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Ethereum Protocol Developer: Massive ETH Upgrade To Come In August

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Ethereum has been making headlines all over due to the great achievements that the project is marking. Check out the latest reports about the project below.

New Ethereum upgrade is on its way

Accoridng to the latest reports, an Ethereum (ETH) developer is expecting ETH to merge to its new proof-of-stake system in August of this year.

The reports say that at the permissionless decentralized finance (DeFi) conference this week, a panel moderator quizzed Ethereum protocol developer Preston Van Loon about the timeline for the highly-anticipated upcoming Ethereum 2.0 Merge.

“These are just the last few steps we have to take, and as far as we know, if everything goes according to plan, August – it just makes sense.”

The online publication the Daily Hodl just noted that Ethereum 2.0 looks to solve the network’s scalability issues.

This will happen by shifting over from a proof-of-work (PoW) consensus mechanism, which Ethereum currently employs, to a proof-of-stake (PoS) consensus mechanism.

According to Ethereum co-founder Vitalik Buterin, the smart contract platform will eventually be capable of facilitating 100,000 transactions per second via second-layer solutions. This will come following the completion of the highly-anticipated upgrade.

Another thing that is worth noting is that the first phase of Ethereum’s upgrade to version 2.0 was rolled out in late 2020 to help reduce the blockchain’s congestion and high transaction fees.

Kraken addresses the ETH consensus layer

Kraken crypto exchange is addressing the Ethereum consensus layer. They are expla9ning to the people how the second-largest coin by market cap is changing. Check out the tweet that the exchange shared on social media.

Regarding the price of Ethereum today, at the moment of writing this article, ETH is trading in the red and the coin is priced at $2,032.

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