With the third and final merge of the “Goerli” test environment network before the long-awaited transition of the Ethereum blockchain to proof of stake having been successfully completed, the long-awaited software upgrade, the merge, will have likely take place around September 15, according to network co-founder Vitalik Buterin.
Before the Ethereum network moved to new software, the developers chose a number of so-called full terminal difficulty conditions that must be met by the last mined block. Another developer call should take place the following week and approve the precise date range. The last of the three open testnets to mock up the merger was Goerli.
Merge is about to change the Ethereum game.
The long-awaited software patch, known as “Merge”, will change the way Ethereum organizes transactions to make them more energy efficient. On the same subject : Twitter’s legal team is angry at Elon Musk for violating a nondisclosure agreement. The software update for Ether “The Merge” will move the blockchain from its current Proof of Work system – a technique that uses powerful computers to organize transactions – to a system called “Proof of Work”. Stake”, in which staked Ether tokens order transactions.
The merger means moving away from the proof-of-work method for mining blocks in favor of the proof-of-stake method for creating new Ether tokens and validating transactions. Ether holders can register to validate transactions on Ethereum based on blocked token reserves under the POS technique.
Buterin said this week that the proof-of-work version of Ethereum only has an approximate “fixed amount” of mining slots left after the Goerli testing stage of the merger is completed.
This way, developers will be able to predict with more certainty when the official network update will begin.
The date was scheduled between September 15 and 20. Next week, a new call will be organized with the Ethereum engineers to iron out any last minute issues regarding the merger, and a final date will then be set.
The crypto-Ethereum’s native currency, called ether, can be used to send and receive value around the world. Ethereum is a blockchain-based software platform. By allowing developers to create applications based on Ethereum, also known as “decentralized applications” or “dapps”, Ethereum was created to increase the utility of cryptocurrencies. It was first proposed in 2013 by Russian-Canadian computer programmer Vitalik Buterin.
Be vigilant and consult your financial adviser before making any investment decision. Mirror-Mag cannot be held responsible in the event of bad investments. Before using any third-party service, you should do your own research.