The Ethereum community will be one step closer to transitioning from proof-of-work (PoW) to proof-of-stake (PoS) in a few weeks.
Ethereum developers are planning to bring the long-awaited “Convergence” moment to life on the Ropsten network on June 8th. This Merge moment, whose real name is “The Merge”, refers to the merger of the currently used and proof-of-work Ethereum network with the proof-of-stake algorithm.
Ropsten, one of Ethereum's testnets, will provide a test environment to see how the process will work before it is migrated to the mainnet itself. Within the scope of this study, it is planned to reveal the consensus layer from the very beginning, and then to realize the Unification moment. Among the planned ones, the first of these transactions is on May 30; The second is to do on June 8th.
Ethereum developers aim to implement this update on the main Ethereum network in a short time, if successful results are obtained from the work done on the test networks.
"Ethereum Managed to Overcome the Crisis"
Real Vision CEO Raoul Pal said in a new interview with the Investopedia Express podcast that the Fed's decision to raise interest rates will further damage an economy already hit by the pandemic and war. According to the macroeconomics expert, we are in a recession right now and things could get even rougher. Pal, while criticizing the Fed's monetary policy, pointed out that there was no other way to control high inflation and said:
"As a result of my review of the leading technical data, I consider June to be a turning point. Then we will see in which direction the markets will follow. We have the possibility of climbing to the top and the possibility of seeing the bottom. Time will show us."
The economist, who claimed that Ethereum (ETH) remained in a relatively good condition in the face of the crisis caused by the uncertain economic environment, high inflation and international sanctions that emerged after Russia's invasion of Ukraine in February, describes this as an important success. Pal made the following striking statement about ETH:
"Ethereum is down 40 percent this year, while the Nasdaq is down 25 percent. Macroeconomic conditions, terrible! War, inflation, interest rate increase..! Despite all this, Ethereum has managed to survive. ETH will gain momentum in the long run."