Early August Will See The Merging Of Ethereum’s Final Testnet!
After two successful test launches of the POS Consensus Algorithm on Rinkeyby and Roptsen. On Goerli, Ethereum will launch its third testnet. This will be the last testnet before the Proof of Stake transition in September 2022.
Ethereum is quite close to its merge, and this is one last final step that will be done in the coming weeks. As per the Official statement by Ethereum Foundation, the Goerli testnet deployment are the dress rehearsals before they approach the main event. A dry run will take place once a month to test the final features.
Early August Will See The Merging Of Ethereum’s Final Testnet
The second testnet dry run was completed without incident a few weeks ago. Users can run their applications on the Ropsten testnet to observe the POS transaction validation and fees following the algorithm’s successful transition.
Lead Ethereum developer Tim Beiko announced on Twitter the complete details about the Goerli/Parter testnet. The Goerli testnet is a part of the beacon chain of networks. The Beacon chain is the Proof of stake version of Ethereum, which has been running parallel to the Proof of work based Ethereum chain for the past 30 Months (December 2020). It was expected to be completed in 2021. However, it took quite more time than expected due to various delays and pending work at the developer’s end.
This move would require validators to update both the execution and consensus layers simultaneously. The developer team will provide complete instructions and numerous clients to support the transition.
This Upcoming change would impact only participants and node operators on Goerli. Ether token holders and the stakers would not need to make any changes. The final transition to mainnet is highly dependent on the outcome of the Goerli testnet.
The switch from Proof of Work to Proof of Stake reduces the computational power needed to validate transactions. Unlike POW, the prospective chain validators would need to stake 32 Eth. Also, the Ethereum POS network would progress in epochs rather than blocks. One epoch would consist bundle of 32 blocks. According to the Ethereum Foundation, this step would make the Ethereum transactions more eco-friendly by 99 percent.
Ethereum’s Blockchain hasn’t seen a major upgrade like this since its inception. The upgrade would enhance the scalability as it will use the sharding technology to reduce the huge transaction costs. All scalability features will be merged by the middle of 2023, and the last phase of transition will take place.
Since the validators would lock 32 Eth, it is predicted that a deflationary effect would happen on the cryptocurrency as the demand will remain constant or increase, but supply would be quite less. Perhaps due to this, Ethereum has seen a 44 percent surge in price. While writing the article, the price of Ethereum is approximately $1632 as per the CoinMarketCap – A level not seen in recent months.
