Ethereum’s Proof-of-Stake Transition Is 50% Complete – Vitalik Buterin

Ethereum’s transition from the widely used proof-of-work into the more energy-efficient proof-of-stake consensus algorithm has been one of the most anticipated events in the cryptoverse.

Ethereum’s transition from the widely used proof-of-work, to the more energy-efficient proof-of-stake consensus algorithm has been one of the most anticipated events in the cryptoverse. 

Initially introduced in December 2020, users have had to wait for over a year for the full PoS transition. In a recent podcast appearance, Ethereum Co-Founder Vitalik Buterin has provided updates on the progress of the network’s transition.

Proof-of-Stake Transition is 50% Complete

Talking with Bankless Buterin revealed that the development efforts for the PoS transition were more than 50% done. Referencing his Endgame article for the network, Buterin explains that the first step will be to merge the Ethereum network.

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Along with the Kintsugi Testnet, Ethereum predicts that the merger will be completed in the first half of 2022. 

The next step will then be to implement surge and sharding on the network, at which point Buterin believes the network will be at 80% completion.

The surge is expected to happen once the Ethereum network has been merged. The surge aims to give Ethereum increased scalability, massive bandwidth, and throughput, particularly on zk-Rollups.

On the Flipside

  • According to Buterin, once the merger and surge have been carried out it will still take Ethereum another six years to reach full network completion.

Buterin calls the next phase “the verge.” According to Ethereum’s co-creator, this phase will see him and his team enable certain modules to allow more users to run nodes.

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When the verge has been completed completed, it will be followed up by the “purge” and “splurge” phases. He explained that purge and splurge will eliminate the historical data on the network, and add miscellaneous upgrades.

Why You Should Care

Although the upgrade is still its early stages, there have already been significant improvements to the network. It’ll be interesting to see how the rest of Ethereum 2.0 unfolds.

This article is for information purposes only and should not be considered trading or investment advice. Nothing herein shall be construed as financial, legal, or tax advice. Trading forex, cryptocurrencies, and CFDs pose a considerable risk of loss.

Author
Milko Trajcevski

Milko Trajcevski is a DailyCoin news reporter, mainly focused on Ethereum (ETH), Cardano (ADA), and their founders (Vitalik Buterin and Charles Hoskinson). Milko is an avid follower of crypto and blockchain technology and has written thousands of articles on the subjects. He finds joy in transforming complex issues into written content that anyone can understand. Milko has used and analyzed numerous exchanges, such as Coinbase, FTX, and Binance. He also closely follows all of the latest news around the largest decentralized exchanges (DEXs). Location: Skopje, Macedonia