- June 8, 2022
- Posted by: admin
- Category: BitCoin, Blockchain, Cryptocurrency, Investments
On a historic day in the history of Ethereum, the network’s oldest testnet Ropsten was able to complete “The Merge”. According to core developer Tim Beiko, the testnet has begun including blocks and operational. This marks one of the most important milestones in ETH’s migration to a Proof-of-Stake consensus.
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We have some transactions included in post-merge Ropsten blocks
h/t @Butta_eth https://t.co/siB78qq1gG pic.twitter.com/PlPlojdN3E
— Tim Beiko | timbeiko.eth
(@TimBeiko) June 8, 2022
Beiko said the following about the upcoming steps that will follow this milestone:
We do have some missing block proposals, which was a known issue before. Now, client teams will dig into the specifics across each combo expect a proper update by All Core Devs this Friday!
The second crypto by market cap is currently migrating from a Proof-of-Work (PoW) consensus to a Proof-of-Stake (PoS) consensus algorithm. “The Merge” in the event that will complete this process and combine ETH’s execution layer (ETH 1.0) with its consensus layer (ETH 2.0).
Supported by the Beacon Chain, the PoS blockchain launched in December 2020, “The Merge” is a highly anticipated event. However, it has been delayed several times in 2022 alone which has many wondering about the real possibility of a mainnet deployment this year.
Head of Custody for crypto exchange Coinbase, Ryan Bozarth, believes the milestones on testnet Ropsten puts Ethereum closer to a PoS consensus. According to his estimate, “The Merge” could see a mainnet rollout as soon as August 2022.
Data from Polymarket records high optimist for “The Merge” to be deployed from September (28%) to October (65%), to the end of the year (90%).
At the time of writing, ETH’s price is yet to react to recent developments. The cryptocurrency records an 8% loss in the last week and persistent sideways movement over the past 2 weeks.
The second crypto by market cap was heavily impacted by an increase in selling pressure as Bitcoin and other major cryptocurrencies began to trade to the downside during May.
This Is What Will Led Ethereum To A PoS Consensus
Pseudonym users PastryETH explained the process that enables the Ropsten testnet to complete “The Merge”. According to this user, this testnet launched its own version of the Beacon Chain last week, to operate as the consensus layer.
Later, the testnet adopted the “merge-compatible protocol rules” implemented by the “Bellatrix” update. Once these steps were completed, the testnet had to cross the Terminal Total Difficulty value. The Pastry said the following noting the next phase in Ethereum’s transitioning process:
Once the execution layer has exceeded the `TTD`, the next block will be solely produced by a Beacon Chain validator. The Merge is considered complete once this block is finalizes. After Ropsten, other testnets (Goerli & Sepolia) will also transition to PoS in the coming weeks.
The mainnet will undergo these very same steps when moving into its PoS consensus. “The Merge” will happen when all testnet successfully complete their PoS migration.
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On the impact of this event on the Ethereum network, Pastry concluded:
Additionally, The Merge will cause massive changes in supply/demand forces for ETH Immediately following it, issuance will reduce by over 90%, & millions in daily sell pressure will be replaced with buy pressure. This is the equivalent of 3 BTC halvings.
