Ethereum developers approve PoS transition timetable; cryptocurrency up 12%.

Top Ethereum developers, during another conference call, preliminarily approved migrating the blockchain to the Proof-of-Stake (PoS) consensus algorithm on 19 September 2022.

This merge timeline isn’t final, but it’s extremely exciting to see it coming together. Please regard this as a planning timeline and look out for official announcements!https://t.co/ttutBceZ21 pic.twitter.com/MY8VFOv0SI

— superphiz.eth 🦇🔊🐼 (@superphiz) July 14, 2022

The final date will largely depend on the migration to the PoS Goerli testnet, planned for 11 August.

Two weeks ahead of The Merge on the mainnet, the Bellatrix upgrade will be activated.

The Ethereum team’s videoconference followed the mainnet’s ninth shadow fork. The testing is entirely devoted to blocking the MEV function, which allows PoW-miners to earn additional income by altering the order of transactions.

The developers noted that the fork occurred earlier than planned due to an incorrect definition of TTD — the network’s cumulative difficulty. During the update, some clients were also found to be out of sync. It is expected that these software issues will be resolved within the next month.

In May, team representatives predicted that The Merge would take place in August. Ethereum co-founder Vitalik Buterin also called that month the most likely time for the transition. However, he allowed for delaying the event to September-October in case of potential risks.

At that time, developers noted that they considered the transition of the mainnet to the PoS algorithm preferable before the activation of the “difficulty bomb.” This is a mechanism that exponentially increases mining difficulty on the PoW consensus. On 30 June, as a result of the Gray Glacier hard fork, the code implementation was postponed by 700,000 blocks — roughly to the start of October.

Against the backdrop of the shadow fork and the agreement on new The Merge timelines, Ethereum’s price over the day rose by 12.1% (CoinGecko). At the time of writing, the asset was trading above $1,200. Bitcoin, in that period, rose by only 5.6%.

Earlier in June, developers successfully switched the PoS testnet Ropsten. Nevertheless, it will be shut down, as with the Kiln and Rinkeby test networks, after the mainnet migrates to the new algorithm.

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