Ethereum was broken into two branches after a hack attack on the blockchain in 2015. Since then, the silver cryptocurrency exists in two variants called Ethereum Classic, ETC, and Ethereum 2.0, also known as ETH. The ETH runs on the Stake of Proof consensus model while ETC is still settled back in time. The rise of the ETH allowed it to acquire the rank of second-largest cryptocurrency in the world by market cap.
However, the founders of Ethereum have been planning to introduce the merger of the old and the new for quite some time. The delayed deadlines and the repeated trials over the years have made many skeptical about the current state of cryptocurrencies. However, a recent dev call reveals that Ethereum 2.0 has finalized the transition to Proof of Stake (PoS).
In 2019, The Ethereum Classic developers and miners sent a consensus towards Ethereum 2.0 clients. The Remote Procedure Calls (RPC) purpose was to delegate the consensus specifications to the other side. Tim Beiko is the development team coordinator for Ethereum Classic or 1.0. Beiko reveals that the Ethereum 2.0 block has now properly specified for the consensus on the network.
He further added that as part of the specification, the markdown files would be able to transform into executable specific on python. Ethereum Improvement Proposals or EIPs are specifications for the network containing core protocol details, APIs, and standards for contracts. The current transition probably uses the guidance from core EIPs via upcodes.
Developers Expect that the Merger would Take Place as soon as the Start of the New Year
The notion of the proposed merger has been in talks for quite some time. The regular delays have created a lot of controversy on the said topic. However, with the current testnet finalization, the merger has entered into a formal stage. The expected dates for the merger to go live as estimated to be as soon as next year. The ETH-ETC merger would greatly affect the miners of the blockchain.
After the merger goes live, the miners would not be able to accumulate as many as 15000 ETH per day. The network would switch to the PoS, and it would be governed by the number of units staked. In lieu of the prospect merger, the first testnet has been launched called EIP1559. It would allow the ecosystem to simmer down the transaction fees and add volume to the network’s capacity.