Mainnet Merge Announcement
Ethereum's Proof-of-Stake Revolution: Understanding The Merge
The Ethereum network is on the cusp of a revolutionary transformation, one that promises to redefine the very fabric of the cryptocurrency landscape. After years of development and testing, the proof-of-stake (PoS) upgrade, known as The Merge, is finally set to launch. This monumental shift will see the Ethereum network transition from a proof-of-work (PoW) consensus mechanism to a more energy-efficient and environmentally friendly PoS system.
The Road to The Merge
The Merge is the culmination of a long and arduous journey, marked by numerous milestones and setbacks. The first step towards a PoS Ethereum was the launch of the Beacon Chain, a separate proof-of-stake network that would eventually merge with the existing PoW chain. The Beacon Chain was designed to be a testing ground for the new consensus mechanism, allowing developers to fine-tune and refine the system before its eventual integration with the mainnet.
The Bellatrix Upgrade
The Bellatrix upgrade is the first phase of The Merge, scheduled to take place on the Beacon Chain at epoch 144896, on September 6, 2022, at 11:34:47 UTC. This upgrade will mark the beginning of the end for the PoW chain, as the network will start to transition towards a PoS consensus mechanism. The Bellatrix upgrade is a critical step towards The Merge, and its successful implementation will pave the way for the eventual shutdown of the PoW chain.
The Paris Upgrade
The Paris upgrade is the second and final phase of The Merge, scheduled to take place when the Terminal Total Difficulty (TTD) is reached on the execution layer. The TTD is a specific value that marks the end of the PoW chain and the beginning of the PoS chain. The exact date of the Paris upgrade is uncertain, as it depends on the network's hash rate and the time it takes to reach the TTD. However, estimates suggest that the TTD will be reached between September 10 and 20, 2022.
Client Releases
To ensure a smooth transition to the new consensus mechanism, Ethereum developers have released new client versions that support The Merge. Node operators must run both an execution and consensus layer client to remain on the network during and after The Merge. The following client releases support The Merge on the Ethereum mainnet:
- Consensus Layer:
- Lighthouse v3.1.0
- Lodestar v1.0.0
- Nimbus v22.9.0
- Prysm v3.1.1
- Teku v22.9.0
- Execution Layer:
- Besu v22.7.2
- Erigon v2022.09.01-alpha
- geth v1.10.23
- Nethermind v1.14.1
Upgrade Specifications
The consensus-critical changes for The Merge are specified in two places:
- The consensus layer changes under the Bellatrix directory of the consensus-specs repository
- The execution layer changes under the Paris spec in the execution-specs repository
In addition to these, two other specifications cover how the consensus and execution layer clients interact:
- The Engine API, specified in the execution-apis repository, is used for communication between the consensus and execution layers
- Optimistic Sync, specified in the sync folder of the consensus-specs repository, is used by the consensus layer to import blocks as the execution layer client is syncing and to provide a partial view of the head of the chain from the former to the latter
Bug Bounty Bonus
All Merge-related bounties for vulnerabilities have received a 4x multiplier between now and the 8th of September. Critical bugs are now worth up to $1 million USD.
FAQ
As a node operator, what should I do?
Post-merge, an Ethereum full node is the combination of a consensus layer (CL) client which runs the proof-of-stake Beacon Chain and an execution layer (EL) client which manages the user-state and runs the computations associated with transactions. The EL and CL client communicate over an authenticated port using a new set of JSON RPC methods called the Engine API. The EL and CL client authenticate each other using a JWT secret. Node operators should refer to their clients' documentation for instructions about how to generate and configure this value.
As a staker, what do I need to do?
As explained above, validators on the Beacon Chain will need to run an execution layer client after The Merge in addition to their consensus layer clients. Pre-merge, this was strongly recommended, but some validators have outsourced these functions to third-party providers. This was possible because the only data required on the execution layer were updates to the deposit contract.
Why is the estimated date for the Terminal Total Difficulty so broad?
The incremental difficulty added per block is dependent on the network hash rate which is volatile. If more hash rate joins the network, TTD will be reached sooner. Similarly, if hash rate leaves the network, TTD will be reached later. In the event of a significant drop in hash rate levels, a TTD Override could be coordinated as was done on Ropsten.
As an application or tooling developer, what should I do?
As explained in a previous post, The Merge will have only minimal impact on a subset of contracts deployed on Ethereum, none of which should be breaking. Additionally, the lion's share of user API endpoints remain stable (unless you use proof-of-work specific methods such as eth_getWork).
As an Ethereum user or Ether holder, is there anything I need to do?
Whether you are using Ethereum applications on-chain, holding Ether on an exchange or in a self-custodied wallet, you do not have to do anything. If an application, exchange or wallet you use offers additonal instructions or recommendations, you should verify these are actually coming from them. Be on the lookout for scams!
As a miner, is there anything I need to do?
No. If you are mining on the Ethereum mainnet, you should be aware that the network will operate entirely under proof-of-stake after The Merge. At that point, mining will no longer be possible on the network.
What happens if I am a miner or node operator and I do not participate in the upgrade?
If you are using an Ethereum client that is not updated to the latest version (listed above), your client will sync to the pre-fork blockchain once the upgrade occurs.
As a validator, can I withdraw my stake?
No. The Merge is the most complicated upgrade to Ethereum to date. To minimize risks of network disruptions, a minimal approach was taken which excluded any non-transition changes from this upgrade.
I have more questions, where can I ask them?
Join client team developers, members of ETHStaker, researchers, and more on the next Merge Community Call on Friday, Sept 9 at 14:00 UTC!
Conclusion
The Merge is a historic moment for the Ethereum network, marking the transition from a proof-of-work consensus mechanism to a more energy-efficient and environmentally friendly proof-of-stake system. The upgrade is a culmination of years of development and testing, and its successful implementation will pave the way for a more sustainable and scalable Ethereum network. As the Ethereum community continues to evolve and grow, it is essential to stay informed and up-to-date on the latest developments and advancements in the space.
Source: https://blog.ethereum.org/en/2022/08/24/mainnet-merge-announcement
