Tonight, the Ethereum blockchain continues to forge its path to proof. By validating the third and final update on testnet. The blockchain is getting closer than ever to an ideal glimpse for the first time in December 2020 with the Beacon Chain: the transition to a Proof of Stake consensus.
Goerli: Light at the end of the tunnel!
After the successful transfers of Ropsten and Sepolia in June and July, it was therefore Goerli’s turn to begin his transformation. The update happened around 3:45 am (French time). A period in which Goerli’s test numbers varied from proof of authority to proof of question. This move happened on the block 10,790,000. It was validated when the Beacon Chain validator could implement the following block.
The developers managed to merge Goerli’s code with Prater’s code. A necessary operation after the Bellatrix update that happened at the end of last month. Due to this merger between Goerli and Prater it was possible to simulate the transition from Proof of Work to Proof of Promise, this time on a serious scale.
Goerli network update ends an era: testing network test networks. In its transition from Proof of Work to Proof of Stake, The Merge was tested on several Ethereum blockchain test networks. Therefore the next update will be in touch with reality.
Impact on Ethereum price?
Difficult to isolate the impact of the update in the Ethereum price appreciation over the last 24 hours (+11.2%). In fact, for the entire crypto market, Ethereum had a positive impact on the publication of US inflation figures. Inflation that is still strong (8.5%) but more moderate than the established consensus (8.7%).
However, Ethereum has outperformed the market over the past 24 hours. A feature that could be partially credited to the Goerli update. If one of the network developers is to be believed, you will have to wait until tonight or tomorrow before the update is expected to be successful. In case of proven success, some are already predicting that the price of Ethereum could return to the threshold of 2,000 dollars. At the time of writing, the ETH token is trading at $1,888.42. This is the highest price level for Ethereum since the beginning of June.
Merger completed on September 19?
This date disturbs investors and fans of the crypto market. But in the purest tradition of the Ethereum network, the merger can happen when it needs to. Therefore the date 19 September is not to be taken literally until the day. What seems certain is that the network has never been so close to merging validation and the transition from Proof of Work to Proof of Stake.
A passage that will let us remember, that the Ethereum blockchain will be much more sober in terms of energy consumption. At this point, estimates are counting on a 99% reduction in the carbon impact of the PoS blockchain compared to the old PoW version. The merger should also facilitate the streamlining of the blockchain by greatly increasing the number of transactions processed. This will also have an impact on gas costs, which are expected to be very high. A fortiori when the blockchain is crowded.
Either way, The Merge is definitely the crypto event of the year. For the Ethereum blockchain, which was created in 2015, this is the biggest update in its history. Many expect this update to rescue the entire crypto market from the clutches of the bear market. Features of the answer in September!
Also read: What The Merge will bring to the Ethereum network!