Ethereum merge or the Beacon Chain adoption is now the most anticipated upgrade in the cryptocurrency market. It was planned to be fixed in July this year. But for some ‘hiccups’, the merge could not take place and replanned to perform on September 19. Before the main net merges, it took three test net merges over the months. Goerli, the third and final test net merge, was successfully implemented last week. Goerli became one of the largest and most active Ethereum test nets.
The Final Testnet – Goerli :
Goerli is named after a rail station in Berlin. This test net was implemented after the two other test nets before the main net merged. In September, the proof-of-stake Beacon Chain will be adopted to the Ethereum main net. The Goerli test net happened when Terminal Total Difficulty (TTD) hit 10,790,000. Additionally, TTD mining difficulty is required to mine the final or ultimate block in the Ethereum blockchain. Reaching the difficulty level, the next block verifies and is added using the PoS consensus mechanism.
PoS or Proof of Stake is the latest mechanism that would be implemented through the Beacon merge. The three test nets occurred depending on the PoS mechanism. Before the Goerli test net merges, the other two merges happened in June and July this year. Other two testnets are Rapsten and Sepolia. Goerli is the final testnet. All three test net merges have been successfully implemented in the Ethereum Blockchain. It indicates a clear way for Ethereum’s transition from PoW to PoS consensus mechanism. Alongside, these test net merges signal the developers to troubleshoot bugs before the upgrade takes place across the main network.
During the Goerli test net merge, developers and interested individuals experienced a live cast of the merge in the Zoom platform. The pandas were indicating that the merge had worked.
The Mechanism :
The Ethereum main net merge will transfer the blockchain from proof-of-work (PoW) to a proof-of-stake (PoS) mechanism. It is not as complicated as the PoW mechanism in the blockchain. PoS is a lower energy intensity mechanism and it has a potential roadmap to a more measurable future by sharding. Ethereum will be deflationary using its PoS consensus mechanism. This upcoming update is one of the five other upcoming updates on Ethereum. It will reduce the block times and increase transaction speed.
This upcoming Merge will reduce the block time by 1 second. It will take 12 seconds instead of 13. It will not only reduce the block timings, but also the transferring fees.
It is expected that the PoS will destroy the overall issue of Ethereum by 4.2% every year and turn Ethereum into a ‘yield-bearing asset’ along with cash flow.
The upcoming ecosystem is going to change the number of stake-Ethereum. It is expected that the stake in Ethereum will increase by an upward percentage of 13.4 million through the implementation of the mechanism. Furthermore, miners will shift to ETC (Ethereum Classic-native token) from ETH after that ecosystem and it has the potential to increase the ETC price by 4 times.
It was earlier stated that the merge will get the users two separate networks. Later, it will develop exchanges, oracle suppliers, and stablecoin suppliers. During that time they have to decide which one they would choose to pay attention to. As both networks would own 100 billion USDT. Though, it was advised to stop respecting one of them (Tether).
Notably, This Beacon Merge is vast and remarkable as various protocols and decentralized applications are based on Ethereum. The blockchain will be more efficient through this merge and also scalable, and sustainable. This PoS is less complicated for staking ETH. The staking members need only 32 ETH. They will get a reward for contributing to the platform.