Get 40% Off
🤯 This Tech Portfolio is up 29% YTD! Join Now to Get April’s Top PicksGet The Picks – Just 99 USD

Ethereum’s (ETH) Final Test Before The Merge Launched On Goerli

Published 08/11/2022, 06:00 AM
Updated 08/11/2022, 06:31 AM
©  Reuters Ethereum’s (ETH) Final Test Before The Merge Launched On Goerli

© Reuters Ethereum’s (ETH) Final Test Before The Merge Launched On Goerli

Wednesday evening is sure to end up in the history books of crypto, as Goerli, the third testnet out of Ethereum’s (ETH) triangle of testnests, has successfully switched to proof of stake (PoS). As a result, it has been confirmed that the highly anticipated upgrade is going to be rolled out according to schedule. Set to launch on September 19th, ETH 2.0, or “The Merge,” as publicly nicknamed by many crypto investors who are awaiting the big day, is getting closer.

Ethereum (ETH) Has a Full Plate This Summer

The Goerli testnet’s switch to the new method had to be done in two phases. Firstly, the Bellatrix upgrade, needed to prepare the system for the switch, was done on August 4th. The second part, called “The Paris phase” was done last night. It switched the execution layer client, so that right after the upgrade kicks in, all of the new blocks on the chain are produced with the help of the Beacon Chain, running alongside Ethereum (ETH) 2.0.

Earlier this summer, the Ropsten testnet successfully launched the proof-of-stake mechanism. This was done in June, while just a month later, the Sepolia testnet also switched from proof of work (PoW) to proof of stake (PoS). Now, with the testnet puzzle fully completed, the twice postponed merge is likely to happen without any more delays.

Set to come in full swing in mid-end September, Ethereum’s “The Merge” will be the first out of a couple major upgrades to the second largest crypto asset. According to founder Vitalik Buterin, “The Merge” stands for 55% of Ethereum (ETH) blockchain completion.

Ethereum (ETH) Market Price Is on the Path of Resurgence

At press time, the second largest cryptocurrency by market capitalization trades at $1,884.07, according to CoinGecko. The king of the altcoins is having a great day, recording a profit in double digits of 11.7% in the last 24 hours. Furthermore, Ethereum (ETH) managed to paint itself green this month, being up by as much as 71.4%. However, Ethereum (ETH) is still 61.2% down from its all-time high 9 months ago. While there’s still a long way to go to get back to the nearly 5K ATH, Ethereum (ETH) is bouncing back from the trials and tribulations of the harsh crypto winter faster than most.

On the Flipside

  • Kim Kardashian tries to escape EthereumMax lawsuit
  • Michael Saylor, the former CEO of MicroStrategy, defines Ethereum (ETH) as a ‘security’
  • Vitalik Buterin is not impressed by Meta’s attempt to centralize the Metaverse

Why You Should Care

Ethereum 2.0, “The Merge,” is crucial for the whole crypto industry, as it will dramatically reduce carbon emissions and lower transaction fees.

Learn more about the schedule and order of The Merge

Continue reading on DailyCoin

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.