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Bitcoin Price: $26,433
0.02%
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All-Time High: $69,045.00
61.62%
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Market Cap: $513,970,102,909 0.34%
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Goerli merge successful: Ethereum to become PoS blockchain
- August 12, 2022
- Ethereum
Source: Unsplash.com
The Goerli test merge has been completed without major complications. Now that the last of several test net merges has also been successful, there are no more obstacles for Ethereum to become a proof-of-stake blockchain in September.
Goerli test merge successfull
As several Ethereum developers announced via Twitter on August 11, the merge on the Goerli test network was completed without major complications. After Ropsten and Sepolia, Goerli was the last remaining test network on which the Merge was simulated before the Ethereum mainnet finally moves from proof-of-work (PoW) to proof-of-stake (PoS).
The Goerli testnet has been successfully merged and is now a full Proof of Stake chain.
— sassal.eth 🦇🔊🐼 (@sassal0x) August 11, 2022
Next up is (finally) the Ethereum mainnet!!
The Merge is coming 🐼
Ethereum to become proof-of-stake blockchain on September 15
Ethereum describes the Merge on its website as “most significant and anticipated upgrades in the history of Ethereum”:
The Merge represents the official switch to using the Beacon Chain as the engine of block production. Mining will no longer be the means of producing valid blocks. Instead, the proof-of-stake validators assume this role and will be responsible for processing the validity of all transactions and proposing blocks.
An estimated date for the Merge has now also been announced. Although the exact date depends on the hashrate, the Merge will most likely take place around September 15, 2022.
UPDATE: #Ethereum’s proof-of-work merge will happen around September 15, 2022. https://t.co/E9pzerkjzf
— BTCATH (@btcathcom) August 12, 2022
The Ethereum price has risen after the successful Goerli test merge and is now settling slightly below $2,000.
Towards an energy efficient blockchain
The switch from proof-of-work to proof-of-stake is going to drastically reduce Ethereum’s energy consumption and increase the sustainability and energy efficiency of the blockchain.
Once the Merge is complete, further multi-stage upgrades are planned to make Ethereum more scalable, for example by increasing the performance of the blockchain.
Disclaimer
This article does not provide investment advice. Historical cryptocurrency data is not a guarantee of future market developments. The author may hold several of the cryptocurrencies mentioned in this article.
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