Ethereum has now become one of the most popular crypto blocks, and the upgrade, also known as ‘The Merge’ will transition the blockchain from a proof-of-work consensus mechanism to a more efficient, more secure and less energy-intensive one. proof-of-stock manner. The method would also be better suited to implement new scale solutions.
The current update is very much needed, as it will also be able to support my growing number of Ethereum users. This is done to solve problems such as slower speeds and higher costs. It makes sense to get this transition sooner rather than later. but unfortunately it is not that simple.
What is a difficulty bomb?
In a working evidence consensus mechanism, miners have to solve complex mathematical problems to win prizes. The difficulty bomb, which is the special code that has always been part of Ethereum, adds to the computational difficulty of mining, which is ultimately unworkable. When this so-called ‘bomb’ is off and running, this will be an indication that the days until the so-called combination will be calculated, and means that eventually the mathematical problem of working proof will become impossible. overcome. Miners will then lose profits trying to mine.
It would only make sense that miners would eventually abandon the proof-of-work model and migrate to a proof-of-stock method. But before all that happens, Ethereum developers all have to agree that enough tests have been done so that the Join can be announced smoothly. But so far it hasn’t happened, and the difficulty bomb has been delayed, not for the first time, but the fifth time now. More tests are still needed to ensure that the transition will go smoothly, which is hopefully possible around September 15, 2022.
Experts believe that a successful joint implementation could be one of the greatest achievements in the history of cryptocurrency. A smooth transition will transform one of the most widely used blockchains into a more seamless and affordable network that will be able to support many applications in the crypto world.
But if Ethereum developers can’t do this quickly, there may be obstacles to moving forward. The longer it lasts, the more blockchain that smart contracts such as Solana, Avalanche, or Cardano can be that will gain market share first.
But the good news is, the penultimate test environment network (Sepolia testnet), a two -step process, has been successfully completed. This testnet merger took the project one step closer to upgrading the Ethereum mainnet later this year.
Now, Ethereum is up about 5.15% since yesterday, and this media speculation may be due to its successful completion and the upcoming ‘Join’.
“The bad news is that the Ethereum developers have canceled a tough bombshell that was an important step for the Merge planned by the end of the year. The good news is that they were able to get the Sepolia test net. Upgrading Ethereum, now several years away, shows how difficult this business is. Every day opens the door to projects like Cardano, Solana, Avalanche etc. However, like Bitcoin, Ethereum has a first mover advantage and is still huge.If Ethereum can finally get stock evidence it will solidify, without question, the dominance of the smart contract space. But he had better hurry.