The upgrade to Ethereum is being called a “merge”. It is to be launched next month. In this regard, the developers of Ethereum said that before the upgrade, the existing Ethereum network must first be activated on the Beacon chain. The alert is on for major changes to the blockchain as more than $100 billion worth of DeFi apps are supported on Ethereum. The upgrade is being awaited for the Total Terminal Difficulty (TTD) to reach a certain level. TTD is the total difficulty required for the final block to be ready on this blockchain.
Recently, Goerli reached the final round of Merge testing on the test network. There have been hurdles in this project before. This upgrade has completed a trial on the public test network Sepolia. The developers of Ethereum explained in a blog post that Sepolia is the second of three public testnets for Merge. The upgrade may also bring relief to investors in the crypto derivative token called stETH. Ethereum miners have to use large server farms to order transactions on the blockchain, resulting in higher electricity consumption and increased carbon emissions.
It was estimated that the electricity usage of one Ethereum transaction is equivalent to 1,40,893 Visa credit card transactions. After this upgrade, orders for Ethereum transactions will be placed from stakers. This system is called Proof of Stake. There was a shortage of electricity in some countries due to crypto mining. To tackle this problem, China banned crypto mining last year. In some other countries, there is a huge opposition to crypto mining for the same reason.
Download the Gadgets 360 Android app and follow us on Google News for the latest tech news, smartphone reviews and exclusive offers on popular mobile phones.