The ETH protocol developer has stated that they expect a massive Ethereum upgrade in August.

Ethereum (ETH) developers expect ETH to be integrated into a new proof-of-stake system in August of this year.

At this week’s Permissionless Decentralized Finance (DeFi) conference, the panel Quiz Ethereum protocol developer Preston Van Loon discusses the schedule for the upcoming Ethereum 2.0 merge.

“These are just the last few steps we need to take, and as far as we know, if everything goes as planned, August – that makes sense.”

Ethereum 2.0 aims to solve the network scalability problem by switching from the proof-of-work (PoW) consensus mechanism currently used by Ethereum to the proof-of-stake (PoS) consensus mechanism. According to Ethereum co-founder Vitalik Buterin, the smart contract platform will eventually be able to facilitate 100,000 transactions per second via a secondary solution after the highly anticipated upgrade is completed.

The first upgrade phase to Ethereum version 2.0 was launched at the end of 2020 to reduce block chain congestion and high transaction fees.

ethereum At the time of writing, it is trading at $1,941. A recent market downturn hit the second-largest crypto asset by market cap in 2022. ETH is down more than 3.6% in the last 24 hours, 28% in the last two weeks and 37% in the past month.

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