Tim Peko, a computer scientist and Ethereum developer, stated that the long-awaited transition of the protocol from Proof of Work to Proof of Stake is likely to be completed after June.
No confirmed date yet:
The brainchild of Vitalik Buterin, the Ethereum network is expected to switch from a power-requiring Proof of Work consensus mechanism to a quota mechanism this summer.
Many consider this process, known as “integration,” as a starting point for the project's future development.
Tim Peko, one of the leading Ethereum developers, believes the upgrade may see the light of day later than most people expect.
But he made it clear that the step was in its final stages, adding:
There is no confirmed date yet, but we are definitely in the final chapter of the Ethereum mining mechanism.
It's worth noting that the same developer, Beko, previously stated that he wouldn't be surprised if Ethereum 2.0 happens in the fall.
While he told the Ethereum founder that the “merger” should happen before July of this year.
Dates have been pushed forward several times in the past, so it remains unclear whether one should rely on such predictions.
Currently, Ethereum, like Bitcoin, uses a great deal of energy to run its supercomputers, which in turn validate transactions and create new blocks.
According to the latest figures, the second largest blockchain network uses more than 112 TWh of electricity annually which is more than the energy used by the countries of the Philippines or Belgium annually.
Additionally, an average Ethereum transaction requires about 268 kWh of energy, which is the same amount that an average American household consumes in 9 days.
