The exact date for the update, which will enable the long-awaited Ethereum to transition to proof-of-stake, has been officially announced by the Ethereum Foundation.

Thanks to the update, called Merge, it will become an environmentally friendly Blockchain by switching to a model that will consume 99 percent less energy in Ethereum production. While the project, which has been working on it for years, is expected to make the Blockchain network more efficient, the update steps will continue according to the roadmap.

As reported on the Merge official site, the beacon chain will first be activated on September 6 with an upgrade called Bellatrix. The difficulty value, which will trigger the Merge update, is expected to be reached between September 10 - 20.

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In the statement made by Ethereum developers, it was stated that all tests were completed successfully, and it was stated that the next Merge update will take place in two stages. Accordingly, the network upgrade will take place in the first stage, and then the main layer will be transitioned from proof-of-work to proof-of-stake.

After the successful completion of the update, according to the proof-of-stake consensus model, Ethereum holders will lock their Ether holdings into the network, allowing Ethereum transactions to be verified.

Mark Cuban explains why he expects more bullish for Ethereum

Billionaire investor Mark Cuban recently explained to Fortune why he has positive feelings for Ethereum. Mark Cuban sees the move to PoS, an eco-friendly mechanism that almost everyone agrees on, is an extremely positive factor for the Ethereum price. Cuban, who is cautious about the price impact in the short term, avoided giving a price forecast.

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However, Mark Cuban believes there will be enough applications willing to use the Ethereum network. Mark Cuban, who has been positive about Ethereum since last year, has recently come to the fore as an Ethereum advocate and continues to argue that Ethereum is a much more useful blockchain than Bitcoin.

Billionaire Investor continues to criticize other competitors of Ethereum, while comparing Bitcoin with gold, thinking that it does not go beyond being a store of value. Targeting Cardano in this context, Cuban claims that Dogecoin is more useful than Cardano.