Ethereum is Scheduled to Complete the Transition to Proof-of-Stake on 15.09.2022
After years of testing, the Ethereum network is finally ready to complete its transition to a proof-of-stake (PoS) consensus model. The final step of the project is scheduled for 15 September 2022 (estimated).
The final step in the transition to PoS will involve a change in the way blocks are created on the Ethereum blockchain, removing the need for miners and introducing a system that supports governance via staking. This removes the need for expensive, energy-intensive mining equipment to maintain the blockchain, massively reducing Ethereum’s carbon footprint. It also promises to increase the scalability of the network, improving transaction times and efficiency.
Despite extensive testing, there is no guarantee that the transition will go to plan. At present, the situation is highly dynamic, with new developments occurring on a daily basis. We will do our best to keep our users informed of any changes or delays to the schedule
Ethereum’s transition to a proof-of-stake (PoS) consensus model has been dubbed ‘the merge’, defining how the current Ethereum chain will merge with the new PoS chain.
It will occur in two stages:
The first will occur on 6 September and the second on 15 September 2022.
- 06/09/2022 - Bellatrix update (approximate time: 11:34:47 UTC)
- 15/09/2022 - Paris update (when a specific threshold is reached)
NOTE: The exact dates of the merge stages are only estimates and could change as we get closer to the time. Zonda reserves the right in its sole discretion to amend or change or cancel this announcement at any time and for any reasons without prior notice.
Zonda action points:
Prior to each stage of the merge, we will block deposits and withdrawals of Ether (ETH), ERC20 tokens, and all other tokens that operate on the Ethereum blockchain.
- NOTE: Trading will be available at all times. Remember there is a high risk of price volatility throughout the entire process.
Since the merge does not involve a change in the Ether token, holders of existing ETH tokens, ERC-20 tokens, or any other Ethereum-based tokens do not need to take any action. All existing ETH token balances will remain the same following a successful transition to PoS.
Once each stage of the merge has been completed successfully and we confirm the new network is working as intended, deposits and withdrawals will be reactivated.
- It’s possible that network fees and transaction times on Ethereum will change after the merge.
- All dates and times regarding the merge are estimates and could change going forward.
Hard Fork consideration:
Existing Ethereum miners who are in opposition to the merge may choose to hard fork the Ethereum blockchain. This will create a separate network that will continue to operate on the existing proof-of-work (PoW) consensus model. It will also require the creation of a new token that will not be compatible with the new PoS network but will have a shared history.
In the event of a hard fork, Zonda will support the new proof-of-stake (PoS) network and the continuation of the ETH token. We may also choose to support a PoW network if one is created and distribute tokens accordingly, but there is no guarantee of this.
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