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Top Crypto News Today: Ethereum Foundation Issued Important Warning about the Upcoming Merge

Top Crypto News Today: Important Update Issued by The Ethereum Blockchain on The Ongoing Merge

One of the top crypto assets, Ethereum has been going through a transition, where the blockchain will be shifting from its Proof of Work consensus mechanism to the more energy efficient Proof of Stake consensus mechanism. The transition has been termed as the Merge; which has been taking place via three testnets. The final Goerli testnet went live on the Ethereum blockchain early August with the Ethereum developers looking at September to compete the full transition. 

With the Ethereum Merge almost at the brink of being completed, the official Twitter account of the crypto asset; Ethereum, released an important warning about the upcoming Merge update!  

The Ethereum Merge is considered to be the most significant event in the whole digital assets industry. 

According to the U.Today report, ‘On epoch 144896 on the Beacon chain, on Sept. 6, 2022, the Bellatrix upgrade will go live, and the Merge will be triggered at a certain TTD value expected between Sept. 10 and 20. With the execution layer reaching the TTD, the Beacon chain will produce a subsequent block, and the transition will be completed. The expected time of transition is 13 minutes. In order to be eligible for a transition, node operators should run execution and consensus layer clients on newer releases to avoid losing their place on the network. Validators should also be careful when choosing what client to run as there is a risk of running a majority client on both layers.’

With the transitions and the minute bumps along the way, before the crypto space settles into the Ethereum Proof of Stake ecosystem, the Ethereum foundation is also giving the developers a chance to participate in the bug bounty. They will be eligible to receive up to $1 million if they find critical bugs and issues that might affect the network’s stability and security.

Source: Ethereum.org, U.Today

The most significant events Leading to The Merge:

  • Bellatrix Upgrade
    Slated for 6 September, this is the first step in the final set of steps of the final Ethereum Merge.
  • Sepolia Test Update
    With the recent post-Merge upgrade to the Ethereum Sepolia testnet, it becomes the first testnet to get a Proof of Stake chain upgrades post the Merge on the Sepolia testnet.
  • Goerli Testnet Merged
    This was the last major upgrade ahead of the final Ethereum Merge when the Proof-of-Stake chain was merged to the Goerli testnet on 11 August 2022.

ETHEREUM UPDATES TILL DATE

LONDON HARD FORK 5 AUGUST, 2021
ALTAIR UPGRADE 21 OCTOBER, 2021
ARROW GLACIER 9 DECEMBER, 2021
KILN TESTNET MERGE 16 MARCH, 2022
MAINNET SHADOW FORKS 12 APRIL, 2022
SEPOLIA TESTNET MERGE 6 JULY, 2022
TENTH MAINNET SHADOW FORK 27 JULY, 2022
GOERLI TESTNET MERGE 11 AUGUST, 2022
SEPOLIA TESTNET UPDATE 22 AUGUST, 2022
BELLATRIX UPDATE 6 SEPTEMBER, 2022
FINAL ETHEREUM MAINNET MERGE (TENTATIVE) 10-20 SEPTEMBER, 2022

Ethereum Price Prediction: September 2022

Ethereum price has marked its lows at $1500 levels in the last week of August. While the trade is headed towards the monthly close, new lows appear to be pre-programmed. The ETH price is attempting to bounce from the lower support, if it is successful, then may test the $1704 resistance by the end of this week. Hence the Ethereum price prediction for the weekly close may be above $2000. 

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