The price of Ether surged more than 13%, raising crypto prices today amid optimism over what is being touted as the final test before the much-anticipated software upgrade of the Ethereum blockchain network. Ether’s software upgrade is set to move The Merge blockchain to a system called Proof of Stake, in which staked Ether tokens will order transactions, from its current system to Proof of Work, a mechanism that uses powerful computers to order transactions. uses.
The long-awaited step for proof-of-stake of the Ethereum blockchain ahead of the third and final ‘Goerly’ test environment network merger has been successfully completed. Goerley was the last of three public testnets to run through dress rehearsals for Merge. Thereafter, a mainnet merge is expected sometime in late September.
The test network will merge with a so-called proof-of-stake test network, a transition that will mimic Ethereum’s transition to a more energy-efficient system for ordering transactions on a smaller scale.
Developers have been working on the merge software upgrade for years, and it has been delayed several times due to unforeseen issues cropping up. Currently, it is expected to happen in September on 19th September.
soon, present Ethereum The mainnet will be merged with the Beacon Chain proof-of-stake system. This will mark the end of proof-of-work for Ethereum and the complete transition to proof-of-stake. This sets the stage for future scaling upgrades, including sharding. The merge will reduce Ethereum’s energy consumption by about 99.95%, it claims in its website.
In proof-of-stake, so-called validators use their stack of ether to order transactions on the network. Currently, powerful computers solve complex puzzles to accomplish the same task using more energy.
Back in 2016, shortly after a software upgrade to reverse a major hack of Ethereum, it experienced denial of service attacks. If everything goes smoothly, no one should notice that the merge has happened, Tim Beiko, who coordinates Ethereum developers, said in a recent interview with Bloomberg.
The second-largest cryptocurrency and coin linked to the Ethereum blockchain is up nearly 67% since the digital-asset price crash in June, and has outperformed the crypto market benchmark Bitcoin.
(with inputs from agencies)
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