According to recent reports, Ethereum, which is the second largest cryptocurrency, has just scored a success by carrying out a final test for its much-anticipated transformation. The final test occurred on Wednesday at 9:45 pm ET and is considered a historical milestone in the world of crypto. It should be noted that Ethereum has been conducting its operations based on the “proof of work” model since its commencement, which is not so efficient in terms of energy. The model requires a huge consumption of energy along with solving complex mathematical problems that make the process difficult.
As an alternative, Ethereum will now move towards the more sustainable and efficient option of mining known as “proof of stake”. This time around, the method will focus on giving users an edge so that they can efficiently verify their transactions. This updated method has come up with some impressive specifications and will utilize much less energy than it consumed in the previous model. Moreover, the rate of transactions will also be boosted, meaning that you can now take part in faster transactions.
“The most relevant metric for success when it comes to a dry run like this is looking at the time to finalization,” said Ansgar Dietrichs, who is currently working as a researcher at the Ethereum Foundation. He further called it “another successful test.” Another research associate from Galaxy Digital tweeted, “A successful merge = chain finalizes.” We are likely to see similar types of issues with the upgrade on the main net, but the point is, that the merge worked. ” On the other hand, it should be noted that the exact timing for the approval of the upgrade has not yet been decided. It is expected to be concluded in a meeting that is going to be held on Thursday.
However, prior reports suggest that the approval is expected to come into effect in the middle of September. Talking specifically about the price of Ethereum, it has continuously been escalating since the last month, but “it’s still down by about half this year,” as per the reports. Regardless of the incredible upgrade, employees at Ethereum said that there still might be room for improvement as they are continuously looking for any arising issues. Tim Beiko, who is a coordinator for Ethereum’s protocol developers, said that they get to know about any bugs within the system in a matter of “minutes” and they are already looking out for the issues in advance, intending to fix them.
Beiko stated, “We want to see the network finalized and have a high participation rate amongst validators, and also make sure we don’t hit any unexpected bugs or issues.” He further stated, “If those three things look good, then there’s a long list of secondary stuff to check, but at that point, things are going well.” It’s still not a trivial sum, but it’s a much more accessible system. “
