As the date of The Merge keeps getting close, another Ethereum testnet has been transitioned to POS consensus. This completes the first installment of the testnet Merge trilogy.
This indicates that the consensus layer, which had previously operated in parallel with Goerli via a proof-of-stake consensus method, has merged with Goerli’s execution layer, uniting the two systems.
Ethereum is the second-largest cryptocurrency in the world by market cap, and the network has just completed its third testnet transition.
The Merge event will be one of the most important events in the history of cryptocurrencies. The Merge was a years-awaited event, and now that it’s finally happening in September, the proof-of-work (POW) model is coming to an end, increasing the network’s energy efficiency and decreasing its carbon footprint.
The Proof-of-Work method required users to go through an energy-intensive mining process. The Proof-of-Stake method will verify the transactions and mint tokens using the exciting cache of Ether (it used assets staked rather than computing power). This method uses far fewer resources (power, computing) and enables faster transactions – something Ethereum badly needs.
Yesterday, the Goerli testnet was successfully merged – only the mainnet upgrade is remaining. Ethereum developers estimate that The Merge is expected to happen on September 19. Some say that the exact date can’t be predicted as no one knows the difficulty of the mining block – it varies on how much mining power is being given to the network at that exact time. So, it can be somewhere between September 15 and 20.
According to ethereum.org, the shift from PoW to PoS will reduce the network’s energy consumption to 99.95%. Diginconomist claimed that the Ethereum blockchain consumes as much electricity as Finland.
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