If the transition from Proof of Work to Proof of Commitment takes some time, the Ethereum network seems to be able to get closer to the Holy Grail. In less than 2 weeks, we could be more stable than ever on Ethereum 2.0. But for that, the life size test must be successful! Answers on June 8!
Lifecycle test scheduled for June 8?
This is the first time such a large-scale testing of the Ethereum blockchain will take place. Going through the Robsten testnet, Ethereum developers look for to test the robustness of their new protocols. Through this test, the developers try to verify that the network is functioning properly with Proof of Promise protocol.
If he succeeds, this could speed up the final passage at the Proof of Promise. And to that end, summer could be a milestone for developers. Remember that the move to Proof of Promise in the long run should be that the carbon impact of the Ethereum blockchain can be limited to more than 90%.
Ethereum: Final switch to Proof of Promise in August?
In any case, this is the hope that this test awakens. At a summit in Shanghai, Vitalik Buterinco – founder of the Ethereum network, has reaffirmed his desire to see the Stake Proof ground on Ethereum by next August.
In case of delay, as was often the case with Ethereum 2.0, September and October already advanced. For others, we expect something concrete above all else. Because so far Ethereum 2.0 mostly rhymed with delay.
Impact on the encryption market?
It’s hard to say anything about that. Assuming that this life-size test will pass, a number of hypotheses come into play. If some see it as extremely positive element for the entire encryption market, others are more perceptive. Especially the turn of the market around the major altcoins. Altcoins which, for layer 1 blockchains such as Cardano, Solana, Binance Chain or Avalanche, are often referred to as “Ethereum Killer”.
If the transition to Proof of Stake goes smoothly, the place of these altcoins in the crypto universe could to question. And the market would be upset then. Before that, the eyes of all cryptosphere members will be on this life size test on June 8th.
On the crypto market, this migration to Proof of Stake may have other forms of influence. Especially on mining. So Graycale, the world’s largest crypto asset manager, believes many miners could turn around towards alternative solutions. With Ethereum Classic first and foremost.
An existing trend on the Ethereum Classic Price. In fact, if the crypto market had a bearish week, the ETC signal was one of the only ones to appear in the lock. Over the past 7 days, the project has shown an increase of almost 13%. By the way, if you want to buy ETC, we recommend the Crypto.com platform.
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