Vitalik Buterin, the founder of the second-largest digital currency, Ether, has announced that his company would most likely switch to a proof-of-stake protocol (PoS) in August 2022. He said that at a virtual summit of stakeholders in the global Web 3 world.
During the conference, Buterin discussed the general traits of the incoming protocol tagged the Ethereum Merge. However, he said at the meeting that unexpected liabilities could delay the protocol’s launch till September or October.
Also, the Canadian-Russian-born developer told the meeting attendees about his company’s plans to scale up the Ethereum protocol and gave insight into incoming improvements that his organization plans to introduce to the blockchain tech-affiliated system. Moreover, the global summit’s attendees heard from Buterin the advantages of the system’s planned switch to PoS.
According to Buterin, the incoming PoS would provide a better system for the ETH network and host more software and applications. Ethereum has been reportedly working towards setting up the PoS for about seven years, its founder said and would complete the preparations during the summer.
Preparations towards Ethereum Merge reportedly took a significant leap during the week by merging the Ropsten-beacon chain on the ETH test ecosystem. Additionally, Buterin informed attendees at the summit about his company’s strategy concerning different specific layers in the incoming protocol.
Also, the team is reportedly preparing to launch longer-term network features like improved signature aggregations. According to Buterin, all the latest preparations and similar developments on the network aim to make the system more straightforward and secure.
When speaking about Terra’s recent poor performance with its LUNA and stablecoin tokens, Buterin said the platform crashed because it optimized excessively and failed in a bearish market because it had no collateral backing the stablecoin.
World Economic Forum 2022 to Focus on Blockchain and Digital Money
Meanwhile, another significant conference, the World Economic Forum 2022, will reportedly focus on the blockchain and digit currency sector. Reports say that the WEF would receive a Davos Sustainability goal for BTC at the conference, the first on-site conference since the COVID-19 outbreak began.
The yearly event will begin this Sunday and run through to Thursday. During the virtual edition of the WEF held in January, global leaders called for collaboration in addressing significant socio-economic challenges that affect the globe.
The attendees at the last WEF summit also addressed global issues such as climate issues and technological innovations. Reports say that about 100 innovators in the tech sector will be at the forum in Switzerland.
This year’s forum would reportedly focus on establishing new economic platforms and forecasting future global monetary situations. The meeting would also address issues concerning government regulations and business strategies against a backdrop of a rare pandemic and the war in Eastern Europe in the background.
Further reports say that Davos would also host a conference on blockchain apart from the WEF to bring together some significant stakeholders in the digital assets industry. The yearly Blockchain conference will take place between Monday and Wednesday next week.