Saturday, October 1, 2022

Ethereum’s Upgrade Preparing to Launch Soon

An upgrade to the blockchain Ethereum could be launched soon. This upgrade is being called ‘Merge’. The developers of Ethereum said that it could be launched on 15 September. The upgrade is being awaited for the Total Terminal Difficulty (TTD) to reach a certain level. TTD is the total difficulty required for the final block to be ready on this blockchain.

Earlier this week, Goerli reached the final stages of Merge testing on the test network. More than $100 billion of decentralized finance (DeFi) apps are supported on this blockchain, and because of this, the upgrade is being cautious. There have been hurdles in this project before. The upgrade completed a trial last month on the public test network Sepolia. The Sepolia testnet will be monitored for the next few days. The developers of Ethereum explained in a blog post that Sepolia is the second of three public testnets for Merge. The delay in the upgrade is also affecting the price of Ether. The second largest cryptocurrency by value has seen a significant drop in price over the past few months.

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The upgrade may also bring relief to investors in the crypto derivative token called stETH. Ethereum miners have to use large server farms to order transactions on the blockchain, resulting in higher electricity consumption and increased carbon emissions. One estimate stated that the electricity usage of one Ethereum transaction is equivalent to 1,40,893 Visa credit card transactions. After this upgrade, orders for Ethereum transactions will be placed from stakers. This system is called Proof of Stake.

There was a shortage of electricity in some countries due to crypto activities. To tackle this problem, China banned crypto mining last year. In some other countries, there is a huge opposition to crypto mining for the same reason. Iran imposed a temporary ban on crypto mining a few months ago due to a disruption in the supply of electricity.

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