Ethereum Pulls off Final Test Run Before Launching the Merge – One of the Most Significant Events in the Space
Ethereum pulls off the final test on the Goerli testnet in preparation for the Merge, which is set to occur on September 15th.
Anticipation around Ethereum’s move to change its proof-of-work model to a proof-of-stake model, known as the Merge, has grown significantly. With the announcement of a scheduled launch date (September 15th/16th), the network’s token has been on the rise – though this is also partly due to the recent announcement of a slowed inflation rate.
This upgrade is seen as one of the most significant events in digital asset history.
Since the network’s creation almost a decade ago, the Ethereum token has been mined through the proof-of-work model, which involves an abundance of energy and complex math equations computers race to solve.
To prevent the excessive use of power and create a more eco-friendly solution, Ethereum will shift its model to proof-of-stake, which doesn’t rely on energy-intensive mining. Instead, the new method has users leverage their existing Ethereum to verify transactions and mint tokens. This new method uses far less power and is expected to lead to faster transactions.
The final test for this upgrade, which occurred on the Goerli testnet, took place on Wednesday.
The Goerli Testnet
The most recent test occurred on one of Ethereum’s testnets called Goerli. The testnet simulated an identical process to what will be seen on the mainnet this coming September.
The test performed on Wednesday displayed that the new proof-of-stake validation process the network will employ will substantially reduce the energy needed to verify a block of transactions while also proving that the merger process works.
Josef Je, a developer who previously worked with the Ethereum Foundation, stated, “Goerli has this badge of a bottom-up testnet.” He added that Goerli is currently the most used testnet and that proof-of-stake on it will act nearly identical to how things will run on the mainnet.
The Ethereum Foundation’s blog also made a similar statement, saying Goerli is “the closest to mainnet, which can be useful for testing smart contract interactions.”
Ansgar Dietrichs, a researcher with the Ethereum Foundation, tweeted about the test, calling it “another successful test,” and stated that the most relevant metric for success when it comes to a dry run like this is looking at the “time-to-finalization.”
Though the Goerli testnet test was overall successful, it wasn’t entirely seamless. Marius van der Wijden, an Ethereum developer, stated that the developers hadn’t finalized on Goerli earlier due to “some confusion on the network because of two different terminal blocks and lots of non-updated nodes.” However, he also said that so far, “it looks quite good.”
“Some confusion on the network because of two different terminal blocks and lots of non-updated nodes. [However] it looks quite good.”
The Final Steps Before the Merge
Two more steps need to be taken before Ethereum completes the upgrade. The two steps are known as “Bellatrix,” which is expected to take place on September 6th, and “Paris,” currently scheduled to happen on September 15th. The final step, known as Paris, will occur when Ethereum’s hash rate reaches a certain level.
However, this could all change in the coming weeks as a network’s hash rate is not consistent.
The network’s token and numerous other digital assets have been on an upward trajectory over the past month, jumping around 80%, including a 10% gain within 24 hours of the announcement.
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Written by: Jack Choros
Writer, content marketing at Netcoins.