Ethereum is one step away from the proof-of-stake: the last testnet transition is set for early August
Ethereum’s Final Testnet Merge Scheduled Next Week. Source: shutterstock.com
According to the announcement by the Ethereum Foundation, Goerli/Prater testnet deployment will occur between August 4-12. This two-step network upgrade will be the final testing stage before the long-anticipated transition to the proof-of-stake consensus mechanism.?
The Goerli testnet merging with the Prater beacon chain is the third and final dress rehearsal before the actual merge of the Ethereum mainnet with its proof-of-stake version. The two networks have been running in parallel since December 2020. The two previous testnets – Sepolia and Ropsten – have already successfully transitioned to proof-of-stake.?
If the Goerli merge in the test network environment goes smoothly, Ethereum’s core developers plan to deploy the final transition around September 19.?
The actual merge will end the energy-intensive practice of ETH mining, and replace it with a sustainable staking process. According to the Ethereum Foundation, the proof-of-stake model will make the Ethereum network 99,95% more environmentally friendly.?
However, the practice of staking will likely lock up loads of ETH already in circulation. Therefore, the merge event might have a deflationary effect on the cryptocurrency.?
That is one of the reasons why ETH increased by over 44% in the last month, compared to Bitcoin’s 14.6% growth.
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Nina Bobro
Nina is passionate about financial technologies and environmental issues, reporting on the industry news and the most exciting projects that build their offerings around the intersection of fintech and sustainability.
