Ethereum’s ‘Merge’ is Just Around the Corner
The Ethereum blockchain was launched on July 30, 2015 and has since become the second most important cryptocurrency project. It has wide functionality, including not only transactions and a reward for their verification, but also contains the basis for decentralized applications, smart contracts, monetization platforms, crowdfunding initiatives, and much more. However, from almost the very beginning of the project’s launch, users are constantly reminded that Ethereum is soon to switch to the Proof-of-Stake algorithm.
Ethereum’s changes could end Bitcoin’s Dominance?
One of the central elements of the new Ethereum ecosystem will be sharding. It implies the simultaneous existence of several interconnected blockchains instead of one huge, energy-consuming massive network.
On Twitter, Vitalik Buterin shared the idea of Proto-danksharding (EIP-4844 protocol), i.e. a data validation script focused on transactions carrying so-called blobs that cannot be executed by the Ethereum Virtual Machine (EVM).
Proto-danksharding is intended to replace danksharding, a segmentation technique in which only one proposer selects all the transactions and data that fall into a particular slot, rather than a separate proposer for each shard.
This will lead to an increase in the data served and an increase in the block size. Also, arrays of binary objects will be automatically deleted every 30 days. This will reduce the network storage requirements.
The future is already written: ‘Merge’ Passes Major Test
“We strongly recommend that developers run through a full testing and deployment cycle on Kiln and report any issues with tools or dependencies to those projects' maintainers’’ says the Ethereum Foundation.
The migration of the Ethereum network to the Proof-of-Stake algorithm is getting closer - the developers have launched the Kiln testnet, which was the last step before the main network switches to PoS. With the help of the testnet, developers of Ethereum-based clients and solutions simulated a full transition to PoS with no major issues reported so far.
The ‘merge’ is expected sometime next quarter. So let’s be on the lookout, crypto-lovers! 👀
Undoubtedly, the long-awaited transition will be a breakthrough in the evolution of Ethereum. It will allow blockchain security to rely on tokens rather than costly and energy-consuming mining hardware.
According to the Etherscan data, the Ethereum 2.0 deposit contract exceeded 10 million ETH.
The ETH 2.0 deposit contract locks up 8.56% of the total ETH supply. On April 28th, (at the time of posting), the ETH price was $2,935 with a live market cap of $354,440,096,393.
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