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Final Ethereum Update Set, Before The Merge

Steve Miley trader
Updated 29 Jul 2022

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Key points:

  • Dev Confirms Goerli Merger Date
  • The Final Update Before The Merge
  • Recap: What Is The Merge?

Tim Beiko, lead Ethereum developer this week, announced details of the Goerli testnet transition. Goerli will be the network’s final testnet before the transition to proof of stake (PoS), scheduled for mid-September. We give a quick recap too of what The Merge is.

Dev Confirms Goerli Merger Date

In a Tweet this week, lead Ethereum developer, Tim Beiko, announced timings and details of the next update in the Ethereum Merge. The Goreli testnet will merge with the Beacon Chain called Prater, beginning 4th August and over two phases. The second phase of the upgrade (called Paris) will see the transition from proof-of-work (PoW) to PoS. This phase is projected to be finalised between 6th-12th August.


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The Final Update Before The Merge

This announcement for final testnet merge to the Beacon chain now sets out the path for the Ethereum mainnet to officially merge with the Beacon chain, scheduled for the 19th of September.

Recap: What Is The Merge?

The Ethereum Merge is a move from a PoW to a PoS system, which would see mining power usage plunge. Ethereum’s mainnet is set to merge with the Beacon Chain’s PoS system and give birth to Ethereum 2.0. According to The Ethereum Foundation, “The Merge represents the joining of the existing execution layer of Ethereum (the Mainnet we use today) with its new proof-of-stake consensus layer, the Beacon Chain.” You can read more on recent developments in The Merge here.

Steve has 29 years of financial market experience including 3 years at Credit Suisse and 15 years at Merril Lynch. Steve is the Academic Dean for The London School of Wealth Management and has won many awards from Technical Analyst Magazine.