Categories

In the midst of Whales’ Hovers, Ethereum Debuted Merge Upgrade On Goerli Testnet

In the midst of Whales' Hovers, Ethereum Debuted Merge Upgrade On Goerli Testnet

On Wednesday, August 20, 2018, the Ethereum network successfully finished the last stage of the Merge update that was being conducted on the Goerli testnet platform. With this latest update, developers now have permission to proceed with the Merge Upgrade on the network’s mainnet before the September launch.

Explain the concept of the Goerli Testnet.

Prior to releasing an application to the mainnet, developers can test it out on the Goerli testnet and make any necessary adjustments. Ethereum Foundation developer Josef Je claims that Georli’s bottom-up testnet features are what set it apart.

Furthermore, this latest improvement moves the network closer to its planned switch from Proof-of-Work to Proof-of-Stake (PoS) (PoW).

The developers announced that the new Ethereum 2.0 was faster and had more functionality. It also features increased network scalability, a decreased gas charge, and peak efficiency.

With the main network launch scheduled for September, the Goerli testnet has been widely hailed as a success by the Ethereum Foundation.

Note that Goerli is the final of the three public tests to have a practice Merge before the real thing happens.

When the Ethereum mainnet finally does combine, the community expects no disruption. Not only that, but the Merge is the largest blockchain network upgrade ever implemented.

In this way, the much-debated energy requirements of Ethereum will be greatly reduced. Following the completion of the Merge, the Ethereum development team’s attention will shift to sharding.

The network hopes to achieve sharding so that it can improve its data distribution mechanism. A secondary goal is to reduce the cost of rollups and simplify the use of nodes for end customers.

ETH Aims towards the $2,000 Mark

Ethereum has had a significant price increase of about 80% over the past month. The token’s value has increased by 12% in the past day, reaching $229 billion, and it is currently trading at $1882.

Inflation has been lowered and the forthcoming Merge has improved the value of the second largest cryptocurrency. Santiment, a blockchain-based data aggregator, reports a sharp increase in ETH hoarding by whales. According to the CPI’s optimistic projections, a price increase over the course of two months is followed by a jump in deals worth $100,000 or more.

Developers will be keeping a careful eye on the Goerli testnet, as mentioned by Ethereum Foundation’s Tim Beiko, in order to spot any bugs. Beiko also mentioned that they want to double check everything before completing the network’s switch.

Given the significance of the undertaking, it is only reasonable that the group take extra precautions to guarantee that the most recent release is completely bug free.

When it comes to the cryptocurrency market, Ethereum is second only to Bitcoin in terms of overall value. The network has become an important figure in the blockchain sector since it determines the rate of growth.

However, due to the ever-evolving blockchain landscape, the Merge may not be the last scaling Ethereum will experience.

In more ways than one, the Merge will revolutionize the blockchain industry and put Ethereum at the forefront.

Orizu Augustine
Orizu Augustine is an experienced crypto writer working for Alltechcraft. Having passion for writing, he covers news articles from blockchain to cryptocurrency and iPhone and Samsung related articles.