Goerli Testnet

Ethereum, the second-leading cryptocurrency by market cap, has completed the last dress rehearsal for a long-awaited upgrade dubbed “one of the most crucial events in crypto history.” Yes, I’m talking about the Goerli testnet merge.

The Goerli testnet merge was completed successfully. On Wednesday evening, Goerli, the network’s third and final testnet, successfully transitioned to a proof-of-stake (PoS) consensus mechanism. Ethereum is now in the final stages of preparation for the much-anticipated Merge event. Considering the interest in the Goerli merger, ETH has gained 11.09% in 24 hours.

Proof-of-Stake Mechanism

Since its beginning, Ethereum has been mined employing a method known as proof-of-work. It entails difficult arithmetic problems that several machines compete to solve and consume significant energy. Ethereum has worked hard to implement a new proof-of-stake network security mechanism.

Rather than counting on energy-intensive mining, the new technique mandates users to employ their existent Ether cache as a tool to authenticate transactions and mint tokens. As a result, it uses significantly less power and speeds up transactions.

Ethereum’s Long-awaited “Merge”

The most powerful indicator is Ethereum’s long-awaited “Merge,” which will complete its transition to a Proof-of-Stake network this autumn in a successful Goerli testnet merge. At the time of the Consensus Layer Call last month, Tim Beiko, a member of the Ethereum Foundation, proposed September 19 as the date.

The Goerli testnet merging was reported on July 28 and took place in two stages, commencing on August 4 with the pre-requisite Bellatrix update. The second stage, dubbed Paris, was activated today after the Goerli chain’s Terminal Total Difficulty (TTD) surpassed 10,790,000.

One of Ethereum’s testnets, Goerli, replicated a procedure that will be performed by the main network (or mainnet) in September. Before upgrading the main blockchain, developers can test new ideas and employ important adjustments on testnets.

The Wednesday night test demonstrated the efficiency of the merging process. It also demonstrated how the proof-of-stake validation procedure significantly reduces the amount of power required to validate a block of transactions.

Goerli Testnet Merge to Underpin Ethereum

The Merge has been Ethereum’s most significant update since the network’s inception in 2015. The PoS model that the Merge will use to replace the current, energy-intensive ETH mining process will increase network scalability and make it 99% more environmentally friendly.

The current crypto winter may or may not end, depending on how well the upgrade goes. There is a lot of speculation about how the merger will affect Ethereum’s market value. The excitement surrounding the news is likely to increase following the merger.

According to JPMorgan analysts in a client memo, the hype surrounding the merger may have helped the cryptocurrency market find a floor.

Over the last month, the price of ETH has increased by approximately 80%. It has risen by 11.09% per day to approximately $1,884.45. However, it has dropped by nearly 50% this year.

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