The consensus algorithm change in the main blockchain is still expected closer to the end of September

Ethereum developers report successful migration of Goerli testnet to PoS

11.08.2022 - 08:15

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2 min

What’s new? On August 11, the Goerli testnet on the Ethereum network was successfully switched to the Proof of Stake (PoS) consensus algorithm in a merger with another Prater testnet. This occurred when Goerli’s terminal total difficulty (TTD) reached 10 790 000. The upgrade was the final “trial run” before the algorithm change in the main blockchain, which is expected to take place on September 19-25. Against this backdrop, the ETH rate rose by 11,52% in the past 24 hours to $1878, according to Binance.

About switching to PoS. Ethereum co-founder Vitalik Buterin said that the growth of the ETH rate may not happen immediately after the release of “The Merge,” but 6-8 months later. In his opinion, at the moment, the market does not take into account the price of the asset the upcoming upgrade.

The Merge upgrade will increase Ethereum’s speed, efficiency, security, and scalability. As a result of the algorithm change from PoW to PoS, the way coins are earned on the network will change from mining to staking. The upgrade may also result in a split into two networks, one of which will continue to run on PoW.

For more details on the prospects of earning on the Ethereum network split, see GetBlock Magazine’s article.

Author:

Vasiliy Smirnov Vasiliy Smirnov

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