A formal Ethereum Improvement Proposal has been created for the network’s forthcoming chain merge, bringing Ethereum one step closer to realizing its highly anticipated Proof-of-Stake (PoS) transition.
On July 22, ConsenSys researcher Mikhail Kalinin created a pull-request for EIP-3675 on Github, formalizing the chain merge as an improvement proposal for the first time. The EIP has also been slated for discussion during the July 23 Ethereum Core Devs Meeting by developer Tim Beiko.
— Tim Beiko | timbeiko.eth (@TimBeiko) July 22, 2021
The proposal would merge the Ethereum and Eth2 chains, transitioning the network’s consensus mechanism away from Proof-of-Work and empowering stakers to validate transactions.
The EIP notes that no “safety nor liveness failures were detected” since the launch of Eth2’s beacon chain in December 2020, adding:
“The long period of running without failures demonstrates the sustainability of the beacon chain system and witnesses its readiness to start driving