4u Created
Image default

Ethereum’s Goerli Testnet Implements The Merge, ETH Price Jumps 74% Higher During the Past 30 Days – Bitcoin News


The Merge has successfully been implemented into Ethereum’s third and final testnet, Goerli, after previously adding Merge support to the testnets Sepolia and Ropsten. The Merge was added to Goerli at approximately 9:45 p.m. (EST) on Wednesday, transitioning to a full proof-of-stake (PoS) network.

Goerli’s Merge Transition Is Complete, Vitalik’s Father Dmitry Buterin Says Ethereum Will ‘Reduce Energy Consumption by -200x’

The Merge is getting closer by the day, and it’s expected to take place during the week of September 19, according to a pencilled-in date recently revealed by Ethereum developers. The new PoS system was added to the first two major Ethereum testnets Ropsten and Sepolia, and the latest implementation took place on the Goerli testing network. The upgrade happened when the network’s Terminal Total Difficulty (TTD) surpassed 10,790,000.

The news follows the controversy surrounding The Merge as a few crypto community members plan to fork the chain and create a new proof-of-work (PoW) version of Ethereum. Vitalik Buterin recently denounced the PoW fork concept and the stablecoin issuer Tether announced full intentions to support the PoS version of ETH following The Merge.

“Tether believes that in order to avoid any disruption to the community, especially when using our tokens in [decentralized finance] projects and platforms, it’s important that the transition to PoS is not weaponized to cause confusion and harm within the ecosystem,” the company’s blog post noted August 9. “For this reason, Tether will closely follow the progress and preparations for this event and will support PoS Ethereum in line with the official schedule,” Tether added.

Furthermore, Pseudotheos, a researcher from the venture capital company Variant, has stated that the ETHW or Ethereum PoW fork idea is a retail trap. “The fact that people think an ETH PoW fork will be anything more than a retail trap means we haven’t learned anything from nearly a decade of social consensus hard forks,” Pseudotheos tweeted. “Nearly every smart contract on the POW fork will be broken in some capacity.”

Ethereum’s Goerli Testnet Implements The Merge, ETH Price Jumps 74% Higher During the Past 30 Days
Dmitry Buterin shared pictures of himself playing chess with his son Vitalik just before The Merge was merged into Goerli.

Prior to The Merge being implemented on Ethereum’s Goerli testnet, Vitalik Buterin’s father Dmitry Buterin published a post on Facebook talking about the transition, while sharing an image of him playing chess with his son. ”You are watching Michael Saylor’s Youtube videos talking about 10 commandments. Ethereum teams are getting ready for the Goerli testnet merge today, [the] last one before the Merge that will reduce Ethereum energy consumption by -200x. We are not the same,” Dmitry wrote.

Meanwhile, the price of ethereum (ETH) has risen 4.1% during the last 24 hours and at the time of writing, a single ether is exchanging for $1,914.80 per unit. Ethereum has increased 74.5% during the last 30 days against the U.S. dollar. Statistics taken at 2:31 a.m. Thursday morning (EST) indicate Ethereum’s hashrate is still above the 1 petahash per second (PH/s) range, or approximately 1,003,402,659,273,349 hashes per second (H/s).

Tags in this story
crypto assets, Dmitry Buterin, ETH PoS, Ethereum, Ethereum (ETH), Ethereum PoW fork, ETHW, Goerli testnet, Goerli testnet The Merge, PoS Ethereum, PoW, Proof of Work, Proof-of-Stake, Pseudotheos, Terminal Total Difficulty, Tether, The Merge, Variant, Vitalik Buterin

What do you think about The Merge being successfully merged into the testnet Goerli? Let us know what you think about this subject in the comments section below.

Jamie Redman

Jamie Redman is the News Lead at Bitcoin.com News and a financial tech journalist living in Florida. Redman has been an active member of the cryptocurrency community since 2011. He has a passion for Bitcoin, open-source code, and decentralized applications. Since September 2015, Redman has written more than 5,700 articles for Bitcoin.com News about the disruptive protocols emerging today.

Image Credits: Shutterstock, Pixabay, Wiki Commons, Editorial photo credit: Dmitry Buterin/ Facebook post

Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.


Source link

Related posts

Bitcoin Miners Face a Squeeze as BTC Production Cost Remains Well Above Spot Market Value – Mining Bitcoin News

APE, XLM Move Close to 1-Month Highs – Market Updates Bitcoin News

Nigerian Presidential Candidate Says Fixed Exchange Rate Regime ‘Has to End’ — Touts Success of Fintech Unicorn Flutterwave – Featured Bitcoin News