On Thursday, during a developer call, it was revealed that this transition event would take place on September 19th. And despite the fact that this and other Ethereum 2.0 update milestones have seen some setbacks, the cryptocurrency market is taking the news with optimism and putting itself behind the tough times.
With the recent price action, ETH manages to wipe out more than a month of downturns and return to the levels seen on June 12. However, it’s still 60% off its price earlier this yearTimes when the market has entered a sustained downtrend.
The leading developer of Ethereum, Tim Beiko, suggested September 19 as a tentative date for the merger Between Ethereum network and ETH 2.0.
It should be noted that this change Ethereum to ETH 2.0 The works have been underway since 1 December 2020 with the start of the Beacon Chain and the start of phase 0 of the transition.
It is also important to clarify what Transition of Ethereum from a PoW network to a PoS. PoW (proof of work) refers to how transactions are certified on a blockchain network. In this type of projects, mining coils are required to perform the analytical processes.
On the other hand, Proof of Stake (PoS) focuses on protocols that do not require large mining equipment, as cryptographic calculations are much easier to solve. They just need to prove that a miner owns a certain percentage of all available cryptocurrencies of a given currency.