Ethereum is one step away from the proof-of-stake: the last testnet transition is set for early August
Ethereum’s Final Testnet Merge Scheduled Next Week. Source: shutterstock.com
According to the announcement by the Ethereum Foundation, Goerli/Prater testnet deployment will occur between August 4-12. This two-step network upgrade will be the final testing stage before the long-anticipated transition to the proof-of-stake consensus mechanism.
The Goerli testnet merging with the Prater beacon chain is the third and final dress rehearsal before the actual merge of the Ethereum mainnet with its proof-of-stake version. The two networks have been running in parallel since December 2020. The two previous testnets – Sepolia and Ropsten – have already successfully transitioned to proof-of-stake.
If the Goerli merge in the test network environment goes smoothly, Ethereum’s core developers plan to deploy the final transition around September 19.
The actual merge will end the energy-intensive practice of ETH mining, and replace it with a sustainable staking process. According to the Ethereum Foundation, the proof-of-stake model will make the Ethereum network 99,95% more environmentally friendly.
However, the practice of staking will likely lock up loads of ETH already in circulation. Therefore, the merge event might have a deflationary effect on the cryptocurrency.
That is one of the reasons why ETH increased by over 44% in the last month, compared to Bitcoin’s 14.6% growth.
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