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.
Ethereum says goodbye to proof-of-work poW is a type of consensus algorithm that rewards validators according to the amount of computational power they have expended. and mining: welcome proof-of-stake! A milestone in crypto history is completed.
- The Merge se activó con éxito en Ethereum.
- Goodbye mining: Ethereum is now PoS.
- The beginning of a new era.
“The Merge“one of the most relevant events in the history of cryptocurrencies, is already here.
Ethereum a decentralized open-source blockchain with smart contracts functionality. (ETH), the second largest blockchain, has completed its long-awaited transition to Proof of Stake (PoS). That multi-year upgrade process, better known as “The Merge” or merger, was completed early Thursday morning. Following the change, Ethereum abandoned its proof-of-work (PoW) mechanism to rely on the more environmentally friendly PoS.
The developers of the network a network refers to all nodes in the operation of a blockchain at any given moment in time. and members of the Ethereum from all over the world are met online to celebrate the event. More than 41,000 people tuned in to the live-streamed party on YouTube . The co-founder of Ethereum and main spokesperson for the project, Vitalik Buterin, went to Twitter to celebrate the milestone.
And we’re done! Happy merging everyone. This is a great moment for the Ethereum ecosystem. Everyone who helped make the merger happen should be very proud today.
And we finalized!
Happy merge all. This is a big moment for the Ethereum ecosystem. Everyone who helped make the merge happen should feel very proud today.
– vitalik.eth (@VitalikButerin) September 15, 2022
Specifically, the update occurred when the network’s total terminal difficulty a measure of how hard it is to validate a new block on a blockchain. threshold (TTD), a measure that determines the difficulty of extracting blocks from the network. Ethereum reached 587,500,500,000,000,000,000,000,000,000,000,000 early Thursday. The change began on Sept. 6, when the update was triggered on Bellatrix which was followed by the Paris .
The activation caused the main test network to work by Ethereum se “ fusionara “with its chain Beacon Chain test of participation. The developer of the Ethereum Foundation , Justin Drake, dijo a CoinDesk which was, metaphorically, like turn off the engine of a running car.
Welcome PoS: a milestone for Ethereum
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 certainly no small thing. BeforeThe Merge, Ethereum relied on high computing power to add new blocks and provide security the term securities refers to a fungible and tradable financial instrument that carries a type of monetary value. to the network. In the proof of work, computers around the world compete to solve mathematical puzzles in a process known as mining. This comes at a high cost in terms of energy.
By abandoning PoW, 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. has also become obsolete for Ethereum . Instead, the network will now rely on validators who make 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. (stake or participation) of ETH to achieve consensus consensus is achieved when all participants of the network agree on the order and content of the blocks in the blockchain. and secure the network. The benefit in environmental terms is enormous, since it Ethereum should now consume a 99% less energy.
“ I think [The] Merge can really get people interested in Ethereum, but skeptical about the environmental impacts [of cryptocurrencies], to come and experiment with it “said Tim Beiko, a developer at the Ethereum Foundation who played a key role in the coordination of the update, to CoinDesk .
Although things won’t change much for everyday ETH users (addresses, wallets and transactions continue to work as before), the reduction in energy consumption is good news for many. On the other hand, the technological process is also laudable. As you rememberCryptoBriefing, Buterin has been discussing proof of participation since 2014 and the merger has been years in the making. During the live celebration, he commented, as quoted by the media:
Proof of Stake has been a dream for the Ethereum ecosystem from practically the beginning.
***This note is under development
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- The Merge could expose Ethereum’s network to security breaches, analysts warn
Article by Hannah Estefania Perez / DiarioBitcoin
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