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Ethereum Ready To BOOM After Successful Test Run
Ethereum is surging, up 16% in the past 7 days, trading at $1,880.23 and up 71% in the past 30 days. Most of the surge can be attributed to the anticipation of the much anticipated ‘merge’, which is an upgrade for Ethereum to move from a Proof-of-Work to a Proof-of-Stake. Vitalik Buterin, the Co-Founder of Ethereum, announced recently that the years-await for the merge is scheduled for mid-September and as reported by several news outlets, such as Bloomberg and CNBC, Ethereum just pulled off its final test run before the major upgrade.
For those who are unclear on the particulars of the merge in short rather than relying on energy-intensive mining, the transition to proof-of-stake requires users to leverage their existing cache of ether as a means to verify transactions and mint tokens. It is expected to use far less power and translate into faster transactions.
Until now, Ethereum has been mined through a so-called proof-of-work model, which involves complex math equations that massive numbers of machines race to solve, and it requires an abundance of energy.
Ansgar Dietrichs, a researcher with the Ethereum Foundation, took to Twitter to announce ‘another successful test’. Dietrichs states that the most relevant metric for success when it comes to a dry run like this is looking at time to finalization. Dietrichs tweeted;
To be fair, that is a calculated tradeoff: Having so many different client combinations means that it is almost impossible to get to 100% perfection, but at the same time the network is robust against a small hiccup rate.
The most relevant testnet merge success metric imo is time-to-finalization. And Prater/Goerli finalized just now (still some hiccups), so I‘d call it another successful test.
Goerli is a one of ethereum’s test networks, or testnets. It is a simulated process identical to what the main network, or mainnet, will execute in September.
The testnets did not go flawless, but overall, it works. A research associate from Galaxy Digital expressed that the participation rate after the test merge dropped, and it looked like there may have been an issue with one of the clients — but overall, it was a success. Christine Kim tweeted out;
A successful Merge = chain finalizes. Sure, 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.
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