Ethereum Moves Closer to Blockchain Revamp After Milestone T | Market Ranger
Ethereum Moves Closer to Blockchain Revamp After Milestone Test.
│ Latest software for the upgrade was run on Ropsten testnet
│ Some investors said the revamp will be bullish for Ether
Ethereum, the world’s most used cryptocurrency blockchain network, passed a milestone test ahead of a highly anticipated technical upgrade without any major glitches.
The first post-Merge block of transactions was finalized around 12 pm in New York time, which means the Merge on the testnet was complete, said Tim Beiko a computer scientist who coordinates Ethereum developers.
“The network is stable, but there are some minor (known + expected) issues we are looking into.” Beiko said in a message. “Overall, though, things are looking good.”
While the Merge has faced multiple delays in the past few years, Ethereum co-founder Vitalik Buterin said recently that it can take place as soon as August. The upgrade will enable the network to move from the proof-of-work consensus mechanism, where miners use powerful computers to authenticate and order transactions to secure Ethereum, to proof-of-stake. Holders of the network’s native token Ether will perform the same tasks after the switch.
Investors have considered the revamp as a bullish signal for the network and its token as the switch is seen reducing Ethereum’s carbon footprint by 99% and addressing concerns from environmentalist groups. It will also slow issuance of new tokens, which some observers says could give a boost to the price of the second-largest cryptocurrency by market value after Bitcoin.
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