Ethereum on Track For Testnet Merge in June
Shaurya Malwa - CoinDesk
Ethereum’s Ropsten public testnet will undergo a “Merge” next month ahead of a rollout on the main network, developer activity on GitHub shows.
The Merge refers to Ethereum’s long-awaited move to a proof of stake network from its current proof of work design. After the shift, transactions on Ethereum would be processed and validated by stakers instead of miners, which would, in turn, create a faster and “eco-friendly” network.
Ropsten-beacon-chain config has been merged! Expect client releases 🔜Genesis: May 30, 3:00:00 PM (GMT)Merge transition: ~ June 8 pic.twitter.com/D23oH0K5sH
— terence.eth (@terencechain) May 18, 2022
Switching the blockchain from one consensus mechanism to another is a complex change, which requires multiple tests on testnets like Ropsten before they are finally deployed on the mainnet.
Separately, Ethereum developers increased bug bounties to up to $500,000 worth of ether (ETH) or dai (DAI) earlier this week. These are awarded to developers who find out vulnerabilities or bugs on Ethereum on both public testnets and the mainnet.
The Ropsten merge is expected to take place on June 8. Estimates for a rollout on mainnet are in the final quarter of this year. A few features, such as the ability to withdraw staked ETH, however, will have to wait for until after the Merge is complete.
The new development failed to provide much of a bid for ether, as broader macro fears continue to hold sway on all risk markets. Ether is down 5% over the past 24 hours to $1,960 alongside a nearly 5% decline in the Nasdaq on Monday, and a 1% drop in Nasdaq futures ahead of Tuesday's market open.