Ethereum’s final testnet, Goerli, has successfully updated. This means that the Web3 platform is in the final stages of a long technical transition. Goerli was the last test before the final upgrade to Ethereum’s Virtual Machine (EVM). This is a software platform powered by the Ethereum cryptocurrency. The merge, which points to a hard fork of Ethereum mainnet body, brings a series of changes. Its main change is the proof of work (POW) that utilizes current graphics cards.
Goerli is the last in a series of testnet upgrades that have taken place throughout the year. Each testnet upgrade was intended to diagnose potential code vulnerabilities, issues, and unforeseen circumstances that could render Ethereum’s network inoperable. That the last testnet has finally completed its transition means that EVM’s gears are well-oiled for a successful transition in his September.
Merge’s main feature is that Ethereum is energy intensive, known as Proof of Work (a validator/miner uses a graphics card to solve the cryptocurrency’s Dagger Hashimoto algorithm to ensure transactions are processed correctly). It’s about allowing you to move from a type security approach to proof of work. stake.
Proof of Stake does away with computationally intensive security methods. Instead, validators must demonstrate a stake in the future of Ethereum by holding the equivalent of 32 ETH in a node. Holding these 32 ETH units theoretically means that these validators have the well-being of Ethereum in mind (either against it or “addicted” to transactions). Doing so may undermine market perception and value, reducing the value of staked Ethereum tokens).
POS adoption is speculated as the next step towards institutional adoption of Ethereum. Environmental concerns have been cited as a reason for not being more widely used as a development platform.
It’s also been a bane on the part of PC enthusiasts as it has sparked unprecedented competition from miners looking to secure the latest graphics cards from both Nvidia and AMD to use for mining purposes. was. While AMD appears to have been relatively unscathed in the recent GPU mining rush, Nvidia has had to take multiple steps to mitigate the impact of this additional demand on its products. It introduces a software lock on the card that detects cryptocurrency mining workloads and limits performance (the so-called Light Hash Rate Limiter), and offers a crypto-specific GPU line-up, the Crypto Mining Processor (CMP). I was. series.
Following the successful testnet integration, Ethereum’s price has risen 12.6% over the past 24 hours, enjoying a substantial positive move, adding to the momentum of the cryptocurrency market. Up 19.58% last week.
Ethereum, like Bitcoin, stocks, and most other cryptocurrencies, crashed hard during the current bear market, but this was driven by macroeconomic factors (e.g., rampant inflation and consumer spending). ) and is still being felt due to geopolitical concerns (i.e. the influence of Russia and Ukraine). War and rising tensions on the border between China and Taiwan, one of his most important semiconductor nodes in the world).
The cryptocurrency market has already made moves regarding adopting or rejecting the Ethereum transition, with some proponents defending the EVM hard fork and continuing to leverage the POW model to keep miners in the game. make it possible.This has been a hotly debated issue within the Ethereum community, with certain cryptocurrency players Throw the hat to one side or the other.
Ethereum’s mainnet will merge in September, and while it remains to be seen where the chips will ultimately end up, the odds and software engineering seem to be on the side of a successful transition and a new era of cryptocurrencies.