Wednesday, February 8, 2023

Those who catch a bug in the Ethereum blockchain will get a reward of 1 million dollars

The reward for bug catchers before the upgrade to Ethereum, one of the popular blockchains, has been increased to $1 million. Ethereum is soon to be converted to a less energy-consuming Proof-of-Stake (PoS) mining system. The developers of this blockchain have encouraged programmers to find bugs to avoid any complications after the upgrade.

The upgrade to Ethereum is being called a “merge”. It is to be launched next month. About this the developers of Ethereum Told That the existing Ethereum network must first be activated on the Beacon chain before the upgrade. The alert is on for major changes to the blockchain as more than $100 billion worth of DeFi apps are supported on Ethereum. 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.

Recently, Goerli reached the final round of Merge testing on the test network. There have been hurdles in this project before. This upgrade has completed a trial on the public test network Sepolia. The developers of Ethereum explained in a blog post that Sepolia is the second of three public testnets for Merge. 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.

It was estimated 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 mining. 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.

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