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Top Crypto News Today: ETH Merge Happening Sooner!

Top Crypto News: ETH Merge Happening Sooner!

The crypto space has been busy with Ethereum making the headlines so often! Why? Well one of the top crypto asset, ethereum, is going through a transitioning period. The Merge is its stop to finalize the transition from its previous Proof of Work consensus mechanism to its now Proof of Stake consensus mechanism. 

To help the merge complete its course, the ethereum developers have set 3 testnets before the transition is launched on Ethereum’s mainnet. This is to make sure that there are no fault while the transition is taking place. 

What is the Merge?

Ethereum Merge has been one of the biggest issues Ethereum has been plagued with. Since it is the most popular amongst developers building dApps, smart contracts, and DeFi protocols – it has been plagued with network congestion and transaction fee issues. Ethereum’s transaction speeds are now much lower than some of its closest competitors and its gas fees have skyrocketed amid the surge in interest in DeFi.

But adjusting the second-largest blockchain from one system to another is an incredibly complex, multi-step process. It’s important that each decision be assessed thoroughly. Therefore, this has been in the works for quite some time and it is yet to be seen when the final version is launched onto the mainnet.

However, this new Ethereum Merge Update is slated to solve a large chunk of those problems and keep the network ahead of its competition and also reward those who have been with them along the journey, and staked actual value for the Ethereum 2.0.

Additional Read: Ethereum Merge

ETHEREUM MERGE LATEST NEWS

The Goerli Testnet was expected to transition to Proof of Stake sometime between August 6, 2022, and August 12, 2022. Staying true to the committed timeline, the third and final test environment network (testnet) merge before the Ethereum blockchain makes its long-awaited move to proof-of-stake from proof-of-work has successfully been completed yesterday, August 11, 2022.

According to the Finbold report, in the previous weeks, Ethereum has mainly been on bullish momentum with the Merge upgrade that will transition the network from the Proof-of-Work (PoW) mechanism emerging as a key catalyst. The latest rally in the asset also comes after Ethereum developers successfully conducted the third and final test environment network (testnet) for the Merge. The upgrade dubbed ‘Goerli’ is significant since it is considered a dress rehearsal of the Merge. 

Source: Finbold

With the third and final testnet live, the merge date is now moving ahead of its previously claimed September commitment from the ETH developers. CoinTelegraph published that Ethereum’s transition to Proof-of-Stake is inching ever closer after developers agreed to a tentative date for the mainnet merge.

As reported by CoinTelegraph, ‘The Ethereum mainnet Merge date came into view after core developers such as Tim Beiko and Prysmatic Labs co-founder Terence Tsao agreed in an Aug. 11 developer call it would be when Total Terminal Difficulty (TTD) hits 58750000000000000000000. This was confirmed in a Github post titled “Tentative mainnet TTD” which was committed to by Beiko on Aug. 11. 

While the exact date and TTD(Total Terminal Difficulty) could be still be changed, the successes of the various testnet merges could be a promising sign that the Ethereum mainnet will transition to Proof-of-Stake (PoS) consensus next month without issue. The new official schedule is at least three days earlier than Ethereum core developer Tim Beiko’s last prediction of Sep. 19.

Source: CoinTelegraph

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