The Merge, the merging event between Ethereum and Ethereum 2.0, is just around the corner.
Ethereum developer Terence Tsao teased on Twitter that the Ethereum merge will be implemented on the Goerli public testnet next month.
According to the blockchain developer's post, the merger of the Goerli testnet with the Beacon Chain of Ethereum 2.0, It is scheduled at block height 10.790.000, which could arrive on Wednesday, August 10.
As reported by this media, Ethereum developers announced that Goerli will be the last Ethereum testnet to implement the merger.
Therefore, after this phase is completed, the Ethereum mainnet, currently secured by the proof-of-work (PoW) consensus mechanism, will be the next to merge with the proof-of-stake (PoS) system on the Beacon Chain, which runs in parallel to the mainnet.
The merge on Ethereum mainnet also has a tentative date. According to Tim Beiko, the lead developer of Ethereum's new PoS network, The Merge could hit the mainnet as early as September 19.
Goerli will remain active after the merger
The merger is the joining of the current Ethereum network with the new blockchain that is built using Proof of Stake (PoS).
As announced by the developers, This is the most important update in the entire history of the blockchain..
Ethereum's transition from PoW to PoS will help the network reduce its energy consumption by more than 99%. It also prepares the blockchain for the sharding or fragmentation, which is a computing technique that will allow the network to be divided to increase its efficiency, scalability and performance.
However, the Ethereum merger also marks the end of block mining within this blockchain, as well as the closure of three of the test networks currently existing on Ethereum: Ropsten, Rinkeby and Kiln.
The network developers reported in June that these three testnets will be closed following the transition of the Ethereum mainnet to proof of stake, due to the costs involved in its maintenance.
The shutdown of Ropsten, Ethereum’s oldest public testnet, will occur in Q2023 of this year, while Kiln will follow shortly after the mainnet merge and Rinkeby is complete, in QXNUMX or QXNUMX XNUMX.
Only the Goerli and Sepolia public testnets will remain active on Ethereum after The Merge.
Merger drives up Ethereum (ETH) price
Ethereum (ETH) is showing a daily gain of 2,3% and a weekly gain of 48% at press time.
The price of the cryptocurrency began to rise on the market last week, after the possible date for the implementation of The Merge merger on the main network became known. This Tuesday, the value of ETH was fluctuating between $1.508 and $1.580 dollars per unit.
Source: CoinMarketCap
On the other hand, Ethereum Classic (ETC), which ranks among the top 30 cryptocurrencies in the industry, has risen by almost 80% in the past week. It seems that the price of this cryptocurrency has been benefiting from Ethereum's rise.
At press time, ETC is trading at $25,22 per token, according to data from CoinMarketCap.
Continue reading: Average network fee on Ethereum has dropped by more than 90% since November
