In a tweet, Ethereum developer Tim Biko Goerley shares the expected timeline for the proof-of-stake transition. Also, in a blog post shared with the tweet, the team noted that after multiple devnets, shadow forks, and mergers on the deprecated testnet, Goerly and its accompanying beacon chain, Prater, the only remaining testnet to undergo a “merge”. Huh.
Goerlie/Prater Merge Announcement
Prater will go through the Bellatrix upgrade on August 4th, and merge with Goerly between August 6-12th: if you run a node or validator, this is your last chance to go through the process before mainnet https:// t.co/ JAz5AJe12B
— Tim Beiko | timbeiko.eth (@TimBeiko) 27 July 2022
In this case, Goerli and Prater would merge, but the resulting network would continue to be known as “Gorlie” after the merge.
There are two ways in which Merge differs from earlier Ethereum updates. The consensus layer (CL) and execution layer (EL) clients of node operators must first be updated simultaneously, not just one of the two.
Second, the upgrade is activated in two phases: Bellatrix, which occurs at the height of an epoch on the beacon chain, and Paris, which occurs when the execution layer reaches a total-difficulty value.
On August 4, 2022 at 12:24 PM UTC, the Bellatrix update epoch is set for 112260. Paris, on the other hand, will start by reaching a specified terminal total difficulty (TTD) at Goerly, which is expected to be between. August 6 and August 12, 2022.
Once the execution layer exceeds the TTD, the next block will be completely constructed by the beacon chain validator. The merge will be complete once this block is finalized by the beacon chain. Assuming normal network conditions, this should happen in two epochs, or about 13 minutes, after the first post-TTD block is found.
Ethereum jumps 12%
Bitcoin and altcoins returned to levels seen in the past week following the Federal Reserve’s announcement that interest rates would rise by 0.75 percent on Wednesday.
I #ethereum Records broken on Tuesday after incredible jump in address activity #all time high by a wide margin. 1.06M $ETH Addresses transacted, and the team is still investigating the reasons for the +48% increase over the previous record. https://t.co/fRLNXkx0PR pic.twitter.com/oXhGvCTJef
— sentiment (@santimentfeed) 27 July 2022
The rate decision also partly contributed to the 12% daily increase in the price of Ethereum (ETH), trading at $1,628 at the time of publication. on-chain analytics firm sentiment It also reports that several important milestones have been reached for the second largest cryptocurrency.