Ethereum just pulled off its final test run ahead of one of the most important events in crypto


Ethereum is the world’s second-biggest cryptocurrency, and it’s giving bitcoin a run for its money.

Getty

Ethereum, the second-largest cryptocurrency by market value, just ran a final dress rehearsal ahead of a years-awaited upgrade that’s been billed as one of the most important events in the history of crypto.

Since its creation almost a decade ago, ethereum has been mined through a so-called proof-of-work model. It involves complex math equations that massive numbers of machines race to solve, and it requires an abundance of energy. Bitcoin mining follows a similar process.

Ethereum has been working to shift to a new model for securing the network called proof of stake. Rather than relying on energy-intensive mining, the new method requires users to leverage their existing cache of ether as a means to verify transactions and mint tokens. It uses far less power and is expected to translate into faster transactions.

The final test took place Wednesday at around 9:45 p.m. ET.

Ansgar Dietrichs, a researcher with the Ethereum Foundation, said in a tweet that the most relevant metric for success when it comes to a dry run like this is looking at time to finalization. He called it “another successful test.”

A research associate from Galaxy Digital pointed out that the participation rate after the test merge dropped, and it looked like there may have been an issue with one of the clients — but overall, it worked.

“A successful Merge = chain finalizes,” Christine Kim wrote in a tweet, adding that we are likely to see similar types of issues with the upgrade on mainnet, “but the point is, the Merge worked.”

The timing of the upgrade will be discussed at a meeting of ethereum core developers on Thursday. Previous guidance indicated that the merge should go into effect in mid-September.

Ethereum’s transition has been repeatedly pushed back for the last several years. Core developers tell CNBC that the merge has been slow to progress, in order to allow sufficient time for research, development and implementation.

The price of ether, the token native to the ethereum blockchain, has been on an upswing the last month, rising nearly 80%, including a gain of 10% in the last 24 hours to around $1,875. However, it’s still down by about half this year.  

Here’s what happened

Spotting the bugs

‘More accessible’





Source link

Leave a Reply

Your email address will not be published.