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ETH Price Up As Merge Successfully Executed on Goerli Testnet

Forget about delays, only updates Ethereums Merge gets closer than ever before. Goerli, Ethereums major testnet, has finally completed its proceed to a Proof-of-Stake.

The deployment went smoothly and was completed from Wednesday night through Thursday, August 12. This event marks a significant part of the transition from Proof-of-Work to Proof-of-Stake.

The countdown to Merge, that is set for September 19, may now begin for people who have long supported the Ethereum network.

To make sure everything runs smoothly with Goerli, the Ethereum developers conducted a lot more than 25 experiments and testing on multiple testnets, including Rayonism, Amphora, and Kintsugi.

Looking Good Merge!

Goerli is among three public tests before running the app on the mainnet, and in addition among the last two important upgrades before Merge.

Goerlis testnet required a two-step process where the testnet merge was successfully implemented following the Terminal Total Difficulty (TTD) exceeded 10,790,000.

The Goerli testnet merged with the Prater testnet, a chain of Proof-of-Stake beacons that represents the final test run prior to the actual Merge occurs.

TTD marks the finish of Proof-of-Work and the start of Proof-of-Stake. For instance, in Ropsten Merge, TTD is 500000000000000000000 ie the block that reaches this degree of TTD would be the last PoW block, and another block from then on would be the first PoS block.

Goerli also encountered some minor issues just like the previous two tests, but developer Marius van der Vijden insists this didn’t cause major problems in the ultimate update.

There is some confusion on the network due to two different terminal blocks and a lot of non-updated nodes, so we didnt finalize earlier. Were still looking at whats happening, but up to now it looks quite good, Marius van der Vijden underlined.

After Goerli, the ultimate upgrade is scheduled for September 6. The upgrade, called Bellatrix, will kickstart the Merge and obtain everything ready to go.

As planned by the development team, mainnet consolidation will need place 14 days following the Bellatrix upgrade with the expectation of the network reaching a TTD of 58,750,000,000,000,000,000,000,000,000.

In accordance with what we currently know, the Merge could happen on September 19, as some devs had previously stated.

Needless to say, the technical team could elect to delay the update before data is written in to the client in case of some unanticipated circumstance.

However, these details demonstrates the success of the switch to PoW across all testnets.

Divided Opinions

The crypto world has been flooded with divergent views in the run-up to the big move. The chance of an Ethereum fork using Proof-of-Work has been highlighted in recent days.

In accordance with Galois Capital, a cryptocurrency hedge company, a lot of people and entities may fork PoW Ethereum, mentioning Bitcoin Cash, a fork of Bitcoin formed in August 2017.

After Galois Capitals statement went viral, Vitalik Buterin retaliated. Galois Capital, however, continues to be standing. The hedge fund is famous for the Terra (LUNA) event, having correctly predicted the collapse of the stablecoin in 2021.

Regardless of the debate, both Tether (USDT) and Circle (USDC) stated their support for the Merge. Binance indicated that, along with supporting the long-awaited upgrade, it could evaluate and consider support for Ethereums fork.

Almost all investors are optimistic about Merges prospects. The cost of Ether increased by a lot more than 10% on Wednesday and much more on Thursday.

In the last two months, there’s been a trend of whales purchasing Ether with the expectation that market consolidation can lead to a rise in price. During writing, Ether is trading around $1,900.

FOLLOWING THE Merge is operational, the next thing will undoubtedly be sharding. Ethereums Sharding is made to improve data storage on the blockchain while also lowering expenses.

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