A few days ago, Ethereum successfully completed the dress rehearsal of the biggest upgrade in its history. After being pushed back several times over the past few years due to major flaws, this metamorphosis should finally happen and it is eagerly awaited.
The end of proof-by-work in favor of proof-of-stake
This is the end of proof by work. In order to validate transactions in the blockchain, Ethereum will now use proof of stake, to the detriment of proof of work. The challenge of this new method is above all ecological. Proof of work, currently in use, is a very energy-intensive process and has a significant impact on the environment. Indeed, cryptocurrencies like Ethereum and Bitcoin are often criticized for their mining process. This work involves complex mathematical equations that a large number of machines strive to solve.
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Proof of stake requires much less energy than mining and will result in faster transactions. It’s a small revolution in the world of crypto-assets. To make sure this transition would go smoothly, Ethereum did a giant test on its oldest testnet. The developers havesimulated a process identical to the one the mainnet will run this fall. Testnets allow new things to be tried before they are deployed to the main blockchain, giving them time to make necessary adjustments.
The merge process works
On Wednesday, June 8, this test showed that the proof-of-stake validation process significantly reduces the energy required to verifying a block of transactions, and also proved that the merge process works. According to Auston Bunsen, co-founder of QuikNode, “No bugs have occurred. Everything took place in the best imaginable conditions.”. Ethereum Protocol Developer Coordinator Tim Beiko agrees. He is pointing out that the network is stable and that the test still made it possible to point the finger “some minor known issues”. They should be quickly resolved.
Since December 2020, the Ethereum community has been testing this new mining method. Beiko said that this test allowed the developers to ensure that the software running the Ethereum protocol was stable and “that whatever was built above the network was ready for the transition”. Further tests should still take place by October. They will give developers additional opportunities to see what might not work before the official transition. Management states that “Users should be aware that this new version of Ethereum does not require any action on their part, nor will this transition create new tokens”.