The new development was shared on Twitter by Terence Tsao, a Prysmatic Labs developer, a few hours ago. The success of the Bellatrix upgrade implies that all is now set for the transition of the Ethereum network to the proof-of-stake (PoS) consensus mechanism.

Read Also: Upgrade Your Clients Before September 6,” Ethereum’s Vitalik Buterin Urges Node Operators

Terence Tsao tweeted, “Bellatrix activated! Next stop: the merge See you on the other side.”

Bellatrix activated!
Next stop: the merge
See you on the other side pic.twitter.com/01FCSDyqs5

— terence.eth (@terencechain) September 6, 2022

The success of the Bellatrix upgrade was also shared on Twitter by several other prominent Ethereum community members, including The Daily Gwei host Anthony Sassano.

Ethereum Merge Comes In Two Segments

It’s worth noting that Bellatrix is the first segment of Ethereum the Merge. It updates Beacon Chain, also known as Consensus Layer, in preparation for the Merge.

The second segment of the Merge, codenamed Paris, will make the Ethereum network start producing blocks under the PoS algorithm as soon as the Total Terminal Difficulty (TTD) hits 58750000000000000000000.

The Terminal Total Difficulty (TTD) can simply be described as the computing power required to complete the final block on the Ethereum blockchain before the Merge is implemented.

Read Also: Official Timetable of Ethereum The Merge Implementation Published

Due to the fact that TTD is affected by the network’s fluctuating hashrate, the actual date of the Merge can’t be determined at the moment. However, it’s been estimated to happen between Sep 13 and 15.

Vitalik Buterin Urges Node Operators to Upgrade Their Clients

In a tweet earlier today, Vitalik Buterin, the co-founder of Ethereum (ETH), confirmed that the Bellatrix upgrade will complete today. He thereby urged the node operators to upgrade their clients in order to be fully ready for the event.

Buterin also confirmed that the Merge is expected to play out between September 13 and 15.

Vitalik Buterin tweeted, “The merge is still expected to happen around Sep 13-15. What’s happening today is the Bellatrix hard fork, which *prepares* the chain for the merge. Still important though – make sure to update your clients!”

The merge is still expected to happen around Sep 13-15. What's happening today is the Bellatrix hard fork, which *prepares* the chain for the merge. Still important though – make sure to update your clients!

— vitalik.eth (@VitalikButerin) September 6, 2022

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The post Bellatrix, the Final Upgrade Ahead of Ethereum the Merge Is Officially Activated appeared first on Times Tabloid.

Over 200,000 ETH worth $550 million were sent to Ethereum 2.0 deposit contracts on Tuesday. This amount represents over a 200% increase compared to the staked amount of the previous day.

Read Also: Ethereum Fees See Massive Drop on Layer-2s as a Transaction Now Costs Less Than $0.1

This implies that someone sent about 150,000 ETH to the Beacon Chain at once.

Who Could Have Sent This Whopping Amount? ConsenSys Comes To Mind

It can be recalled that ConsenSys, an Ethereum’s dev house, announced that it’s set to convert into ETH relatively $450 million raised from a number of investors such as Microsoft.

ConsenSys noted:

“The proceeds from the round will be converted to ETH. This further builds ConsenSys’ ‘ultra sound money’ position in advance of Ethereum’s upcoming merge to Proof of Stake.”

So, it seems the conversion has been initiated and sent directly to Beacon Chain. Since 150,000 ETH is relatively $400 million and such a transaction has never happened since the genesis of Beacon Chain, it can be deduced that ConsenSys is behind the whopping transaction.

It could also be an increase in confidence of staking within the Ethereum community, following the launch of The Merge on the testnet.

Read Also: Puma Registers Its Own Ethereum Name Service (ENS) Domain, Changes Twitter Name To Puma.eth

What the Merge Is Bringing to the Ethereum Network

The Merge completely removes miners from having any role to play on the Ethereum network. The major upgrade will make validation to be performed by stakers that deposit 32 ETH.

Currently, about 309,000 validators have collectively staked over 10 million ETH in the Beacon Chain. Once the upgrade is fully implemented on the mainnet this year as expected, these validators will be the ones running the Ethereum network instead of miners.

The upgrade is estimated to reduce Ethereum’s environmental impact by 99.9% and lower its inflammatory rate from about 4% a year to between 0.2% and 1% a year.

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The post Ethereum Staking’s Biggest Deposit since December 2020; Over 200,000 ETH Staked in A Single Day appeared first on Times Tabloid.

The new development was passed across moments ago by Preston Van Loon, a developer on the Ethereum 2.0 client Prysm.

Read Also: Vitalik Buterin: Layer 2 Is the Only Safe Way to Scale Ethereum and Preserve Decentralization

Preston Van Loon tweeted, “Altair has activated successfully! Finality was uninterrupted and participation dropped as low as 93.3% in the first Altair epoch (exact number to be confirmed). Participation is now above 95%.”

Finality was uninterrupted and participation dropped as low as 93.3% in the first Altair epoch (exact number to be confirmed). Participation is now above 95%.

— prestonvanloon.eth (@preston_vanloon) October 27, 2021

As earlier described by the Ethereum Foundation, the Altair upgrade gives engineering teams something concrete to dig into.

Ethereum Foundation also stated that “Altair is an upgrade to the beacon chain that brings light client support, minor patches to incentives, per-validator inactivity leak accounting, an increase in slashing severity, and cleanups to validator rewards accounting for simplified state management.”

Read Also: Ethereum’s Vitalik Buterin Clears Wallet off Dog Cryptos Worth $4.3 Million

Regarding the success of Altair activation, Paul Hauner of Lighthouse said:

“All is looking good on our nodes. However, we think about 6% of validators haven’t updated… Someone is producing non-Altair blocks. That’s expected and totally fine. We can tolerate that and I assume they’ll figure it out.”

Penalty Awaits Validators Who Choose Not To Comply with the Upgrade

Talking about the necessity of compliance with the upgrade, Ioana Frincu, CTO of DeFi platform EQIFI said:

“Validators on Eth2.0 who do not cooperate with this change will be penalized… Until now, the network’s PoW consensus was based on the fact that each miner ‘worked’ for their reward. Now, with PoS, miners must figuratively ‘put their mouth where their money is.’ This means that the risk structure changes.

Read Also: Billionaire Barry Sternlicht Reveals Why He Purchased Bitcoin and Ethereum

“Instead of high costs to set up mining operations and mine blocks, you validate transactions and you have to have skin in the game. I welcome this measure and believe that it is a huge change for the better.”

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The post Altair Activated: Ethereum 2.0 PoS Beacon Chain Upgraded for the First Time Ever appeared first on Times Tabloid.