According to the latest information, the phase zero code of the Ethereum (ETH) PoS transition should come to completion by June 30th, this year. Accordingly, by that deadline, the proof-of-stake consensus algorithm of the Ethereum (ETH) would be done. The Ethereum core developers released the information at the meeting they had on May 2nd, 2019.
Ethereum (ETH) to switch from PoW to PoS by the end of June 2019
Justin Drake, an Ethereum researcher, stated that the ETH devs want to get the code specifications ready for that phase zero code for the Ethereum (ETH) PoS transition by June 30th.
“We’re still very much on track. Still, [code] simplifications are coming through, which is great, and the process of fine combing is also for finding these final bugs,” said Justin Drake.
More specifically, that phase zero code switch represents the move of the Ethereum (ETH) asset from a proof-of-work (PoW) protocol to a proof-of-stake (PoS) algorithm by the end of June 2019.
The so-called Beacon Chain transition is the first phase of the significant switch between the current Ethereum (ETH) protocol to the network known as the Ethereum 2.0.
“Ethereum 2.0, also known as Serenity, is planned to be the system’s final upgrade, as the entire network transitions from a proof-of-work (PoW) to a proof-of-stake (PoS) consensus algorithm, and tackles fundamental questions such as scalability, economic finality, and security,” reported CoinTelegraph earlier this year.
Ethereum (ETH) situation in the cryptocurrency market
Until the move between PoW to PoS, the known Ethereum (ETH) sharding is also a major part of the Ethereum network update. It means a very helpful scalability upgrade as it’s based on splitting transactions up so that it could process fewer group of nodes and enhance the total capacity of the Ethereum (ETH) blockchain.
On the other hand, at the moment of this writing, Ethereum (ETH) trades at $164.27, experiencing a drop of about 3% over the last 24 hours. With a market cap of approximately $17.4 billion, the ETH remains the second cryptocurrency in the market by capitalization.