On August 4, the Goerli network will undergo a so-called practice round of The Merge as the third testnet. If everything goes according to plan, then it’s up to the main network to make the transition to Proof-of-Stake. The tentative date for this has been set by the Ethereum team on September 19.
The dress rehearsal
Before the real Ethereum undergoes the long-awaited metamorphosis, it is therefore first Goerli’s turn. If we have the blog of the Ethereum Foundation, then that final round of testing is scheduled for next week. The practice rounds on test networks are, as it were, dress rehearsals for the real thing.
The test round on the Goerli network is the third and final test before it is the turn of the real network. Earlier this month the Sepolia network switched to Proof-of-Stake without any problems and in June Ropsten also successfully made the transition. The Merge moves all activity from the current Proof-of-Work blockchain to the Proof-of-Stake Beacon Chain that has been running since December 2020.
The end of mining on Ethereum
The Merge puts an end to the process of mining on Ethereum and in its place comes the possibility to participate with at least 32 Ethereum as a striker. As a reward for staking and validating new blocks for the Proof-of-Stake blockchain, strikers will of course receive a reward. According to the Ethereum Foundation, this new model ensures that the Ethereum network is up to 99% less energy used.
Due to the fact that the Merge is likely to cause a lot of Ethereum to end up in staking contracts, many people expect it to have a deflationary effect on the token. Where supply falls, while demand remains the same or rises in response to any price rises. For that reason, Ethereum probably jumped 44 percent in the past month. Bitcoin has recorded a price gain of “only” 14 percent in the same month.
