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The final Ethereum testnet goes live, ETH rallies

John KumiBy 0Edited by John Kiguru 11. August 20223 Mins Read
  • According to reports, the Ethereum Merge is scheduled to go live on September 19 if everything goes according to plan.
  • The announcement has brought excitement to the Ethereum community, especially key developers and figures.

As part of the plan to transition from the Proof of Work (PoW) to the Proof of Stake (PoS) model, Ethereum has finalized the third and last testnet merge, Goerli. According to reports, the Ethereum Merge is scheduled to go live on September 19 when everything goes according to plan. The announcement has brought excitement to the Ethereum community, especially key developers and figures including podcaster/ETH proponent Anthony Sassano, sassal0x. 

The Goerli testnet has been successfully merged and is now a full Proof of Stake chain.

Next up is (finally) the Ethereum mainnet!!

The Merge is coming.

It is important to note that some minor issues were found in the previous testnets with Ethereum developer Marius van der Wijden observing that two different terminal blocks and several non-updated nodes created confusion on the network. According to him, this slowed down the process slightly but had no major effects on the network. 

The Merge is said to be one of the biggest upgrades in blockchain history. Its successful implementation could help the network conserve energy by more than 99 percent. According to a report by Digiconomist, Ethereum’s PoW model consumes 112 terawatt-hours of electricity per year, which is more than the consumption of Pakistan and the Philippines. The upgrade would also put it in a better position for long-term scalability, security, and sustainability. 

Participation drops after the Ethereum test merge

Christine Kim, a research associate from Galaxy Digital disclosed that there was a decrease in participation after the test Merge. However, it worked.

A successful Merge = chain finalizes. Sure, the participation rate dropped and looks like there may have been an issue with one of the clients but the Merge worked. We’ll likely see minor issues like this with the upgrade on mainnet too but the point is, the Merge worked.

The need for the testnet is to enable developers to make the necessary assessment and try out new things before launching it on the main network. According to Josef Je, a developer who worked with the Ethereum Foundation, ” Goerli has this badge of a bottom-up testnet.”

Tim Beiko, the coordinator for Ethereum protocol developers disclosed that it does not take long to know that a test was successful. They just have to analyze some indicators. One of such indicators is the participation rate.

We want to see the network finalizing and having a high participation rate amongst validators and also make sure we don’t hit any unexpected bugs or issues.

Beiko also stated that developers will have to find out why the participation rate goes down. He further stated that the transaction will be another major indicator. In this case, the test would be said to have gone well if the blocks have actual transactions in them, and are not empty. Finally, they will have to check whether the network is finalized. This means that over two-thirds of validators should be online to agree on the same view of the chain history. 

The ETH price has surged by 10 percent in the last 24 hours following the announcement. 

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This article is provided for informational purposes only and is not intended as investment advice. The content does not constitute a recommendation to buy, sell, or hold any securities or financial instruments. Readers should conduct their own research and consult with financial advisors before making investment decisions. The information presented may not be current and could become outdated.

John is a seasoned cryptocurrency and blockchain writer and researcher, boasting an extensive track record of years immersed in the ever-evolving digital frontier. With a profound interest in the dynamic landscape of emerging startups, tokens, and the intricate interplay of demand and supply within the crypto realm, John brings a wealth of knowledge to the table. His academic background is marked by a Bachelor's degree in Geography and Economics, a unique blend that has equipped him with a multifaceted perspective. This diverse educational foundation allows John to dissect the geographical and economic factors influencing the cryptocurrency market, offering insights that go beyond the surface. John's dedication to the crypto and blockchain space is not merely professional but also personal, as he possesses a genuine passion for the technologies that underpin this revolutionary industry. With his astute research skills and commitment to staying at the forefront of industry trends, John is a trusted voice in the world of cryptocurrencies, helping readers navigate the complex and rapidly changing terrain of digital assets and blockchain innovation. John Kiguru is an accomplished editor with a strong affinity for all things blockchain and crypto. Leveraging his editorial expertise, he brings clarity and coherence to complex topics within the decentralized technology sphere. With a meticulous approach, John refines and enhances content, ensuring that each piece resonates with the audience. John earned his Bachelor's degree in Business, Management, Marketing, and Related Support Services from the University of Nairobi. His academic background enriches his ability to grasp and communicate intricate concepts within the blockchain and cryptocurrency space. Business Email: info@crypto-news-flash.com Phone: +49 160 92211628

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