Ethereum is a smart contract platform that enables developers to build tokens and decentralized applications (dapps). ETH is the native currency for the Ethereum platform and also works as the transaction fees to miners on the Ethereum network. Ethereum is the pioneer for blockchain based smart contracts.
A record amount representing more than $25 billion in Ether the form of payment used in the operation of the distribution application platform, Ethereum. as new tests are launched for The Merge: the big transition to PoS is coming.
The amount of ETH wagered on the contract in traditional finance, a contract is a binding agreement between two parties. In cryptocurrencies, smart contracts execute functions on the blockchain. of Ethereum a decentralized open-source blockchain with smart contracts functionality. 2.0 is rising to unprecedented levels as the network’s most anticipated update approaches: ‘The Merge‘.
El contrato de prueba de participación (PoS) de Ethereum has conquered a new milestone this Thursday after reaching the 10 million ETH, valued at more than $25 billion USD . Updated data fromEtherscan.io show that there are currently 10,020,226 ETH available as collateral collateral is any asset that a lender accepts as a form of security to ensure that the borrower repays a loan. in the deposit agreement of Ethereum 2.0 .
The community of Ethereum took to Twitter to celebrate the news.
>10M eth deposited in beacon chain. Another milestone! ???? pic.twitter.com/TkwkjkIM0b
— terence.eth ???????? (@terencechain) March 10, 2022
More than 10 million ETH in staking
The figure has been growing steadily since the first phase of the upgrade began at the end of 2020, when it was released Beacon Chain a second chain of Ethereum basada en PoS. El aumento indica que la cantidad de interesados en hacer staking participation in a proof-of-stake (PoS) system to put your tokens in to serve as a validator to the blockchain and receive rewards. with its ETH funds has increased, a sign of community support the opposite of Resistance, it is a threshold that crypto’s price doesn’t fall below. for the long-awaited platform a place to buy, sell and store cryptocurrency upgrade.
The long-anticipated upgrade will see the merger of the main chain of Ethereum with Beacon Chain . This stage is crucial for the project, as it will eventually involve the transition from a proof-of-work poW is a type of consensus algorithm that rewards validators according to the amount of computational power they have expended. (PoW) to a proof-of-participation (PoP) mechanism.
In a nutshell this will mean that the network will abandon the high computing power and electrical expense of mining a process where blocks are added to a blockchain, verifying transactions. It is also the process through which new bitcoin or some altcoins are created. to process transactions through a system of validators. Validators dispose of their ETH as collateral through an activity called staking, or participation, to process transactions in exchange businesses that allow customers to trade cryptocurrencies for fiat money or other cryptocurrencies. for a monetary incentive.
The more than 10 million ETH coins now locked in the deposit contract will play a key role in the next target of Ethereum especially now that the next stage of the upgrade is getting closer and closer.
The Merge’ gets closer and closer
The historic milestone seems to have motivated the developers of Ethereum to accelerate testing for the implementation of the next PoS mechanism. The upgrade phase, which is known as theThe Mergeis one of the most anticipated of the process.
Marius van der Wijden, desarrollador de la Ethereum Foundation took to his Twitter account an account is essentially a whose purpose is to track the financial activities of a specific asset/ on Thursday to announce that has been successfully launched Kiln the last test network prior to ‘ The Merge ‘ . “ We spun up Kiln’s test network a network refers to all nodes in the operation of a blockchain at any given moment in time. to test Ethereum’s next step to proof of stake. “he wrote in a thread ontweets, inviting users to participate in the test.
The network is still in PoW and The Merge in Kiln will probably happen in the middle of next week. So participate while the network is still in PoW and verify that your nodes/software/defi-protocol/NFTs survive the transition.
So get out there and give it a try!
It’s time to get #TestingTheMerge going again! We spun up the Kiln ???????? testnet an alternative blockchain used by developers for testing. to test #Ethereum ‘s upcoming move to proof-of-stake poS is a type of consensus algorithm that rewards validators according to the amount of crypto they have staked. (this should be the final testnet before we start merging Ropsten, Rinkeby, Goerli, etc).
This thread explains how *YOU* can get involved ???????????? pic.twitter.com/XthSZN8L2e
– MariusVanDerWijden (@vdWijden) March 10, 2022
Once the testing is complete, the developers of Ethereum will begin to merge the main test networks of the “ real life “ Ropsten, Rinkeby y Goerli . The community can also start deploying their decentralized decentralization refers to the property of a system in which nodes or actors work in concert in a distributed fashion to achieve a common goal. applications, DeFi a movement encouraging alternatives to traditional, centralized forms of financial services. protocols and non fungible in cryptocurrency, fungibility is when a coin or token can be replaced by any other identical coin or token. tokens (NFT) over the testnet.
The call for the tests ofThe Merge comes a couple of months after the will launch the first public test network for this stage. . The big change change — a concept relevant to cryptocurrencies that use the UTXO model — is the number of coins sent back to a user after they use their unspent outputs to initiate a transaction. is expected to take place in the second quarter of 2022. It should be noted thatThe Merge is the last stage for the transition from Ethereum to PoS, although it is just one of the many phases of ETH 2.0. a longer-term upgrade that was recently rebranded as “ Consensus consensus is achieved when all participants of the network agree on the order and content of the blocks in the blockchain. Layer “, the Consensus Cover.
- Vitalik Buterin presents tentative roadmap a roadmap is a high-level visual summary that helps map out the vision as well as the direction of a specific product. for Ethereum 2.0
- Ethereum 2.0 in numbers: Smart Contract already exceeds 9 million ETH disposed as collateral
- Ethereum 2.0: Altair upgrade succeeds with 99% of nodes on board
Article by Hannah Estefania Perez / DiarioBitcoin
Image from Unsplash edited in Canva