Ethereum Completes The Final Test Ahead Of The Merge Transition
Crypto enthusiasts are looking forward to the Ethereum blockchain’s so-called “Merge,” which will transform it from a proof-of-work network into a proof-of-stake network. This change is essential because proof-of-stake is seen as vastly superior to proof-of-work for multiple reasons.
On Wednesday night, Ethereum completed its final test ahead of the complete transformation, which is expected next month.
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Ethereum Completes Goerli Merge
Ethereum is the second-biggest cryptocurrency by market value, and crypto enthusiasts have been waiting for the proof-of-stake upgrade for years. The Merge is widely seen as one of the crypto market's most important events thus far.
Since it was created almost 10 years ago, Ethereum has been mined using a proof-of-work model similar to how bitcoin is mined. The proof-of-work model requires miners to solve complex mathematical equations to mine more tokens on the Ethereum blockchain, using up vast amounts of energy in the process.
However, a proof-of-stake model uses far less energy because it requires users to tap the ether they already have and use it to verify transactions and create new tokens. In addition to using less energy, a proof-of-stake model is also likely to speed up transaction rates dramatically.
Details On The Final Test
The last test before the Merge was completed Wednesday night at 9:45 ET. An Ethereum Foundation researcher tweeted late Wednesday that finalization was the most relevant metric when determining success on a dry run. Ansgar Dietrichs described Wednesday night's dry run as "another successful test" despite "some hiccups."
A Galaxy Digital researcher tweeted that the participation rate declined after the test merge dropped, adding that there could have been an issue with one of the clients. However, Christine Kim added that the test worked overall, declaring that "a successful Merge = chain finalizes." She expects "minor issues" similar to those encountered in Wednesday night's test but clarified that "the point is, the Merge worked."
The core developers who work on the Ethereum blockchain are set to meet on Thursday, and they are expected to talk about the timing of the real Merge. Previous statements have suggested that the transition should occur in mid-September.
CNBC noted that the Merge has been delayed repeatedly over the last several years. Core developers told the news outlet that progress on the Merge has been slow so that they have plenty of time for research, development and implementation.
In the meantime, the price of ether, the native token on the Ethereum blockchain, has been skyrocketing, climbing almost 80% over the last month.
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