Bloomberg News reports that Ether outperformed its counterparts in the broader crypto market. This was noticed due to the recent software update that happened to the Ethereum network, which is scheduled to kick off the last lap of the long-awaited and apprehended migration of the blockchain to a process that is much more energy efficient.
After Bitcoin, the digital currency, the biggest by market value, was found to rise by as much as 5.5%, recording a figure of $1,643. Bitcoin remained a little unchanged, like the other altcoins like Solana and Cardano. A throwback off-shooter of Ether known by Ethereum Classic surged by as much as 13% for the second straight day.
The upgrade to the Ethereum network known as the Bellatrix, which took place recently, was activated in New York around 7:35 am. Known as Merge, it is the blockchain’s transition. This migration will be from proof of work to proof of stake. It may be mentioned here that the proof of work necessitates using a mechanism that requires powerful computer miners to secure the network and earn rewards in Ether.
Merge Mania
The new system will replace the miners from performing similar tasks with the validators, which are the Ether holders that are staking their coins. This transition is anticipated to lead to Ethereum’s carbon footprint reduction by as much as 99%, thereby paving the way for upgrades in the future that will improve the network’s efficiency and scalability.
Bloomberg News reports that the Merge will do away with the Ether mining industry, whose value is multi-billion. Some crypto mining firms are planning to use their equipment for mining other proof of work tokens, including Ravecoin and Ethereum Classic. The cost of such late tokens is seen rising as more investors expect that the Merge will take place. EthereumPOW is a new token that a group of miners has also been contemplating, and they expect it will continue to remain and work on the older version of Ethereum when Merge finally happens.
Once Bellatrix happens, the Paris upgrade is next to follow on close heels. This boots off the miners so that Merge is finalized. That upgrade is anticipated to take place in the next week. The Ethereum core developers are running the Beacon Chain. The Beacon Chain is a proof of stake parallel to the present proof of work network. The transition will involve merging these two chains.
Ever since the inception of the blockchain in 2015, the transition or the Merge has been on the agenda of Ethereum’s roadmap. Despite several deferrals and delays in the last few years, the crypto traders or investors have been betting on Merge, which is finally taking place this year which are based on the updates given by developers aside from a couple of successful tests that were run at the beginning of the present year.
