Ethereum (ETH), the market’s second-largest cryptocurrency, is fully prepared for its Proof-of-Stake (PoS) shift. The final Testnet Merge performed by the blockchain last Wednesday was successful. This suggests that the Mainnet integration should proceed without incident.
In the world of cryptocurrencies, a testnet is a test network built to experiment with various blockchain enhancements without harming the main network. In addition, this shift is scheduled to occur in mid-to late September.
Experts in cryptocurrencies say that if the Ethereum blockchain switched to the PoS model, it would be able to grow and be better for the environment because it would no longer use the energy-intensive PoW crypto mining process.
To put it another way, Proof-of-Stake will hasten the mining of cryptocurrencies, which is the process of producing new coins and confirming transactions in cryptocurrencies.
Ethereum will became more environmentally friendly
Ether, the native coin of Ethereum, saw its value increase by 14% in the 24 hours after the release of the positive news.
Ethereum will transition from a power-intensive proof-of-work system to a more environmentally friendly proof-of-stake mechanism. The “Merge” is the name given to this changeover, and the proposed Ethereum Merge date is September 19, 2022.
The switch is projected to boost network scalability while also making it 99% more environmentally friendly.
The Goerli testnet merging was Ethereum’s final litmus test before switching to the proof-of-stake consensus method. After the successful test, the Ethereum community is all a buzz, especially among key developers like Vitalik Buterin.
Ropsten and Sepolia, the two mergers that preceded this one, were both substantially successful. Both occurrences occurred in June and July of this year.
Ethereum will be more scalable after moving to the PoS mechanism. Its transaction speed will improve, and its energy consumption will decrease. As a consequence, investors will not have to wait long for their transactions to be validated, and they will not be charged a large gas price.
