The creator of the second most capitalized cryptocurrency Ethereum Vitalik Buterin told when the blockchain will switch to the Proof-of-Stake algorithm.
The transition of Ethereum network to Proof-of-Stake consensus algorithm will take place in August 2022, the blockchain creator Vitaly Buterin said during the summit in Shanghai. Publication from site cryptodefix. If problems arise, the update could be pushed back to September or October, journalist Willie Wu wrote.
At the Eth Shanghai Summit, Vitalik said that the Ethereum merge (POW to POS) is likely to happen in the summer in August, If there are some potential risks, September or October is also possible. Live：https://t.co/WSl2IpAyJW
— Wu Blockchain (@WuBlockchain) May 20, 2022
Ethereum now runs on the Proof-of-Work algorithm, so it needs miners generating processing power to keep the network running. In the case of Proof-of-Stake, the network is maintained by token holders and is rewarded for doing so. This is called staking.
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