“The leading smart contract platform Ethereum is moving one step closer to its long-awaited transition to operating via proof-of-stake (PoS)”–Paul Ebeling
A new post on the Ethereum Foundation blog is alerting all users on what to expect in the coming days as a new stage of ETH 2.0 is being tested ahead of its tentative final launch in mid-September.
“After years of work to bring proof-of-stake to Ethereum, we are now well into the final testing stage: testnet deployments!”
The highly anticipated event will allow Ethereum’s mainnet to merge with its Beacon Chain, which already runs the POS system.
The Merge, which will give rise to Ethereum 2.0, looks to solve the network’s scalability issues by setting the stage for future upgrades including sharding.
The latest news informs Ethereum followers that, “The Merge is different from previous Ethereum upgrades in two ways. First, node operators need to update both their consensus layer (CL) and execution layer (EL) clients in tandem, rather than just one of the two.
Second, the upgrade activates in two phases: the first, named Bellatrix, at an epoch height on the Beacon Chain and the second, named Paris, upon hitting a Total Difficulty value on the execution layer.”
The post also offers a warning to developers to preemptively check and protect their own work.
“Most applications on Ethereum involve much more than on-chain contracts. Now is the time to ensure that your front-end code, tooling, deployment pipeline and other off-chain components work as intended.
We strongly recommend that developers run through a complete testing and deployment cycle on Sepolia, Ropsten or Kiln and report any issues with tools or dependencies to those projects’ maintainers.”
Because the mainnet is not impacted by the testnet activities, Ethereum users and token holders will not be affected. The post does remind readers that after the transition to proof-of-stake is complete, mining will no longer function or earn rewards.
Regarding an exact date for the final merge, the project developers state,
“The time for the Ethereum mainnet proof-of-stake transition has not been set. Any source claiming otherwise is likely to be a scam.”
Ethereum has been a beneficiary of the rally that has seen most of the crypto markets jump higher since Tuesday.
Editor’s note: Since the inception of Bitcoin in Y 2009, the economic impact of cryptocurrency has been both overt and subtle. Now in its 11th year of existence, the digital or virtual money that takes the form of tokens or coins has established itself as a viable currency and form of investment, and the economic impact of cryptocurrency is evident in a number of areas in national and global communities.
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Have a prosperous weekend, Keep the Faith!