The Ethereum Foundation has announced that the "Merge" on the Kiln testnet was a success. This will be the final public testnet before the switch to proof-of-stake later this year.
According to blockchain data on the Kiln testnet, Ethereum's "Merge" has been completed successfully. The event took place on March 15, and Ethereum's developers praised the historic occasion. The beacon chain has now merged with the Kiln testnet.
The Kiln testnet is the final public testnet before the proof-of-stake transition, which is expected later this year. This is a significant milestone for the Ethereum network, which is about to undergo some of the most significant changes since its inception.
The Ethereum Foundation has also requested that stakeholders run tests on Kiln to ensure a smooth transition. The developers stated that they wanted to give the community the opportunity to test their products via the merge. According to an official Ethereum Foundation post,
Application & tooling developers, node operators, infrastructure providers and stakers are strongly encouraged to test on Kiln to ensure a smooth transition on existing public testnets.
Kintsugi, the previous testnet, will be phased out in the coming weeks. The Merge will also take place on existing proof-of-work testnets like Goerli and Ropsten before reaching the mainnet.
So far, no major issues have been reported. One Ethereum core developer identified a minor problem with one client combination, which is being investigated. Ethereum 2.0 will have a transformative impact.
Ethereum 2.0 is expected to have a transformative impact.
The ETH 2.0 transition has been ongoing for some time, taking place in stages. Several significant changes have occurred along the way, not the least of which was the launch of the beacon chain in 2020.
Perhaps more importantly, with so much focus on the energy consumption of PoW networks, Ethereum's energy consumption will be reduced by 99.9%. As a result of all of this, the ETH price will receive a boost as buying pressure increases.
Analysts and investors are optimistic about Ethereum once the transition is complete. ETH issuance is expected to fall by 90%, putting the asset in a deflationary state. Staking rewards for ETH will increase to more than 10%, and millions of ETH will be locked up for months.
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