Senator Cynthia Lummis (R-WY) has given a specific date for when her long-awaited crypto regulator bill will be unveiled. The legislation will help to sort cryptocurrencies under appropriate regulatory labels and federal jurisdictions. According to a tweet from the senator on Friday, the final version of her bill will be released on Tuesday, June 7th. Lummis has spent months working on the bill alongside Senator Kirsten Gillibrand (D-NY), announcing it as early December 2021. The bill will reportedly provide sweeping…
Tim Beiko – a leading Ethereum development coordinator – has stated the network will not implement proof of stake by June. This contradicts Vitalik Buterin’s development timeline from January, where he claimed that it should be in place by Q2 2022.
Another Delay for the Merge
Delays to Ethereum 2.0 are hardly unprecedented. Developers expected the upgrade to be in place within 2 years of the project’s launch in 2015. Vitalik now admits to having been dead wrong about that idea.
Failures to upgrade on time are even visible on-chain. The network, which currently uses a proof of work model, has experienced exponential block difficulty spikes before prior upgrade dates. That’s because of the “difficulty bomb”, a mechanism to discourage miners from operating on the old chain once the hard fork takes place.
After all, the primary purpose of the upgrade is to wipe Ethereum clean of its energy footprint. By adopting a proof of stake model, users will stake cryptocurrency, rather than spend energy, to create a block. The energy consumption of the previous model has become a contentious issue with otherwise pro-crypto politicians and corporations alike.
Nevertheless, the transition has proven a slow and difficult process. Beiko told an Ethereum miner yesterday that it would likely take place a few months after June. No exact date is confirmed, but he’s convinced that proof of work on Ethereum is in its “final chapter”.
In line with his expectation, he strongly suggested that current ETH miners not invest in more mining equipment at this point. Ethereum miners have been left with little plan for what to do with their equipment after the upgrade besides selling it to gamers.
Yesterday, Ethereum successfully executed a Merge test on a network shadow fork – a devnet fork with a small node count.
The Ethereum Plan
The upgrade is nicknamed “the merge” as it will involve merging Ethereum 2.0’s current beacon chain with the current Ethereum chain. The beacon chain is the “spine” of Ethereum 2.0, responsible for scanning and validating transaction data.
According to Vitalik, Ethereum should be more than 50% complete after the merge is finalized. After that will come “the surge”, which includes implementing Ethereum scaling solutions like rollups. This should bring Ethereum to 80% completion, leaving another 6 years for the final 20%.