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Thousands of downloads from early beta adopters were recorded before the announcement, heightening the risk of data corruption. Peter further disclosed that the stealth bug, which had focused on corrupting both on-chain and off-chain data, had surprisingly escaped earlier stress test exercises, revealing the need for a more rigid and robust anti-bug scrutiny in the build-up to the September 6th release date.
Geth v1.10.23 – the bug-fixing patch upgrade – has since been released following the announcement, requiring all upgraded users to roll back their chains and conduct a 48-hour rehash to reclaim all possibly lost data up until the periods before the fix. Peter added that excited Ethereum users were better off waiting for the full release before upgrading their systems to ensure they have a “good version.”
Vitalik Buterin, Ethereum’s Co-founder, had earlier disclosed the project is on course to meet its September release deadline. Following the announcement, millions all over the crypto world, including global energy advocators, finally have a date in sight for the long-awaited Ethereum’s journey to Proof-of-Stake (PoS).
Ethereum will, in September, merge its Beacon chain to the Ethereum Mainnet, signifying the end of a highly-controversial proof-of-work era. The Beacon chain – Ethereum’s PoS sidechain released in 2020, which had endured a series of testing over the period – will be fused with its original mainnet, seamlessly transferring trillions of data and retiring the Proof-of-Work (PoW) framework for good.
 
 
For the world’s busiest blockchain, such a revolutionary change to cut back energy consumption by a staggering 99% will signify a giant leap for over 7200 DApps, 200+ DeFi projects, and over 4000 developers, a significant part of its ecosystem.
While it is still unclear how miners who have earned a living over the past seven years from PoW block rewards will stay incentivized by the new arrangement, another bubble of hysteria appears to have been deflated with the recent announcement that the Merge upgrade will neither promise nor proffer a dramatic decrease to Ethereum’s comparatively higher gas fees as earlier hoped.
Other rumours now debunked about the upgrade include the requirement of 32ETH to hold a stake position and the promise of a fast transaction speed upon upgrade. In summary, it is a choice between following the PoS trend or opting for a PoW hardfork to keep business alive.
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