Ethereum’s upcoming transition from its current proof-of-work mining system to PoS seems inevitable as the activation of the Bellatrix upgrade was completed.
The cryptocurrency world is awash with new ideas and innovation. One that stands out is the use of smart contracts, enabled by blockchain technology, to automate transactions between parties. Ethereum has emerged as a leader in this arena, and its potential was demonstrated when the Ether token became the second most valuable digital asset after Bitcoin. And because the Bellatrix upgrade is a success, the world is watching closely to see what the future holds after the Ethereum Merge.
Now that the last major update to the Ethereum network has been finalized, it is expected that the highly anticipated Merge is likely to be completed by September 16.
The Impact of the Bellatrix Update on the Ethereum Merge
As we know it, Proof-of-stake is a standard consensus algorithm that many blockchain networks use to validate transactions and operate nodes. However, Ethereum’s implementation of proof-of-stake has been an issue ever since the network decided to switch from proof-of-work. The main problem with this implementation was that it was not suitable for a virtual machine like the EVM. This is because the mechanism would take time to process and create new blocks, which is why numerous solutions have been proposed in recent months.
The activation of the Bellatrix upgrade is very important for the Merge as it will help Ethereum completely transition into a proof-of-stake mechanism without any troubles.
Proof of Stake is a new system that lets users mine tokens based on how many coins they own instead of solving difficult puzzles. With the growing concerns around mining centralization, transitioning to PoS has been one of the solutions proposed by developers.
This is not a Drill: The Merge is Coming
It was only a few months ago when all of us were holding our breath in anticipation of the most significant update to the legendary Ethereum. And now, the date has finally been revealed, and we are only a few days away before Ethereum Can Finally Start Its Long-Awaited Merge.
In order to ensure the stability and security of the system, some crypto exchanges such as FTX and Coinbase will pause Ethereum deposits and withdrawals ahead of the Merge. You may send your ETH to anyone in an attempt to upgrade ETH2 when in fact, there is no ETH2 token. So please be careful and be on high alert for scams, most especially leading up to the Merge.