Following the launch of Beacon Chain (a proof-of-work blockchain under Ethereum), some rapid moves have been taken by the network to incorporate proof-of-work blockchain into it. The founder of Ethereum ‘Vitalik Buterin’ recently spoke about the aforementioned process named ‘The Merge’ at the World Blockchain Conference.
The merge: broadening the scope of Ethereum
The network of Ethereum, according to Buterin, has experienced diverse updates, which have been executed by the hard forks, for providing the basis for the forthcoming occasion after Pow chain when everything included in it will entirely be shifted to the blockchain named ETH 2.0. This development is estimated to be finished approximately six months from now, as stated by Buterin on 24th July.
He added that there would be a requirement for the network to apply an extra hard fork to carry out the cleanup. He further described that the core developers had struggled a lot to initiate the event as early as possible. Thus, he proposed, the launch of the merge will be categorized to be a minimalistic upgrade.
Moreover, he revealed, several things are uncontrolled by the current hard fork as well as the hard fork after the implementation of the merge, such as the withdrawals are not enabled, so it is a great instance thereof. In this way, he disclosed, a person who is unable to withdraw presently will similarly remain incapable of withdrawing.
To tackle this situation, he supplemented, the customers will be allowed by the hard cleanup fork to withdraw the rewards obtained after staking Ether in the deposit contract of the Beacon Chain, and he will also be able to send the additional funds as well as the original deposits back.
Ethereum to unlock an infinite future
The ETH1 mechanism of data voting that allows PoS blockchain or Beacon Chain to link with the blockchain, which is based on PoW, will be removed by the hard fork to be utilized for cleanup. It has been recommended by Buterin to all the clients that they should not download the PoW chain before the merge.
Furthermore, the founder of Ethereum included some minor but necessary alterations like the simplification of code and clients would be made following the event. Improved scalability of the network, he stated, is another update that will be enabled after the merge.