Ethereum, the world’s most popular cryptocurrency blockchain network, has passed a critical test ahead of a much-anticipated technological upgrade.
On Ropsten, one of the network’s oldest so-called testnets, developers ran the latest software for the upgrade known as the Merge. Before migrating their applications on the blockchain, developers use testnets to detect any problems and glitches.
While the Merge was attempted on other testnets earlier this year, Ropsten was thought to provide the most realistic technological environment and the best estimate for the ultimate process’ outcome.
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According to Tim Beiko, a computer scientist who supervises Ethereum development, the first post-Merge block of transactions was finalized at about 12 p.m. in New York time, indicating that the Merge on the testnet was complete.
“The network is stable, but there are some minor (known + expected) issues we are looking into.” “Overall, though, things are looking good.”Beiko said in a message
While the Merge has been postponed several times in recent years, Ethereum co-founder Vitalik Buterin recently stated that it might happen as soon as August.
The upgrade will allow the network to switch from proof-of-work to proof-of-stake consensus, in which miners utilize powerful computers to authenticate and organize transactions to protect Ethereum. After the changeover, holders of Ether, the network’s native token, will do the same tasks.
Investors have viewed the upgrade as a positive sign for the network and its currency, as the changeover is expected to reduce Ethereum’s carbon footprint by 99 percent, alleviating environmental concerns.
It would also slow the issuance of new tokens, which some analysts believe may enhance the price of the second-largest cryptocurrency in terms of market capitalization behind Bitcoin.