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Ethereum is now one of the most widespread blockchains of cryptography, and its upgrade, also known as “merge”, makes blockchain more efficient, safer and more energy consuming from the proof of work consensus mechanism. Move to less Proof of stake Method. This method is also suitable for implementing new scaling solutions.
Upgrades are now very much needed as they will be able to support the ever-growing number of Ethereum users. It aims to solve problems such as slowdowns and rising rates. Therefore, it makes sense to complete this transition sooner or later. But unfortunately it’s not that simple.
What is a difficulty bomb?
The proof-of-work consensus mechanism requires miners to solve complex math problems in order to earn rewards. Difficulty bombs, a special code that is always part of Ethereum, make mining calculations more difficult and ultimately impossible. When this so-called “bomb” disappears and runs the course, it indicates that the number of days until the so-called merge is counted, eventually making the proof-of-work math problem impossible. Means settle. After that, the miner tries to mine and loses profit.
It makes sense for miners to eventually stick to the proof of work model and move to the proof of stake method. But before all this happens, Ethereum developers must agree that they have been sufficiently tested to seamlessly publish their merges. But so far that hasn’t happened, and the difficulty bomb wasn’t the first, and is now behind the fifth. Further testing is needed to ensure a smooth migration. We hope this will happen around September 15, 2022.
Experts believe that the successful implementation of Merge could be one of the greatest achievements in the history of cryptocurrencies. A smooth migration transforms one of the most widely used blockchains into a smoother, more affordable network that can support a large number of applications in the crypto world.
But if Ethereum developers can’t do this right away, that could mean future issues. The longer it takes, the more likely it is that other smart contract-enabled blockchains such as Solana, Avalanche and Cardano will gain market share first.
Seporia test net
Fortunately, however, the penultimate test environment network (Sepolia testnet), a two-step process, completed successfully. With this testnet integration, the project will be one step closer to upgrading Ethereum’s mainnet later this year.
Currently, Ethereum is up about 5.15% from yesterday, and the media speculates that this may be due to this successful completion and the next “merge”.
Chris TerryBPSAA Board of Directors and VP Enterprise Solutions SmartFiThe US-based open lending platform wants to share his ideas on this issue.
“The bad news is that Ethereum developers have pushed back a difficult bomb, which was an essential step for the planned merge at the end of the year. The good news is that they are running the Seporia testnet. It’s a success. The Ethereum upgrade is now a few years behind and shows how difficult this business is. Every day goes by and opens the door to projects such as Cardano, Solana and Avalanche. Like Bitcoin, Ethereum has a pioneering advantage, which is still huge. If Ethereum finally gets the proof of stake, the advantage of smart contract space will definitely solidify, but they It’s better to move faster. “
