Techspace - After riding the waves of error and trial, Ethereum Merge finally announced the launch date of the upgrade. The people behind Ethereum aka Ethereum PoW team said that the transition from Proof-of-Work (PoW) to Proof-of-Stake (PoS) will be conducted on September 15 this week.
“ETHW mainnet will happen within 24 hours after the Merge. The exact time will be announced 1 hour before launch with a countdown timer and everything including final code, binaries, config files, node info, RPC, explorer, etc. will be made public when the time’s up,” commented EthereumPoW team on their Twitter.
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The account also tweeted, “The mainnet will start at the block height of the Merge block “plus” 2048 EMPTY blocks as padding to make sure that the chainID switches to 10001 successfully and the chain is the longest chain of ETHW.” chainID is a special identifier to distinguish among blockchains.
In addition, EthereumPoW said, “...the Merge block +2049 will be the 1st block on ETHW that may contain any transactions. Block rewards for the empty blocks will be directed to the 1559 multi-sig wallet.” They also make sure that the initial mining difficulty is at least on ~220 T, or 15 TH/s in the terms of hashrate.
Ethereum as the second largest blockchain in the Web 3.0 has used Proof-of-Work (PoW) for a long time, which means that this upgrade is a big move from the blockchain. It has been said that PoS will reduce the use of energy in the mining activities. Even though the date of upgrade is closer than ever, there are Ethereum miners who are opposed to this initiative. To avoid this upgrade, they propose forking Ethereum with PoW, and saying that they might move to another blockchain.
Ethereum forked network is also already available in some cryptocurrency exchanges platforms, such as Poloniex, Bitfinex, and Coinbase. However, the value of Ethereum in the market has fallen from $141.36 on August 8 and current trading is around $30.29, cited from coinmarketcap.com.