Thursday, July 25, 2024

Ethereum nearly touches $2,000 with Goerli testnet.

With the Merge going live on the Goerli testnet, Ethereum gained 8.70% and nearly touched the $2,000 mark. At the time of writing this article, Ethereum was trading at $1,924. Goerli is the Ethereum network’s third and final testnet. In June, the Ropsten testnet successfully transitioned to proof-of-stake (PoS), and then the Sepolia testnet in July.

The successful integration, of the Goerli testnet is one of the many that have taken place in 2022 and have been smooth and joyfully welcomed. The Merge is one of Ethereum’s biggest developments. It’s shaping up the atmosphere to what is to come in September. The network is expected to make one of the biggest changes in its history next month.

Marius van der Wijden, Ethereum developer, revealed that there was some confusion on the network because of two different terminal blocks and lots of non-updated nodes slowed the process down slightly. But there is the confidence that the highly anticipated Ethereum mainnet merge with the PoS-based Beacon Chain will go through without a hitch. Tim Beiko, the lead developer, had earlier said that the major upgrade will go through on September 19, that is if the final merge trail runs went through successfully.

The Merge is expected to significantly reduce Ethereum’s energy consumption and bring the network closer to its long-term scalability, security, and sustainability goals. After the Merge, the next major landmark will be the multi-phased sharding upgrade. This is touted to enhance the distribution of data storage requirements. It will enable rollups to be cheaper, and make nodes easier to operate.

Cryptured Team
Cryptured Team
The writers team at Cryptured.com is composed of passionate and experienced journalists who cover the latest developments in the crypto and blockchain space. They aim to provide accurate, unbiased and easy-to-understand news and information for their readers, as well as insights and analysis from industry experts. The writers team is always on the lookout for new and exciting stories that can help the general public learn more about the potential and challenges of these technologies.
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