Ethereum developers have reached another milestone on their way to the long-awaited ETH 2.0 network upgrade—the Ropsten public testnet will undergo an upgrade to Proof-of-Stake consensus on June 8. Ropsten testnet will test The Merge upgrade, clearing the way for Ethereum to do the same in Q3/2022.

The Merge is the current Ethereum 1.0 (using Proof-of-Work, mining) blockchain integration event, with the Ethereum 2.0 blockchain (using Proof-of-Stake, staking money) under construction. This is the most important milestone in Ethereum’s history up to the present time when this blockchain accepts changes to the consensus algorithm to both solve the problem of scale and minimize the environmental impact of mining activities.

Ever since the Ethereum network rolled out the Kiln testnet in mid-March and conducted the above merge test as well as the shadow forks in April, the crypto community has been hoping that The Merge event will take place. However, developer Tim Beiko representing the Ethereum Foundation, stated that The Merge could only take place as early as Q3 and is uncertain as more meetings are possible. unexpected technical problems.

However, with the confirmation to bring The Merge to Ropsten in June, Ethereum is still on the right track for the upgrade.

The Merge effectively ends Proof-of-Work mining on the Ethereum network. Mining, which requires using high-end, energy-intensive machines to solve hard mathematical riddles, is now how new ETH currency is created and transactions on the network are validated. When the network transitions to Poof-of-Stake, “miners” will be replaced by “validators,” who stake (i.e., pledge) ETH to validate and protect the network and are compensated in ETH for their efforts.

All of this is expected to significantly lower the amount of energy needed by the Ethereum blockchain. It will also reduce new ETH issuance by approximately 90%, which market observers predict will bring significant deflationary pressure to Ethereum if demand for the asset remains high.

Ropsten is Ethereum’s largest testnet and the “final test” of many other upgrades in the past before being deployed on the mainnet. The developers estimate that if the upgrade start time is on May 30, then Ropsten will officially enter the Proof-of-Stake era around June 8.

However, it has been suggested that to ensure that everything goes smoothly and without additional unexpected situations, Ethereum developers should run The Merge on all 3 major testnets, including Ropsten, Rinkeby, and Kovan. If all goes well, The Merge should be able to be posted to the Ethereum mainnet as early as August.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

Join CoinCu Telegram to keep track of news: https://t.me/coincunews

Follow CoinCu Youtube Channel | Follow CoinCu Facebook page

Harold

CoinCu News

ETH

Ethereum 2.0

PoS

PoW

Ropsten

Testnet

The Merge

Author

Harold

With a passion for untangling the complexities of the financial world, I've spent over four years in financial journalism, covering everything from traditional equities to the cutting edge of venture capital. "The financial markets are a fascinating puzzle," I often say, "and I love helping people make sense of them." That's what drives me to bring clear and insightful financial journalism to the readers of Coincu.

Related Posts

• Taiko TVL Growth Reaches Record $81M With 1000% Monthly Surge
• Monad Testnet Begins Rolling Out On Ethereum-Compatible Layer 1
• Vitalik.eth Bridges 32 ETH To Base With Patron NFTs Minted
• Ethereum Unveils “Beam Chain” Roadmap at Devcon 7
• Ethereum Inflation Skyrockets with 350,000 ETH Issued in Six Months
• Ethereum ETF Options Still Waiting for Approval
• Quai Network Testnet Launches With 10M QUAI Rewards
• BlockDAG Dominates the Presale Market with a 2100% Price Increase—Challenging Bitcoin & Ethereum!

Ethereum

Ropsten, Ethereum nears major upgrade as testnet set in June

Ethereum developers have reached another milestone on their way to the long-awaited ETH 2.0 network upgrade—the Ropsten public testnet will undergo an upgrade to Proof-of-Stake consensus on June 8. Ropsten testnet will test The Merge upgrade, clearing the way for Ethereum to do the same in Q3/2022.

The Merge is the current Ethereum 1.0 (using Proof-of-Work, mining) blockchain integration event, with the Ethereum 2.0 blockchain (using Proof-of-Stake, staking money) under construction. This is the most important milestone in Ethereum’s history up to the present time when this blockchain accepts changes to the consensus algorithm to both solve the problem of scale and minimize the environmental impact of mining activities.

Ever since the Ethereum network rolled out the Kiln testnet in mid-March and conducted the above merge test as well as the shadow forks in April, the crypto community has been hoping that The Merge event will take place. However, developer Tim Beiko representing the Ethereum Foundation, stated that The Merge could only take place as early as Q3 and is uncertain as more meetings are possible. unexpected technical problems.

However, with the confirmation to bring The Merge to Ropsten in June, Ethereum is still on the right track for the upgrade.

Ropsten testnet is getting merged on June 8!

Merging Ropsten is a huge testing milestone towards Ethereum's mainnet merge later this year. ???? https://t.co/X7eLIMA72g

— ????????????????????????????????????????????????????????.???????????? (@preston_vanloon) May 18, 2022

The Merge effectively ends Proof-of-Work mining on the Ethereum network. Mining, which requires using high-end, energy-intensive machines to solve hard mathematical riddles, is now how new ETH currency is created and transactions on the network are validated. When the network transitions to Poof-of-Stake, “miners” will be replaced by “validators,” who stake (i.e., pledge) ETH to validate and protect the network and are compensated in ETH for their efforts.

All of this is expected to significantly lower the amount of energy needed by the Ethereum blockchain. It will also reduce new ETH issuance by approximately 90%, which market observers predict will bring significant deflationary pressure to Ethereum if demand for the asset remains high.

Ropsten is Ethereum’s largest testnet and the “final test” of many other upgrades in the past before being deployed on the mainnet. The developers estimate that if the upgrade start time is on May 30, then Ropsten will officially enter the Proof-of-Stake era around June 8.

However, it has been suggested that to ensure that everything goes smoothly and without additional unexpected situations, Ethereum developers should run The Merge on all 3 major testnets, including Ropsten, Rinkeby, and Kovan. If all goes well, The Merge should be able to be posted to the Ethereum mainnet as early as August.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

Join CoinCu Telegram to keep track of news: https://t.me/coincunews

Follow CoinCu Youtube Channel | Follow CoinCu Facebook page

Harold

CoinCu News

Other Posts

Related Posts

[tptn_list limit="8" title_length="0" heading="0" show_date="0" daily="1"]