fbpx

Proof-of-Stake Goes Live on Ethereum After Successful “Test Merge” on Ropsten

In preparation for the much-anticipated Ethereum transition from proof-of-work into proof-of-stake (PoS), dubbed the merge, developers have successfully activated PoS on the Ropsten test network.

Ropsten Now Running Proof-of-Stake

On Wednesday, June 8, Ropsten began running the proof-of-stake algorithm after the codes of its PoW chain were merged with the codes of the PoS beacon chain. 

The Ropsten merge serves as a practice session for the mainnet merge. Client software teams are now checking using Ethereum nodes (on Ropsten) to see if it performs without any glitches. 

Client software teams participated in the merge, including Lighthouse, Lodestar, Prysm, Teku, Besu, Erigon, go-ethereum (get), and Nethermind.

PoS Is Around the Corner for Ethereum

The successful merge on Ropsten prepares the way for the Ethereum mainnet merge scheduled to happen later this year. 

However, other merges on Goerli and Seoplia testnets are expected to happen in the coming months before we can finally see the PoS on the Ethereum mainnet.

The transition from PoW to PoS will end ETH mining, giving rewards to stakers instead. It will also reduce Ethereum’s energy consumption by 99.95%.

On the Flipside

  • With the Mainnet merge closer than ever, investors are bullish about ETH and are increasing their stake. ETH has risen by 0.5% over the last 24 hours to trade at $1,810.

The 24-hour price chart of Ethereum (ETH). Source: CoinMarketCap

Why You Should Care

The merge is a long-awaited historic event for Ethereum, and a successful first dress rehearsal could speed up the mainnet merge.

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

Rate This Article
In order to improve, we give you the opportunity to rate DailyCoin content
Author

Milko Trajcevski has been in the crypto world for years, and as such has gathered both a skill for writing as well as a native prowess when it comes to understanding everything that occurs within that world. Through skilled writing and determination, he covers articles about cryptocurrency, tokens, blockchain, crypto-asset regulations, crypto wallets, exchanges, liquidity, DApps, forks, mining, security, and blockchain technologies. He is a professional with a track record of proven expertise within the crypto space.