Ethereum’s ($ETH) long awaited transition to a %ProofOfStake operating model will officially take place on September 6, according to an announcement by the %Ethereum Foundation.
The system-wide transition to a more energy efficient proof-of-stake protocol, known in cryptocurrency circles as “the Merge,” will begin on September 6 and be completed by September 20, the Foundation said.
The new proof-of-stake protocol will use 99.95% less energy than the current proof-of-work operating model and is viewed as a major milestone in the development of cryptocurrencies.
The energy consumed to mine for cryptocurrencies such as Ethereum and %Bitcoin ($BTC) has been a main criticism of the industry.
Proof-of-work and proof-of-stake protocols refer to two different methods of validating transactions on the blockchain.
The Merge involves a two-step process. The first step is known as the %Bellatrix upgrade that will go live on September 6. Once Bellatrix is live, it will start another upgrade called %Paris that is expected to be completed by September 20.
Some industry observers say the transition to a proof-of-stake protocol is the biggest event in the %Cryptocurrency sector to date.
If the Merge proves successful, other cryptocurrencies, including Bitcoin, are expected to also make the switch to a proof-of-stake protocol.
Ethereum’s price has risen 72% since June and is currently trading at $1,710 U.S.
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