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When is Ethereum 2.0 Releasing Time?
We are now coming to the end of the long-awaited Ethereum 2.0. After the phases of receiving and testing many updates for the mainnet, Proof of Stake is near. The transition, which is expected to be completed within this year, will take place by the end of 2022.
Ethereum Foundation developers have already set the date for the much-anticipated transition from the Proof-of-Work (PoW) consensus algorithm to Proof-of-Stake (PoS). This is something that takes years of planning and development. It is now expected that the Ethereum network will become faster, more reliable, and more useful for users.
Ethereum 2.0 ready to continue as Proof-of-Stake Blockchain Network
Ethereum was keen to migrate to a Proof-of-Stake consensus algorithm after it became one of the most congested networks in the world. The transition is scheduled for September 19, as announced by Tim Beiko, an Ethereum core developer. It's worth noting that other developers have accepted this date estimate for the migration.
The community has confirmed that this is only an estimated time for the final migration. He stated that they are excited about this but consider this date as a "planning calendar" rather than an official announcement.
It is worth noting that the merge will allow Ethereum to move from the existing PoW consensus algorithm to a PoS blockchain network by merging with the Beacon Chain.
There are many reasons for Ethereum to migrate to a PoS blockchain network. One of them has to do with the expansion of the crypto ecosystem and the need for ETH to provide reliable solutions to users from all over the world. Today, using Ethereum has become very difficult and costly.
With the transition to the Proof-of-Stake network for Ethereum 2.0, things will run more smoothly. This means there should be no congestion and these transaction fees should also be lower than what people are currently paying.