Ethereum is getting closer to a big update!

Ethereum is getting closer to a big update!

While Ethereum 2.0 is often displaced, the developers have just taken a new step. On June 8, the testnet will be public Ropsten upgraded to consensus Proof of Promise !

Another step towards The Merge

Last month, developers working on The Merge, an Ethereum network upgrade that will enable the transition from Proof of Work to Proof of Promise, began testing some hypotheses under real – world conditions. All through a shadow fork.

On Monday, the configuration code for a testnet upgrade was released by engineer Parathi Jayanathi who works as a developer on the Ethereum network. A feature that lets you validate the next update for June 8th. This update reveals a smaller fact about the transition to Ethereum 2.0.

Good to know: The transition from Proof of Work to Proof of Promise will be beneficial for Ethereum. In fact, this will allow energy consumption to be reduced by 90% when issuing new signals.

Ethereum Foundation strengthens “bug bounty”

In an effort to make it easier to upgrade the mainnet, the Ethereum Foundation just announced doubling the amount of remuneration paid for bug detection. This bounty bug program, launched in 2021, can reward users who report problems on the blockchain.

The more the detected bug could damage the blockchain, the higher the reward. Similarly, calculating the reward also integrates the probability of the event occurring. So, the highest rewards for sight defects are:

  1. High potential for network damage
  2. High probability of occurrence

As part of this program, “bug hunters” can claim up to $ 500,000 to win, up from the maximum provided to date. $ 250,000. Amount that can be paid in Ethereum (ETH) or DAI.

With the deployment of The Merge, Ethereum Foundation teams are trying above all to ensure that the process does not introduce vulnerabilities within the network. Recall that the number of transactions on the Ethereum network amounts to billions of dollars every day.

In a blog post, network developer Fredrik Svantes points out the interest of such an approach:

Client teams and the public have already made multiple organized efforts to further increase the knowledge and expertise between the two tiers.[…] Agreeing the bounty program will further increase visibility and coordination efforts to identify and mitigate vulnerabilities.

Impact on Ethereum price?

This news did not have a positive impact on the price of Ethereum. In a bearish session, the asset loses additional ground. In fact, in the last 24 hours, Ethereum has just lost 3.58%. ETH signal is exchanged, at the time of writing, against $ 1,955.34.

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