Ethereum: Goerli, last straight line before The Merge! Tonight, the Ethereum blockchain continues to forge its path to proof-of-stake. By validating a third and final update on a testnet. The blockchain is getting closer than ever to an ideal glimpsed for the first time in December 2020 with the Beacon Chain: the migration to a Proof of Stake consensus.
Goerli: Light at the end of the tunnel!
After the successful transitions of Ropsten and Sepolia in June and July, it was therefore Goerli's turn to begin his transformation. It was around 3:45 am (French time) that the update took place.
A time when the Goerli testnet mutated from proof-of-authority to proof-of-stake. This transition took place on block 10,790,000. It was validated when the following block could be implemented by a Beacon Chain validator.
The developers have succeeded in merging Goerli's code with that of Prater. An operation is necessary after the Bellatrix update which took place at the end of last month.
This merger between Goerli and Prater made it possible to simulate, on a real scale this time, the transition from Proof of Work to Proof of Stake.
The update of the Goerli network also marks the end of an era: that of testing on network testnets. In its mutation from Proof of Work to Proof of Stake, The Merge has been tested on several Ethereum blockchain testnets. The next update will therefore touch on reality.
An impact on the price of Ethereum?
Difficult to isolate the impact of the update on the appreciation of the price of Ethereum in the last 24 hours (+11.2%). Indeed, as with the entire crypto market, Ethereum was positively impacted by the publication of US inflation figures. Inflation remains strong (8.5%) but more moderate than the established consensus (8.7%).
Nevertheless, Ethereum has outperformed the market over the past 24 hours. An element that could be partly credited to the Goerli update. If one of the developers of the network is to be believed, it will be necessary to wait until tonight or tomorrow before considering that the update is a success.
If successful, some are already predicting that the price of Ethereum could return to the $2,000 threshold. At the time of writing, the ETH token is trading for $1,888.42. This is the highest price level for Ethereum since the beginning of June.
A merger finalized on September 19?
This date haunts investors and followers of the crypto market. But in the purest tradition of the Ethereum network, it is possible that the merger will take place when it has to.
The date of September 19 is therefore not to be taken literally to the day. What seems certain is that the network has never been so close to validating its merger and the transition from Proof of Work to Proof of Stake.
A passage that, let us remember, will allow the Ethereum blockchain to be much soberer in terms of energy consumption. On this point, estimates are counting on a 99% reduction in the carbon impact of the PoS blockchain compared to the old PoW version.
The merger should also make it possible to streamline the blockchain by considerably increasing the number of transactions processed. This will also have an impact on gas costs, which are considered to be very high. A fortiori when the blockchain is congested.
Either way, The Merge is sure to be the crypto event of the year. For the Ethereum blockchain, created in 2015, this is the biggest update in its history. Many expect this update to rescue the entire crypto market from the clutches of the bear market. Elements of response in September!
READ MORE: What will The Merge change for Ethereum?
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