Ethereum Draws Closer to PoS Migration With EIP-3675 Launching on GitHub
Ethereum developers are moving forward with plans to transition the blockchain to a proof-of-stake network. The developers announced the formal approval of its Ethereum Improvement Proposal (EIP) 3675.
Request For EIP-3675 Made On Github
Mikhail Kalinin, a researcher at Ethereum software firm, ConsenSys created a pull request for EIP-3675 on Github on July 22.
The EIP-3675 is the proposal that formalizes the chain merge to Ethereum 2.0.
This sets the stage for what developers have termed as “The Merge” to Ethereum 2.0. EIP is slated for discussion during the July 23 Ethereum Core Devs Meeting, according to the Ethereum Foundation developer coordinating the upgrades, Tim Beiko.
Beiko had announced the merge in a tweet while commending Kalinin. “Hard to overstate how valuable @mkalinin2's work on The Merge has been, and it's finally being formalized in an EIP,” Beiko said.
The current Ethereum mainnet will eventually merge with the Beacon Chain, marking the end of the proof-of-work system for Ethereum. The Beacon Chain is the backbone of the new Ethereum blockchain, and it was launched in December 2020.
Unlike the proof-of-work system that relies on miners to compete to validate transactions, the proof-of-stake system allows users to validate transactions and create new blocks depending on how much ETH they contribute.
When merged, the new Ethereum mainnet will enable developers to run smart contracts on the proof-of-stake system. It will also import the complete history and the current state of Ethereum to ensure that the transition is smooth for all ETH holders and users.
Staking On Ethereum 2.0 Skyrockets
Since the launch of the Beacon Chain, Ethereum 2.0 is the second-largest PoS network by staked capitalization. According to data from Etherscan, roughly $13 billion worth of Ether has been staked despite having less than 6% of its circulating supply in deposits.
Meanwhile, Ethereum developers are proceeding with a slew of upgrades on the network. Next up on the list of upgrades coming to the present proof-of-work network are the London and Altair upgrades.
The London upgrade, Ethereum's 11th hard fork, is scheduled to launch around August this year. It would feature the long-awaited controversial EIP-1559, which will reduce the supply of ETH through burning and make ETH miners redundant.
However, the Altair upgrade, slated for sometime before October, will make minor tweaks to the dynamics of the Ethereum 2.0 network. The Altair upgrade would also penalize bad actors by slashing their ETH by half.