Ethereum (ETH) to Pay $1M Reward for Bugs Spotted Before the Merge

Ethereum’s (ETH) long-awaited “The Merge” upgrade is set to kick off this September. The Ethereum Foundation, a non-profit organization behind the blockchain, is making sure all of the preparation goals are crossed off the checklist. To finish off the preparation phase, Ethereum quadrupled the reward for white hat hackers that are able to point out a bug in the system.

The Merge Coming Sooner Than Expected?

The computing power behind the network support has to do a lot with how smooth the transition to Proof of Stake (PoS) will go. As the final test on Ethereum’s (ETH) Goerli testnet is successfully completed, the mainnet switch is as ready as ever. Therefore, the Ethereum Foundation announced yesterday that the initial phase of the merge is likely to get going on September 6th.

Firstly, the Bellatrix upgrade on Beacon Chain is going to officially start on 11:34:47am UTC on Sept 6, 2022. The second part of the upgrade is called Paris and it will likely kick off between September 10th and 20th. However, the exact date depends on the Terminal Total Difficulty (TTD). It has to reach a certain TTD figure, which highly revolves around the Proof-of-Work (PoW) hash rate.

Coinbase Launches Wrapped & Staked ETH

Top names in the crypto world are laying the groundwork prior to the highly anticipated upgrade. The Merge is supported by both Binance and Coinbase, the two biggest exchanges. Moreover, Coinbase introduced cbETH, an Ethereum (ETH) ERC-20 token.

The wrapped and staked Ethereum (ETH) is “A utility token that represents ETH2, which is ETH staked through Coinbase.” The main difference between cbETH and ETH2 is that the new token can be sent outside of the Coinbase platform. ETH2, on the other hand, will have to be locked up until The Merge is finalized.

Ethereum (ETH) Is Back to Winning Ways

The second largest cryptocurrency asset finally got rid of the bears and recorded a profit of 4.5% in the last 24 hours. At press time, Ethereum trades at (ETH) $1,708.78. However, Ethereum (ETH) still has a deficit of 7.7% in the last fortnight. As the king of the altcoins is still down by 65% from its ATH, it will be exciting to see if ETH 2.0, or “The Merge,” can give the cryptocurrency a substantial boost to reach levels never seen before.

On the Flipside

Why You Should Care

The upcoming upgrade to Ethereum’s (ETH) blockchain will have a broad impact on the crypto industry. The long-awaited upgrade is a part of the series of major upgrades for ETH, and represents 55% completion of the network.

This article is for information purposes only and should not be considered trading or investment advice. Nothing herein shall be construed to be financial legal or tax advice. Trading Forex, cryptocurrencies, and CFDs poses a considerable risk of loss

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Author

Tadas Klimasevskis is a reporter, focusing on the latest tendencies of the crypto galaxy. He spends his time digging deeper into specific areas like meme coins such as Shiba Inu (SHIB) & Dogecoin (DOGE), music NFTs, sports NFTs, digital art and Pop culture in Web 3.0. Tadas strongly believes in crypto as disruptive innovation and keeps an eye out for new crypto hubs being developed around the globe. His vast experience in social media lets him quickly spot what’s going on in the mercurial world of crypto and deliver stories with unique spins. He has been active in blockchain and cryptocurrencies since 2019.