Altcoin News- Goerli completed a Merge rehearsal after three other public testnets.
- The mining of blocks for Ether tokens will shift from the proof-of-work.
Since the third and final ‘Goerli’ test environment network merge has been completed, the Ethereum blockchains long-awaited switch to proof-of-stake may now be expected to take place around September 15, according to network co-founder Vitalik Buterin.
The developers of Ethereum have settled on a target value for the so-called total terminal difficulty of the last block to be mined before the network upgrades. Another developer call is planned for next week, where the final time frame may be finalized. Goerli completed a Merge rehearsal after three other public testnets.
A long-awaited software upgrade, “the Merge,” will alter Ethereum’s transaction routing to be more power-efficient. Currently, the blockchain relies on a method called Proof of Work, which requires the usage of powerful computers in order to coordinate transactions. The Merge will change this so that staked Ether tokens will instead be used to order transactions.
Major Significant Event
With the Merge, the mining of blocks for Ether tokens will shift from the proof-of-work approach, whereby users solve difficult computational challenges, to the proof-of-stake method, wherein users just stake their tokens in exchange for transaction validation. With the POS protocol, anybody with some Ether stashed away may volunteer to verify other users’ Ethereum transactions. Famous crypto analyst Lark Davis tweeted about the upcoming Ethereum merger being bigger and more important than Bitcoin halving.
Buterin said last week that the proof-of-work version of Ethereum has a roughly “fixed number” of mining slots after the final test stage of the Merge known as Goerli. Developers will now have a better idea of when the formal network update will happen.
Dates between September 15 and September 20 were predicted in a prior prediction. Next week, the developers of Ethereum will meet again to iron out any remaining issues with the Merge and establish a firm date.
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Source: https://thenewscrypto.com/popular-analyst-ranks-ethereum-merge-above-bitcoin-halving/