- The co-founder of ETH, Vitalik Buterin updates about the date of project transition.
- He forecasts ETH network transition date on September 15.
The Research Analysis of Buterin on ETH Network
The hot topic in the crypto world is the most awaited “The Merger.” It is the transition from proof-of-work (PoW) to proof-of-stake (PoS). Vitalik shared a detailed technical breakdown of computer power. This power metric is defined as Terminal Total Difficulty (TTD), which completes the final block on ETH network before its transition to ETH 2.0.
Buterin Tweets,
“The terminal total difficulty has been set to 58750000000000000000000.
This means the Ethereum PoW network now has a (roughly) fixed number of hashes left to mine.
Bordel.wtf predicts the merge will happen around September 15, though the exact date depends on hashrate.”
The harsh rate is measured as processing power on the ETH network. In this process Blocks are “harshed” then added to the ETH blockchain as the miner solves complex mathematical problems to confirm transition. Here the harsh rate shows the number of times per second which the network takes to resolve the problem. The higher hashrate shows an increasingly robust network that is more secure against any attacker.
Additionally, Buterin said he expects ETH price to increase significantly once the transition is completed. This was the same as former BitMEX CEO Arthur Hayes suggests. Although, stablecoin issuer Circle last week announced that it will only support PoS chain once ETH 2.0 comes into the operating mode. They termed it as a “valid” home for USDCs. While decentralised oracle chainlink (LINK) further said it will not support forked versions of ETH.
At present, ETH is performing up 5.81% from past 24 hours at a price of $1997.13.
Source: https://www.thecoinrepublic.com/2022/08/13/vitalik-buterin-said-the-date-of-merge-depend-on-hash-rate/