Crypto’s ‘The Merge’ Date Locked

Fusionthe most anticipated crypto event of the year, finally has an official date: September 6, with an estimated time of 7:34 a.m. ET, according to a update on the official blog of the Ethereum Foundation.

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The announcement kicks off a countdown to the long-awaited transition in the Ethereum blockchain from the greenhouse gas-spewing proof-of-work protocol, to relatively greener proof of stake. At its inception, this change called for a giant and ambitious change in Ethereum’s computerized infrastructure – in particular the combination of the Ethereum mainnet with the beacon chainwhich allows ETH transactions and Ethereum-based NFT verifications to occur through the new protocol.

This theoretical giant change is finally becoming a reality in, at the time of this writing, around 12 days and 19 hours.

While there are many issues at play here, the main takeaway from The Merge is that one of the two major cryptocurrencies (the one that isn’t Bitcoin) will lose most of its well-deserved reputation. lol-nothing-matters eco-destruction, like most NFTs. This is because the new proof-of-stake model, unlike proof-of-work, does not involve powerful GPUs endlessly performing hellish math by sucking massive amounts of dirty power from the network. just what Is does proof of stake involve? It’s complicated, but you can find out more here.

The September 6 event is actually just the start of the operation, which begins with an upgrade called “Bellatrix” on the new blockchain, after which significant merger-related activity (a known operation as The Kiln testnet) will cease. A second update, called Paris, will take place a few days later, between September 10 and September 20.

Then, if all goes according to plan, most Ethereum blockchain users will automatically use the new system without changing anything.

And the Ethereum Foundation really wants everything to go as planned. Those who can find merge-related bugs are offered four times the usual amount in “bounties” according to the blog post, which means “critical” vulnerabilities can net up to $1 million to eyed coders. of eagle.