For the upcoming chain merger of the network, an official Ethereum improvement proposal has been drawn up, bringing Ethereum closer to realizing its much-anticipated Proof-of-Stake (PoS) transition.
On July 22nd, ConsenSys researcher Mikhail Kalinin created a pull request for EIP-3675 on Github and for the first time formalized the merging of the chain as a suggestion for improvement. The EIP should also be discussed during the Ethereum Core Exchange Meeting of the developer Tim Beiko on July 23rd.
It’s hard to overestimate the value of @ mkalinin2The work of the merger has been and will be in an EIP https://t.co/pNRerXFxVf. formalized
– Tim Beiko | timbeiko.eth (@TimBeiko) July 22, 2021
The proposal would merge the Ethereum and Eth2 chains, move the network’s consensus mechanism away from proof-of-work, and enable distributors to validate transactions.
The EIP notes that there have been no “security bugs or issues identified” since Eth2’s beacon chain launched in December 2020, adding:
“The long period of error-free operation shows the sustainability of the beacon chain system and shows its willingness to start and become a security provider for the Ethereum mainnet.”
Despite the EIP, many leaders in the Ethereum community, including top developer Vitalik Buterin, consider a chain merger in 2021 very unlikely.
The EIP is being launched as part of the tender for the NFT EIP-1559 Supporter Chain, which was launched on July 21 via Mirror. The indistinguishable tokens support the introduction of a writing mechanism against the Ethereum fee marketplace as part of the upcoming upgrades to the London network. All proceeds will be shared with the contributors from 1559 and the tokens designed by the artist.Putties.“
Since launching the Beacon chain in December, Eth2 has grown to become the second largest PoS network by capitalization in USD, with Ether valued at $ 12.7 billion despite less than 6% of the source being blocked.
According to Staking Rewards, Cardano has the largest stock cap at $ 24.2 billion and 62% of the blocked offer. Solana came third at $ 10.2 billion, up 74%, followed by Polkadot, at $ 9 billion, up 63%.
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