After many delays, the energy-saving update for the Ethereum blockchain finally has a release date. Officially dubbed ‘Merge’, this update is expected to release exactly two months from today, September 19. The date was posted on Twitter by one of the developers. Developed by the Ethereum Foundation, Tim Beiko. While Beiko notes that this timeline isn’t specific, he did say it’s exciting to see the upgrade come together. For now, the September 19 release date is locked as a planning timeline.
Ethereum developers are coding its mining protocol to save energy ‘Proof-of-Stake’ (PoS) its present word pattern ‘Proof-of-Work’ (PoW) system. The Unified upgrade is expected to reduce Ethereum’s power consumption by 99.95%, its developers announced in a statement. blog post last year.
Delayed the release again than previously predicted August releaseBeiko revealed that the network will undergo some more testing before releasing it for commercial use.
The development comes just a few days after Merge successfully completed testing on a public test network called Red brown. This test marks the second to last experimental test for Merge.
These tests that Merge is going through are for developers to understand what the upgraded network will look like, in terms of performance, upon final release.
Developers are running extensive tests of the Ethereum enhancement because Decentralized Finance (DeFi) Applications reported to be worth more than $100 billion (approximately Rs 7,61,110) are supported on the blockchain and cannot be put in jeopardy.
Now, the final test of the network will be held on the so-called Goerli testnet a few days later.
Now that the progress of the Unified release is increasingly clear, it is reflecting the positive impact on Ether Price also.
On Monday, July 17, ETH rallied above the $1,254 mark (approximately Rs. 1 lakh) after days of recovering lows on the crypto ladder. According to Gadgets 360’s Cryptocurrency price trackerETH rose 3.16 percent, bringing its value to $1,442 (about Rs. 1.15 lakh).
Speaking to Gadgets 360, Edul Patel, CEO and Co-Founder of Mudrex noted that ETH has gained 17% in the past week, trading above the $1,254 mark (about Rs. 1 lakh) for the first time in a while. months because of the launch of an eco-friendly update called consolidation came closer to completion.
After switching to PoS mining operationsRandomly selected miners will be able to validate transactions on the Ethereum blockchain, eliminating the need for specialized machines and humans to add new blocks.
PoW . Miningon the other hand, a competitive validation method is needed to confirm transactions and add new blocks to the blockchain. As a result, PoW mining operations are more expensive to maintain as the advanced machines need to be plugged into a power source at all times which is used continuously by miners to validate transactions.
Bitcoin uses a PoW mining model and is notorious for disrupting the power around its mining centers.
Solana and PolygonMeanwhile, PoS-based eco-friendly blockchains are now gaining popularity.
