Friday 19 August 2022
Home / beacon chain / Ethereum Price Surges Following The Final Testnet Details
The Ethereum community has been anticipating the move from the Proof-of-Work (PoW) to the Proof-of-Stake mechanism. Luckily for everyone, the Merge will soon occur, and reports show that the developers are approaching the final test phase before the significant event. Tim Beiko, the lead developer on Ethereum, disclosed these details on July 28. According to him, the testnet transition will take place on the Goerli testnet, a close simulation of the Ethereum mainnet. 5 BTC + 300 Free Spins for new players & 15 BTC + 35.000 Free Spins every month, only at mBitcasino. Play Now! This version is known as Prator, and the date will be between August 6 and 12. The network upgrade will be called Paris, but another upgrade, Bellatrix, will position Prater well for the Goerl Merge. According to Beiko, the date for the Bellatrix upgrade will be on August 4. However, the lead developer also stated that validators and those who run nodes on Ethereum should pass through the process to prepare tho..

Ethereum Price Surges Following The Final Testnet Details

The Ethereum community has been anticipating the move from the Proof-of-Work (PoW) to the Proof-of-Stake mechanism. Luckily for everyone, the Merge will soon occur, and reports show that the developers are approaching the final test phase before the significant event.

Tim Beiko, the lead developer on Ethereum, disclosed these details on July 28. According to him, the testnet transition will take place on the Goerli testnet, a close simulation of the Ethereum mainnet.

5 BTC + 300 Free Spins for new players & 15 BTC + 35.000 Free Spins every month, only at mBitcasino. Play Now!

This version is known as Prator, and the date will be between August 6 and 12. The network upgrade will be called Paris, but another upgrade, Bellatrix, will position Prater well for the Goerl Merge.

According to Beiko, the date for the Bellatrix upgrade will be on August 4. However, the lead developer also stated that validators and those who run nodes on Ethereum should pass through the process to prepare thoroughly for the mainnet move to PoS.

Final Preparations Before Moving To PoS

According to the information released, the network has to complete one more testnet. The developers have completed many devnets, merges, and shadow forks on deprecated testnets. For instance, early in July, the developers ended the ninth shadow fork testing the MEV boost feature.

BitStarz Player Lands $2,459,124 Record Win! Could you be next big winner? Get 110 USDT Futures Bonus for FREE!

In the announcement, the lead developer stated that node operators must update their execution and consensus layer clients in tandem. But for stakers and holders of Ethereum, there’s nothing to do now. Those to take action are the testnet participants and node operators.

Related Reading: Ethereum Barrels Past $1,700 – Next Target: $2,000

Regarding the significant Merge, the community already knows it will take place on September 19, as the developers previously announced. But if there is an issue with the Goerli testing phase, the date might be pushed forward again.

Merge Becomes The Most Significant Ethereum Upgrade

Since Ethereum started operating on July 30, 2015, this is the highest upgrade on the network. But the plans to migrate to the Poof-of-Work mechanism have been ongoing for some years. Unfortunately, the developers have had many delays, which haven’t been okay with the community.

Read our comparison of 50 different crypto casinos. Find out who has most generous bonuses, best UX, knowledgeable customer support and best provably fair games.

Ethereum Price Surge Following The Final Testnet Details
ETH price is moving upwards on the chart. Source: ETHUSDT Tradingview

Thankfully, September 2022 will mark the end of the frustrations. For instance, traders have staked 13.1 million ETH on Beacon Chain, worth $21.5 billion. Even though these stakers earn 4.6% APY in Ether, withdrawing the gains will only occur many months after the Merge.

Related Reading: Polkadot (DOT) Grinds 15% Higher Amid Sustained Buying

The announcement also brought another price surge for ETH as it gained by 15% on July 28 to sell at $1,667 during the morning hours of the Asian trading session. This position shows a 47% increase over two weeks, even though it has yet to reach its 2021 highest price point.

Featured image from Pexels, chart from TradingView.com

Original Article

About Sean Patterson

Check Also

Decentraland Up For 4th Straight Session As MANA Targets $1.5

For the fourth straight session, Decentraland has shown up and has seen a surge of nearly 2%. More so, MANA’s fourth day exhibited a price spike trading above $1. Metaverse has been picking up steam especially since Facebook was revamped to Meta. Prior to that, Decentraland has always been extremely popular, especially for those who are into the virtual world but have grown tired of child play. Related Reading: STEPN Kickstarts Gamers’ Interest As GMT Capitalizes On Bullish Retracement The Popularity Of Decentraland MANA Basically, Decentraland was geared towards teenagers and adults who are looking to socialize, build, and earn with virtual land. All the virtual lands and assets seen in Decentraland can be bought with the MANA token. 5 BTC + 300 Free Spins for new players & 15 BTC + 35.000 Free Spins every month, only at mBitcasino. Play Now! Virtual real estate has also been very in-demand and MANA has been consistently shaping its virtual environment to provide sophisticated and ..

Leave a Reply

Your email address will not be published. Required fields are marked *