An update long anticipated and hailed as one of the most significant developments in the history of cryptocurrencies has had its last dress rehearsal on Ethereum, the second-largest cryptocurrency by market value.
Since approximately ten years ago, when it was first created, ethereum has been mined via a system known as proof-of-work. It involves challenging arithmetic problems that several machines compete to answer and use energy.
Ethereum has been striving to switch to a new proof of stake network security mechanism. The new technique requires users to use their current ether cache as a tool to authenticate transactions and mint tokens rather than depending on energy-intensive mining. As a result, it consumes far less electricity and can result in speedier transactions.
Key Highlights:
- The Goerli testnet merge has been completed successfully.
- The Goerli Merge is the last “test run” before the actual Merge, which is anticipated to occur in September.
- In the 24 hours before the Goerli merging, ETH gained about 12%.
What had happened?
Before the upgrades are applied to the main blockchain, developers test new ideas and make any required adjustments on testnets. The third and last testnet, the Goerli testnet, which was held on August 11, 2022, suggests that there won’t be any setback to the speculative Ethereum Merge date scheduled for September 19. In addition, Ropsten and Sepolia testnets have already been completed.
