It’s only a matter of days before The Merge and there are several important things for network users to remember. The long-awaited transition of Ethereum (ETH) to Proof-of-Stake (PoS) will require updates to the Beacon Chain and the Proof-of-Work (PoW) chain on a well-defined schedule.
Information to know about the progress of The Merge
While the arrival of the merger of Ethereum (ETH) has never been so tangible, a lot of information accompany this transition. The first, which is also the most important, concerns dates.
Let’s first remember that the transition from Proof-of-Work (PoW) to Proof-of-Stake (PoS) will only complete after the current two chains each have to your own update.
On the one hand, we have the Bellatrix update, on the Beacon Chain, the proof-of-stake consensus chain. This update must occur very precisely in September 6 at 13:34:47Paris time, at epoch 144896. An epoch is a unit of measurement on a PoS blockchain.
As for the Beacon chain, an epoch lasts about 6 min 30 s and contains 32 blocks. At the time of writing this article, we were in epoch 142151, for example:
Ethereum Beacon Chain Overview
On the current main chain side, the proof-of-work chain is the paris update which must occur in an interval between September 10 and 20. This will take effect when “Terminal Total Difficulty” (TTD) is reached, i.e. the maximum mining difficulty.
From this moment on, the next block will be generated by a beacon chain validator. Estimates consider The Merge to be effective two epochs after this block, approximately after 13 minutes.
We can also point out that the “bug bounty” program has been rated by a multiple of 4. Thus, whoever finds a bug rated as critical before September 8 will be rewarded. a million dollar reward.
👉 To go further: find our guide on The Merge is what it implies
The number 1 exchange in the world – Regulated in France
-10% discount on rates with the code SVULQ98B 🔥
The Ethereum Foundation makes available some frequently asked questions
Regarding the lack of a precise date on the advent of the TTD, the Ethereum Foundation explains that it actually depends on the hashrate deployed by the miners. An increase or decrease of the latter will affect the date of the Total Terminal Difficulty, but the fact is that this is unavoidable.
As we already know, the miners you will no longer receive rewards for block production after The Merge.
The various actors in the ecosystem may also be wondering what the coming changes will mean for them. In truth, this will really only concern those who are actively involved in maintaining the network, investors will have, so to speak, nothing to do.
Most of the work will be done by validators. The latter will have to update your client and make sure your node is working properly. For its part, the ETH stacked on Beacon Chain will remain locked as agreed until new update.
As for the various decentralized applications (dApps), developers are encouraged to do as much testing as possible. about Goerly and Sepolia to solve any problem. However, the main difficulties should only affect smart contracts that use specific functions of a PoW environment.
As long as all goes well, Ethereum (ETH) will have succeeded the biggest update in its history in less than a month.
👉 Also in the news: CME to launch options on Ether (ETH) futures ahead of The Merge
published by editions Larousse
Source: Ethereum Foundation, Beaconscan
Receive a summary of crypto news every Monday by email 👌
#Ethereum #ETH #meltdown #important #information #remember #coming #days