Updated · Nov 16, 2022
Ethereum Conducts Successful Test for Proof-of-Stake Shift
Updated · Jun 09, 2022
The successful merge of the Ropsten testnet on Wednesday brings the Ethereum blockchain closer to Proof-of-Stake (PoS).
Closer to the Merge
Ethereum has successfully merged its Ropsten Testnet Proof-of-Stake (PoS) with the Beacon Chain PoS consensus chain. It brings the network a step closer to its long-anticipated upgrade to that consensus mechanism.
This is a significant milestone in Ethereum’s planned merge of its mainnet. It will see the largest smart contracts blockchain migrate from its current Proof-of-Work consensus mechanism to the more energy-efficient PoS.
Proof-of-Work is the much-criticized model that cryptocurrencies like bitcoin and Ethereum use to generate new tokens. It involves solving complex mathematical problems using specialized machines in a process that has enormous energy costs.
On PoS, validators who stake a required 32 ETH will handle the addition of new blocks to the blockchain.
Ethereum plans to merge two more testnets before its final mainnet Merge, tentatively scheduled for August. The impending upgrade will bring significant improvements. For one, the network will be able to process transactions much faster than at its current rate and for lower gas fees. PoS will also reduce Ethereum’s energy consumption by an estimated 99.95%.
Created in 2016, the Ropsten Testnet is Ethereum’s oldest and is considered the best replication of the Mainnet. Because of this, its successful transition to the PoS consensus mechanism is an encouraging sign for the planned Merge.
Ether, the blockchain’s native token, has lost more than half its value this year. Currently, it trades at $1,821.
Daniel is an Economics grad who fell in love with tech. His love for books and reading pushed him into picking up the pen - and keyboard. Also a data analyst, he's taking that leap into data science and machine learning. When not writing or studying, chances are that you'll catch him watching football or face-deep in an epic fantasy novel.
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