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.’
The Merge is coming: UPGRADE YOUR CLIENTS!
• The Bellatrix upgrade is scheduled for epoch 144896 on the Beacon Chain – 11:34:47am UTC on Sept 6, 2022
• The TTD value triggering The Merge is 58750000000000000000000, expected between 10-20 Sep 2022
— Ethereum (@ethereum) August 29, 2022
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.