Ethereum Successfully Deploys Long-awaited Bellatrix Upgrade
- The transition from PoS to PoW will become fully operational in the next update.
- The switch might be finalized between September 10 and September 15.
On Tuesday, the long-awaited Bellatrix update to Ethereum’s blockchain has been deployed, marking the beginning of the network’s transition from proof-of-work to proof-of-stake. The Bellatrix update throughout the network will serve as a blueprint for the subsequent changes. It is anticipated the Merge to launch between September 10 and September 15. Moreover, with the transition to the new transaction validation system, Ethereum will usher in a new era for the cryptocurrency industry.
There are two phases to the Ethereum Merge. The first is the Bellatrix upgrade, which was successfully implemented at the metric’s counter towards a TTD threshold of 58750000000000000000000.
Matter of Days For the Merge
The transition from PoS to PoW will become fully operational once the next update, dubbed “Paris,” is launched. Once Paris is activated, the Merge will be finished in a matter of days. There has been no official announcement of the Merge date from the Ethereum foundation. According to their most recent blog post, the switch might be finalized between September 10 and September 15.
In addition, the Merge is the most significant development in the cryptocurrency sector this year. The Ethereum Foundation estimates that the new proof-of-stake approach will reduce energy usage by 99.5%.
Investors would reportedly be able to launch transactions with a low charge after the Ethereum Merge, since gas prices will have dropped. The network’s gas prices, though, won’t be confirmed until after the upgrade is completely operational.
According to CMC, the Ethereum price today is $1,668.60 USD with a 24-hour trading volume of $19,786,358,631 USD. Ethereum is up 4.30% in the last 24 hours.
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