74% of Ethereum nodes are ready to merge before the Bellatrix upgrade. The Merge is about to see the light of day! Ethereum will abandon its old Proof of Work system to move toward Proof of Stake. This merger is done in two parts with, first, “Bellatrix”, then “Paris”. With this, Ethereum should get a real boost compared to other emerging cryptocurrencies. The Merge has the big advantage of reducing Ethereum's energy consumption and reducing transaction costs to zero.
At the moment, 74% of the nodes are ready for the transition to the last stage. Bellatrix should enable the Beacon Chain to execute transactions! It is seen as the last bulwark before the transition to PoS scheduled between September 10 and 20.
Bellatrix soon to be completed, what will it bring?
Bellatrix has been announced for this September 6, but there are still 26.5% of nodes that are unmarked as ready for “The Merge” . Ethereum co-founder Vitalik, incidentally, made an announcement on his Twitter account asking the remaining operators to perform the update.
If the latter do not hurry to do so, they will be stuck on an incompatible channel. Here are Vitalik's exact words on the matter:
"Node operators will be stuck on an incompatible chain following the old rules and will not be able to send Ether or operate on the Post-Merge Ethereum network."
When Bellatrix has been completed, the team in charge will be able to move on to the Paris event, the date of which is estimated for September 15. For this to be triggered, the TTD (total terminal difficulty) must reach 58,750,000,000,000,000,000,000. The TTD represents all the difficulties accumulated in the network. In other words, it represents the difficulty of mining Ethereum by operators.
Bellatrix, what advantages for Ethereum?
Bellatrix is basically an update to the Beacon Chain. The Beacon Chain is a blockchain that was launched in 2020 and is evolving with Ethereum. Its only mission will be to ensure crypto exchanges with the Proof of Stake system. In crypto jargon, the Beacon CHAin can also be referred to as a consensus layer.
The Bellatrix update will therefore prepare the blockchain for the merger. It will radically change the way trade execution will work. In the old version, it had to be the ETH miners who had to validate the transactions.
Those days will soon be over and validators need to take over this system. This is also called Proof of Stake, exchanges are regulated by nodes with the most tokens, unlike PoW which requires a lot of computing power to be supported. With these changes, ETH is likely to jump to another level and see its value climb.
This process has the advantage of considerably reducing the energy required by ETH to operate. This will result in a drastic reduction in transaction fees for cryptocurrency. The Ethereum team explains it very well via a diagram shown below.
What nodes does Ethereum quote for Bellatrix?
If you have trouble understanding this concept, that's normal. Tell yourself that Ethereum is a network that is made up of computers that must run software called “nodes”. To make them work, you must have an interface on this same computer which we will call “a client”.
These nodes are responsible for verifying and validating all transactions across an entire network. The nodes are provided by Ethereum users.
The latter very often have a large number of tokens and have every interest in guaranteeing the security of the system. The value of their tokens heavily depends on it. The PoS system makes this verification much simpler since the nodes do not need to have high computing power to validate them. This computing power is removed, and we quickly understand why Ethereum will reduce its transaction costs so much.
Investing in The Merge is still possible
You only have a short week left if you want to invest in Ethereum before The Merge. It is very likely that the arrival of the merger will lead to stronger demand and increased trade for the next few months and years. Investors have already prepared their plan to take advantage of this announcement as best as possible. But it is not too late, Ethereum is destined to be crypto in place for many years. This update will surely allow ETH to compete with other emerging cryptos for quite a while. Some predictions estimate that Ethereum could multiply its value by 5 within a few years.
To invest, the process is very simple. All you have to do is go to an exchange platform such as Coinbase or Binance. By owning ETH tokens, these will automatically make the transition with the arrival of The Merge around September 13/15. Only the nodes need to do an action for this merge!
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