On Wednesday, Ethereum developers passed a test to upgrade a blockchain from Proof of Work to Proof of Stake.
The transition from Ethereum to Ethereum 2.0 is progressing well. On Wednesday, a much-anticipated test by the Ethereum community was passed. Concretely, the Ethereum developers have changed the Ethereum Ropnstet blockchain from a so-called “Proof of Work” (Pow) system to a “Proof of Stake” (PoS) system.
Ethereum founder Vitalik Buterin retweeted a tweet from an Etherchain specialist, announcing the news.
This test is part of a major update to the Ethereum blockchain, called The Merge, which is expected to take place in August. This merger consists of Ethereum, in the transition from a validation and mining process called PoW to PoS. A giant step towards a completely different system.
Difference between Proof of Work and Proof of Stake
As a reminder, “Proof of Work” (or Proof of Work) is a system that aims to secure many blockchains, particularly Bitcoin and Ethereum, thanks to minors (a person or group of people) who use the computing power of computers in order to validate transactions and create new blocks on the blockchain. The fastest miners for validating a transaction on the Bitcoin blockchain are rewarded in bitcoins for example.
For its part, Proof of Stake (or Proof of Stake) is a system that aims to secure multiple blockchains, which is an alternative to Proof of Stake. The holder of the cryptocurrency is chosen at random and must specially prove that they own a certain amount of cryptocurrency to have the right to validate the blocks in the network in order to ensure their security. This method is less energy consuming than proof of work.
More miners and 101,000 validators to secure Rospten’s network
Let’s go back to what happened on Wednesday. Launched in 2016, Ropsten was Ethereum’s oldest “testnet” to date. testnet is an alternative blockchain that allows testing to be run without jeopardizing user funds. The role of the various stakeholders (developers, auditors…) in the update on Ropsten is detailed in a post over here.
The transition from PoW to PoS on the blockchain has been successful, so miners can no longer mine on this network. Therefore, the Ropsten blockchain no longer has miners but more validators on its network: they have gone from 100,000 validators at the beginning of June to 101,000 today. Each of the latter blocked 32 ethers on an address to participate in block validation, implying that more than 3 million ethers were deposited to secure the network.
“A validator is an entity that participates in the consensus of the Ethereum 2.0 protocol, in other words, the human that performs the computer process. This process proposes and ensures that new blocks are added to the blockchain. In other words, you can think of the validator as a voter for new blocks. The more votes you get On them the block, the more likely they are to be added to the chain. It is important to note that a validator vote is weighted by the amount they receive. Ethereum explains on his blog.
Following this update on Ropsten, “verifiers that secure the network through Proof of Stake (PoS) are now up and running and creating new blocks of transactions previously generated by miners via Proof of Work (PoW),” explains specialist media founder Au Coin du Bloc, who prefers to remain anonymous.
Other tests before the main merge
This transition from PoW to PoS on the Ropsten blockchain still deserves close scrutiny. “Fusion working well for 6 hours is not evidence of complete success,” he said Vitalik Buterin Wednesday Pointing out that the problems may be identified within the next few weeks.
For example, during testing, Tim Peko, an Ethereum developer, identified a problem with missing blocks.
“Today, we can’t say yet that the transition has worked, and it takes some time to see how the network is reacting and whether everything is working properly. However, we can say that the deployment went well, which is very good,” said the founder Au Coin du Bloc.
Thus, the developers will be making the same updates as in Ropsten on two other test networks over the next few weeks: Sepolia and Goerli. If the updates are also successful, the big August update will happen to the main Ethereum blockchain, which will move from PoW to PoS.
in The note was published in May On the Ethereum website, the developers claim that the built-in blockchain will consume 99.95% less power after its transition. This merger will also lead to new developments on the blockchain, where mining will no longer be possible. Self-checkers support mainnet validation.
Moreover, this merger You should reduce the release of Ethers in circulation, which means that with a limited amount, the demand for ether can be higher. In fact, unlike bitcoin that is issued in limited quantities (21 million bitcoins in the long term at most), there is no such limit for ether.