If everything goes according to plan, it is estimated that the release of The Merge en Ethereum a decentralized open-source blockchain with smart contracts functionality. mainnet an independent blockchain running its own network with its own technology and protocol. with its corresponding update will come into place in mid-2022.
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After a period of two years of development, the team from Ethereum launched the first public test network a network refers to all nodes in the operation of a blockchain at any given moment in time. forThe Merge, which officially activates the systemProof-of-Stake poS is a type of consensus algorithm that rewards validators according to the amount of crypto they have staked. driven by the validators of Ethereum 2.0.
The Merge and the paradigm shift in the 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. industry Ethereum
As such,The Merge is one of the most awaited steps in the 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, precisely because it represents the beginning of a new dynamic for block a file containing information on transactions completed during a given time period. Blocks are the constituent parts of a blockchain. processing. For this test network, there are already more than 2.3 million ETH 72,000 validators, while the smart contract in traditional finance, a contract is a binding agreement between two parties. In cryptocurrencies, smart contracts execute functions on the blockchain. of ETH 2.0 already has more than 8.7 million ETH valued at almost USD $34 billion at the time of going to press.
Once everything is in place, the transition will be complete and the bulk of the transactions will be validated by the people 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. the smart contract, which would completely displace the miners contributors to a blockchain taking part in the process of mining. They can be professional miners or organizations with large-scale operations, or hobbyists who set up mining rigs at home or in the office. who support the opposite of Resistance, it is a threshold that crypto’s price doesn’t fall below. the operation of the network with their GPU devices. This would also bring about a reduction in the environmental impact and power consumption of the network by 99.9%, making block processing a much more sustainable practice.
In addition to the above mentioned, it will also result in a reduction in the emission the speed at which new coins are produced and released. of ETH as a reward, which will be decreased by 75% compared to what is currently seen. This move could have a significant impact on the digital digital technologies are these electronic tools that have the ability to generate, store or even process data. currency, making it increasingly scarce and limiting its supply as opposed to the extensive demand in major markets.
The Merge may arrive in 2022
From the technical aspects, although the network would continue to work the same for end users with the changes mentioned above, the truth is thatThe Merge should have direct implications on the scalability of the base layer.
As for the timing, it is estimated that the official version with its respective update will be released during the second and third quarter of 2022, so there will be enough time to evaluate the operation of the test network and see if everything will work as expected.
It is also expected that the Ethereum Foundation provide much more detail as early as Q1 2022, detailing how all the tests have been working and perhaps estimating a tentative date for the expected update.
- Ethereum community starts testing “The Merge”, the next big step towards ETH 2.0
- Vitalik Buterin presents tentative roadmap for Ethereum 2.0
- Ethereum could displace Bitcoin the biggest and most popular cryptocurrency in the world. It is a decentralized digital currency that enables users to make trustless peer-to-peer transactions. as a store of value, says new study
Source: Trustnodes
Version by Angel Di Matteo / DiarioBitcoin
Imagen de Unsplash
