Per a Monday announcement, Teku has introduced the latest release that will make mainnet users make their nodes “merge ready.” This upgrade is one of the final stages of preparation for the Ethereum blockchain transition to proof-of-stake (PoS).

Teku v22.8.1 is now available and is a required update that includes the Bellatrix network upgrade and merge transition configuration. “All Mainnet users must upgrade before September 6,” the announcement stated.

Teku v22.8.1 is now available.
This is a required update for all Mainnet users to prepare for the merge.

See the docs for more info on required preparation: https://t.co/BWnbxt6BH1

Full details and downloads: https://t.co/v7YIIJyNC5

— Teku (@Teku_ConsenSys) August 21, 2022

Part of the notification said, “both Teku and your execution client will need to be updated to prepare for the merge. Until the execution client is updated Teku will regularly report an error.” Teku noted that before the merge, which is tentatively slated for September 16th, more updates will be released.

Read Also: Over 13.3 Million ETH Now Staked in Ethereum 2.0 Contract as The Merge Nears

The Ethereum upgrade dubbed the Merge is the biggest in the history of the largest smart contract platform. This has sparked investors’ interest in the native token of the Ethereum blockchain, ETH.

Similarly, several exchanges have extended support for the transition. Also, there has been an increase in the total number of ETH staked in the Ethereum 2.0 deposit contract in August, as earlier reported by TimesTabloid.

As stated by Vitalik Buterin, the network will only be 55% completed after the Merge. Further upgrades like Sharding and other scalability features will be enabled in the future to make the Ethereum blockchain complete.

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At the Ethereum Community Conference (EthCC) that was held on Thursday in Paris, Vitalik stressed the massive changes coming to the network, including the potential impact of The Merge.

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Vitalik Buterin noted:

“At the end of this road map, ethereum will be a much more scalable system. By the end, ethereum will be able to process 100,000 transactions per second.”

The long-awaited transition of Ethereum from proof of work (PoW) to the proof of stake (PoS) model, which is known as Consensus Layer or Ethereum 2.0, will be achieved after the much-anticipated merge.

Read Also: Cardano Creator Joins Vitalik Buterin to Berate Top Bitcoiner for Criticizing Proof-Of-Stake (PoS) Consensus

PoW requires miners to make use of large amounts of computing power and energy to authenticate transactions on the blockchain by solving puzzles. On the other hand, PoS is a model built around proof of ownership, where users stake their ETH holdings, minimizing the amount of computing power required to complete transactions in the process.

At the moment, Ethereum blockchain can only handle about 12-15 transactions per second, which is one of the major reasons the upgrade is needed. As stated above by Vitalik, at the end of the current Ethereum development roadmap, the network will gain the capacity to handle about 100,000 transactions per second (TPS).

Ethereum Network Will 55% Complete after The Merge

During the conference, the Ethereum co-founder stated that the network will be 55% complete once The Merge is concluded. He said the network will also see changes to its monetary policy and security.

“Ethereum can go up to being 55% complete after the ‘merge.’ We’re getting close, which is really amazing,” Vitalik noted.

Read Also: Vitalik Buterin: I Don’t Expect Crypto to Take Over The World and Replace Traditional Currencies

Aside from the initial stage, he explained that the merge will play out in four stages, including surge, verge, purge, and splurge.

According to an Ethereum core developer, Tim Beiko, in a tweet a few days ago, The Merge could be implemented in the week of 19th September 2022.

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The event played out today after the move was first announced on the 3rd of June 2022 via a blog post published on the official website of the Ethereum Foundation.

Read Also: Buterin Explains How to Create Algorithmic Stablecoins That Don’t Become Ponzis or Collapse

Ropsten has activated proof-of-stake! pic.twitter.com/TKQ8LSJGt6

— ً (@lightclients) June 8, 2022

Ropsten’s proof-of-work PoW) chain was merged with its proof-of-stake (PoS) beacon chain via the combination of their codes.

The test merge recently conducted is critical to check if client software using Ethereum nodes performs without malfunctioning. The Client software teams that participated in the merge include Lighthouse, Lodestar, Prysm, Teku, Besu, Erigon, go-ethereum (get), and Nethermind.

The same process is set to happen later this year with the Ethereum mainnet merge. In effect, today’s event was intended to serve as a major practice session for the mainnet merge, which will see Ethereum transition from PoW consensus to PoS.

A few hours ago in a Livestream, co-founder of Ethereum (ETH) Vitalik Buterin, said:

“I mean, of course, the merge working well for 6 hours isn’t evidence of complete success. There are all of these kinds of longer-term issues around MEV and staking centralization and protection against DOS attacks and things that could potentially bite us 3 weeks after the merge instead of 2 minutes during the process.”

Read Also: Vitalik Buterin Introduces Soulbound Tokens (SBTs), the Future of Ethereum and NFTs

Previous tests included a shadow fork on the main network in April and another test merge on Kiln.

Today’s test is measured by a metric called terminal total difficulty. The merge is considered activated once this level of block difficulty is reached on the proof of work version. The proof-of-work version of Ropsten crossed a pre-set 50 quadrillion measure to protect the merge from any malicious activity by artificially acquiring the hash rate.

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The post Ethereum’s The Merge Goes Live on Ropsten Test Network, Vitalik Buterin Reacts appeared first on Times Tabloid.

Many Ethereum (ETH) community members have been showcasing concerns regarding the possible centralization of the Ethereum 2.0 (Consensus Layer) staking process. This brought about the discussion on viable ways to avoid whales’ domination.

Read Also: Ethereum’s Vitalik Buterin: Terra Should Prioritize Smallholders in Any Proposed Reimbursement Plan

Solution to Possible Centralization in Upcoming ETH2 Network

Superphiz.eth, a pseudonymous Ethereum enthusiast and activist of the Beacon chain community, took to Twitter on the 13th of May 2022 to share his concerns about the possible centralization in the much-anticipated Consensus Layer (ETH2) network.

In the tweet, he was wondering which pool will be first to limit its own staking power, so as not to operate more than 22% of the total number of validators on the blockchain.

Potentially, this is expected to cut the profits of the pioneers, but it would greatly boost the security of the network by reducing the likelihood of a 51% attack.

Superphiz.eth tweeted, “I wonder, who will be the first staking provider to publicly commit to limiting themselves to not operating more than 22% of validators on the chain? Who do you want to see step up to the plate and prioritize beacon chain health above profits?”

Read Also: Ethereum’s Vitalik Buterin: Russian Government Is One of My Enemies Now

In response to Superphiz.eth’s concern, Ethereum co-founder, Vitalik Buterin, proposed economical motivation for this limit. He said it’s reasonable to increase fees for the participants of staking pools that are controlling over 15% of the network.

According to his suggestion, once the share of the affected pool is back below 15%, the fees can return to normal levels.

Vitalik Buterin responded, “Speculative controversial take: we should legitimize price gouging by top stake pool providers. Like, if a stake pool controls > 15%, it should be accepted and even *expected* for the pool to keep increasing its fee rate until it goes back below 15%.”

Speculative controversial take: we should legitimize price gouging by top stake pool providers. Like, if a stake pool controls > 15%, it should be accepted and even *expected* for the pool to keep increasing its fee rate until it goes back below 15%. https://t.co/cOtuM7Occd

— vitalik.eth (@VitalikButerin) May 14, 2022

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The post Ethereum’s Vitalik Buterin Explains How to Prevent Whales from Dominating ETH2 Staking appeared first on Times Tabloid.

Last month, Kiln, the next iteration of Ethereum merge testnets, was activated, giving the community the assurance that the upgrade is happening this year.

Read Also: The Term Ethereum 2.0 (ETH 2.0) Has Been Phased Out In Favor Of “Consensus Layer”

Just about four days ago, the first-ever mainnet shadow fork played out successfully on the network as announced by an Ethereum developer, Parithosh Jayanthi.

These developments imply that the second-largest cryptocurrency has moved closer to the highly anticipated event known as The Merge. And there has been speculation that the full transition would play out in June 2022. However, this timeframe has recently been contradicted by an Ethereum core developer Tim Beiko.

Ethereum 2.0 Upgrade Not Playing Out In June 2022

A couple of hours ago, a supposed Ethereum miner, identified on Twitter as @TripleSack, asked Tim Beiko about the fate of Ethereum miners after The Merge is implemented.

@TripleSack asked, “Tim Beiko, Any info you can provide for the ETH miners who have been invested in securing the network and supporting the Ethereum project? Or are we going to be left out to dry?”

In response, Tim Beiko urged miners to stop investing more in mining equipment, because their effort will no longer count once the network is fully transitioned to PoS.

Read Also: Vitalik Buterin Outlines His Vision for a Plausible Roadmap for Ethereum 2.0

In the same thread of tweets, the supposed miner asked the Ethereum core developer if the much-awaited upgrade will be implemented in June this year as many expected.

Tim Beiko responded by bluntly stating that the upgrade is not happening in June, but in a few months after. He said no specific date yet for the implementation, but the process is definitely in its final stage.

Tim Beiko wrote, “It won’t be June, but likely in the few months after. No firm date yet, but we’re definitely in the final chapter of PoW on Ethereum.”

It won't be June, but likely in the few months after. No firm date yet, but we're definitely in the final chapter of PoW on Ethereum

— Tim Beiko | timbeiko.eth (@TimBeiko) April 12, 2022

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The post Ethereum Core Developer: ETH 2.0 Upgrade Won’t Happen In June But in A Few Months After appeared first on Times Tabloid.

This implies that the second-largest cryptocurrency by market capitalization has moved closer to the highly anticipated event known as The Merge, which is the transition of the network from Proof-of-Work (PoW) consensus to Proof-of-Stake (PoS) mechanism.

The merge pandas have arrived!
mainnet-shadow-fork-1 hit TTD ~half an hour ago. We've been finalizing and producing blocks!

We quickly noticed some seemingly minor issues with Nethermind and Besu(triage ongoing). Erigon is currently syncing to head, status update later. https://t.co/iJFtZTp7UU pic.twitter.com/9GxPp8dFzs

— parithosh | (@parithosh_j) April 11, 2022

Ethereum Network Shadow Fork Was Successful

The update implies that PoS consensus algorithms are stress-tested on the Ethereum mainnet for the first time ever. As explained on Monday by Ethereum developer Parithosh Jayanthi, the Ethereum Goerli testnet experienced a similar procedure three times.

Parithosh Jayanthi noted:

“We’ve been finalizing and producing blocks! This was the first time we attempted a mainnet-shadow-fork. We were expecting to learn a lot from the transition. The next week or so would be spent with sync tests against this fork and trying to trigger more edge cases. We plan on repeating it next week, for advanced users.”

He Jayanthi added that “Inheriting the state of existing testnets allows us to stress test our sync assumptions as well as assumptions around how long it takes to build a block/timeouts.

“Since we stay connected to the peers on the canonical chain, we import some of their transaction gossip as well.”

He further assures that the “shadow fork does not affect the canonical chain in any meaningful way.” But he said since the chainID is reused and the gossip channels are still connected, “transactions submitted to the shadow fork could be included in the main chain as well. Proceed with extreme caution.”

According to Jayanthi, Green represents Good, while Red stands for Bad. And the fact that there are lots more green than red as seen in the image above shows that the shadow fork brings the expected result and the network is moving and finalizing.

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The post First-Ever Mainnet Shadow Fork Plays Out on Ethereum (ETH): The Merge Is Almost Here appeared first on Times Tabloid.

According to the title of the post on Reddit, Consensus Layer (ETH2.0) is not a product that will launch one day as many insinuate. Quoting what the co-founder, Vitalik Buterin earlier said, the post says Ethereum will slowly morph into a more advanced version with subtle improvements overtime.

Read Also: Ethereum Co-Founder Vitalik Buterin Introduces New Sharding Proposal. Here’s What EIP-4844 Brings

Going by the post on Reddit shared u/CommunicationNo3845, some members of the crypto community have incorrect expectations of the future of Ethereum (ETH).

The post reads in part:

“For a certain period of time, ETH2.0 was part of the roadmap and was expected to “drop” or “launch” at a given date. Somewhere along the way, this idea started changing and ETH2.0 became more of a concept rather than an actual product.”

The post further added that the upgrade will not change Ethereum’s name, but there will be important events and improvements in the process of the upgrade, which will culminate into a more mature and advanced Ethereum over the coming years.

u/CommunicationNo3845 said the two major focus of Vitalik Buterin is the transition to PoS and Sharding. Aside from these two, any other feature will only serve as accessories for the network.

However, for now, Buterin is focusing mostly on Zk rollups, a feature seen as the future of Ethereum scalability.

Read Also: Ethereum Staking’s Biggest Deposit since December 2020; Over 200,000 ETH Staked in A Single Day

The user concluded by stating that it’s not advisable for Ethereum enthusiasts to be expecting a launch date for the Consensus Layer (ETH 2.0) because it’s more of a combined process than a day event.

The post was highly welcomed and appreciated by the teeming community members on the platform, as many see it as an eye-opener. As expected, the post accrued over 600 upvotes.

Ethereum 2.0 Deposits Contract Hits another Milestone

Meanwhile, the Ethereum 2.0 deposit contract, a building block of the network’s tokenomics, has attained another milestone.

The deposit contract now holds 11,041,778 ETH worth relatively $38.7 billion.

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The post As Described by Buterin: Ethereum Will Slowly Morph into More Advanced Version with Subtle Improvements Overtime 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.

Tim Beiko, an Ethereum core developer, has recently announced that Kiln, the next iteration of Ethereum merge testnets, is now live. In the report, node operators, App developers, stakers, and tooling/infra providers, are urged to test their setups on the network.

Read Also: European Union (EU) Parliament Votes against Ban on Bitcoin and Ethereum’s Proof-of-Work (PoW)

Tim Beiko tweeted, “Kiln, the next iteration of Ethereum merge testnets, is now live. Highly recommended that node operators, application developers, stakers, tooling/infra providers test their setups on the network.”

Kiln, the next iteration of Ethereum merge testnets, is now live

Highly recommended that node operators, application developers, stakers, tooling/infra providers test their setups on the network. Blog post has all the info to get started https://t.co/TCHBZxcFlt

— Tim Beiko | timbeiko.eth (@TimBeiko) March 14, 2022

In the report, Ethereum community members are told that a date for the mainnet transition of Ethereum proof-of-stake (PoS) has not been set. So, any source claiming otherwise is likely to be a scam and should be ignored.

The blog post captioned in the report reads as follows:

“Assuming no issues are found with Kiln, once clients have finalized the details of their implementations, the existing Ethereum testnets (Goerli, Ropsten, etc.) will run through The Merge. Once these have successfully transitioned and stabilized, again, assuming no issues are found, a difficulty value will be set for the mainnet transition. Only then will it be possible to estimate the exact date for The Merge.”

What “The Merge” Does to the Ethereum Network

The Merge 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.

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

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 projected 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 Core Developer Announces Rollout of Kiln, the Next Iteration of ETH Merge Testnets appeared first on Times Tabloid.

In a blog post published on 24th January 2022, Ethereum Foundation states that beyond protocol development, a critical shift in Ethereum has been the movement away from ‘Eth1’ and ‘Eth2’ terminology.

Read Also: New York City Mayor Receives First Paycheck in Bitcoin and Ethereum via Coinbase

The blog post claimed that core developers stopped using the terminology from late 2021, preferring ‘execution layer’ and ‘consensus layer’. This prompted Ethereum Foundation to also make the necessary shift as the major upgrade advances.

Ethereum Foundation highlighted further that the combination of the “execution layer” and “consensus layer” is known as Ethereum. The foundation emphasized that this change in terminology changes nothing in the roadmap to the major upgrade.

Read Also: Ethereum Beats Visa In Terms Of Values Moved In 2021 ($11.6 Trillion and $10.4 Trillion Respectively)

Ethereum Foundation noted:

“The terms Eth1 and Eth2 (Ethereum 2.0) are being phased out. Execution layer (Eth1) and consensus layer (Eth2) are the new terminologies. The roadmap to scale Ethereum in a decentralized way remains the same. You don’t need to do anything.”

Why Is The Change Necessary?

In the blog post, the team stated that the retired terms (Eth1 and Eth2) are capable of confusing new users, noting that once the upgrade is complete, the only existing term will be “Ethereum”.

The team pointed out that users may “intuitively think that Eth1 comes first and Eth2 comes after. Or that Eth1 ceases to exist once Eth2 exists. Neither of these is true.”

Read Also: Ethereum 2.0 Deposit Contract Surpasses 9 Million ETH worth $30 Billion

The team also noted that another major reason for the rebranding was to prevent new users from being scammed by con artists who could take advantage of the confusion in relation to the numeric terms used to represent Ethereum proof of work (PoW) and proof of stake (PoS) chains.

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