 13 Apr 2022 15:44:59 +0000 en-US hourly 1 https://wordpress.org/?v=6.7.1 https://cryptoinsider.asia/wp-content/uploads/2021/11/cryptocurrency-icon.png Tim Beiko Archives - Crypto Insider https://cryptoinsider.asia/post_tag/tim-beiko/ 32 32 199368904 Ethereum Merge No Longer Expected in June https://cryptoinsider.asia/ethereum-merge-no-longer-expected-in-june/ Wed, 13 Apr 2022 15:44:59 +0000 https://cryptoinsider.asia/ethereum-merge-no-longer-expected-in-june @ Crypto Insider

According to Ethereum core developer Tim Beiko, the network’s much-anticipated shift to proof-of-stake isn’t likely…

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@ Crypto Insider

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.

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