Leading smart contract platform Ethereum (ETH) is one step closer to its long-awaited move to proof-of-stake (PoS) operations.
A new post on the Ethereum Foundation Blog warns all Stripe users about what to expect in the coming days, as the new phase of ETH 2.0 is being tested ahead of a tentative final release in mid-September. I’m here.
“After years of work to bring Proof of Stake to Ethereum, we are now well on our way to the final testing phase, the testnet deployment!”
The highly anticipated event will allow Ethereum mainnet to integrate with beacon chains already running POS systems.
The Merge, creator of Ethereum 2.0, seeks to solve the network scalability problem by making it ready for future upgrades, including sharding.
Latest news informs Ethereum followers,
“The Merge differs from previous Ethereum upgrades in two ways. First, node operators will need to update both their Consensus Layer (CL) and Execution Layer (EL) clients. Not just one.
The upgrade is then activated in two phases. The first is named Bellatrix at the epoch height of the beacon chain and the second is named Paris when the total difficulty value is reached at the execution layer. ”
The post also warns developers to pre-check and protect their work.
“Most applications on Ethereum involve more than on-chain contracts. Now is the time to make sure your front-end code, tools, deployment pipelines, and other off-chain components work as intended. It’s time to
Developers are strongly encouraged to perform a full test and deployment cycle on Sepolia, Ropsten, or Kiln and report any tooling or dependency issues to the maintainers of those projects. ”
Ethereum users and token holders will not be affected as the mainnet will not be affected by testnet activity. This post reminds readers that once the transition to Proof of Stake is complete, mining will stop working and rewards will no longer be earned.
Regarding the exact date of the final merge, the project developer said:
“The timing of Ethereum’s mainnet proof-of-stake transition is TBD. Sources claiming otherwise may be fraudulent.”
Ethereum has benefited from a rally that has seen most of the cryptocurrency market rally since Tuesday.
At the time of writing, ETH is up nearly 24% in the last 48 hours, rising from $1,380 to $1,711.
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