Speaking at the ETH Shanghai Web 3.0 Developer Summit, Vitalik Buterin said; He gave detailed information about current developments such as Ethereum protocol, network consolidation and scaling.
The Ethereum co-founder said that the transition to a proof-of-stake (PoS) consensus mechanism with the combination of the Ethereum main chain and sidechains, called Ethereum Merge, could happen in August. On the other hand, Buterin also left the door open that this important transition could extend to September or October if a potential risk is detected until the chain merger.
While saying that they have been working on the proof-of-stake model for about 7 years during his speech, Vitalik emphasized that the transition to PoS will provide many positive developments such as an advanced Ethereum ecosystem and enabling more applications.
The Ethereum Merge phase was expected to begin in June, but one of the Ethereum developers, Tim Beiko, announced in April that the update was delayed once again. According to the updated roadmap, it was announced this week that the most important testnet of the new PoS consensus mechanism, Ropsten testnet Merge, will be held on June 8. With this testnet, the merging of the Ethereum main chain and side chain (Beacon) will be simulated and it will be seen how Ethereum works with the PoS mechanism.
Once Ethereum moves to the PoS model, it will become a 99 percent greener blockchain. In addition to its environmental effects, ETH supply is expected to enter a decreasing momentum with the PoS model. With the end of Ethereum mining, it is thought that the transaction fee burning mechanism EIP-1559 will become more effective, while Ether is thought to be more deflationary.
However, moving to the Merge phase will not bring a reduction in network fees. In the Ethereum network, which has been criticized for high network fees in the past, transaction fees can reach very high levels due to high demand projects launched on the network from time to time.
The decrease in transaction fees on the Ethereum network is expected to occur with the deployment of Sharding. According to the roadmap, Sharding will be commissioned in the first months of 2023. Until then, layer 2 solutions such as Polygon and Optimism will continue to be used for lower fees for Ethereum transactions.