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.

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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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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There are now more addresses on the Ethereum network and those with non-zero balance is on the increase, indicating a surge in the adoption of the second-largest cryptocurrency by market capitalization.

Read Also: Ethereum Launches First-Ever Public Testnet for Full Upgrade to Proof of Stake Known as “The Merge”

Ethereum Addresses with Non-Zero Balance Hit All-Time High

According to the on-chain data provided by Glassnode, the number of Ethereum addresses with a non-zero balance has reached an all-time high of 71,364,788, as of 29th December 2021.

Glassnode tweeted, “Ethereum ETH Number of Non-Zero Addresses just reached an ATH of 71,364,788.”

#Ethereum $ETH Number of Non-Zero Addresses just reached an ATH of 71,364,788

View metric:https://t.co/beS1MtIgAZ pic.twitter.com/Ocpwnmf1Pt

— glassnode alerts (@glassnodealerts) December 29, 2021

Read Also: Ethereum Foundation Launches Client Incentive Program for Network Maintainers

What Could Be the Reason for the Increase?

Although Ethereum price action can be attributed to the notable increase in the number of addresses with non-zero balance, the surge can also be linked to the rate at which the smart contracts platform is being used in the booming sectors such as decentralized finance (DeFi) and non-fungible tokens (NFTs).

At the moment, the Ethereum network is obviously dominating the DeFi sector. The Network currently accounts for 62% of the total DeFi value locked.

The rising active Ethereum addresses might also point to more investors accumulating the asset in anticipation of a bull rally. This argument is partly backed by the fact that more Ethereum is increasingly being moved from various exchanges.

Read Also: BBVA Switzerland Becomes First Traditional Bank In Europe To Incorporate Ethereum (ETH) into its Crypto Services

ETH Total Value Locked in Ethereum 2.0 Deposit Contract Hits All-Time High

Glassnode has also reported that the total value locked in the Ethereum 2.0 deposit contract has just reached a new all-time high of 8,820,802 ETH worth 32.5 Billion at current prices.

Glassnode tweeted, “Ethereum ETH Total Value in the ETH 2.0 Deposit Contract just reached an ATH of 8,820,802 ETH.”

#Ethereum $ETH Total Value in the ETH 2.0 Deposit Contract just reached an ATH of 8,820,802 ETH

View metric:https://t.co/SzbMPqvhlb pic.twitter.com/7DpMIDRL2v

— glassnode alerts (@glassnodealerts) December 30, 2021

The number is seen as an indication of the Ethereum community’s commitment toward the success of the much-awaited transition to proof-of-stake (PoS) consensus algorithm.

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The post Ethereum Addresses with Non-Zero Balance and Total Value in ETH 2.0 Deposit Contract Just Reached All-Time Highs appeared first on Times Tabloid.

About 6% of Ethereum (ETH) Total Supply Now Out Of Circulation

The good news is that Ethereum 2.0 continues to draw confidence, which is aiding the increase in the number of ETH locked in the deposit contract.

Read Also: Real Vision’s Raoul Pal: Ethereum (ETH) Will Beat Every Other Top Crypto in the Coming Years

According to Etherscan, Ethereum 2.0 deposits contract currently holds 6,418,690 ETH worth $14.9 billion at current prices. And it’s currently earning 6.1% a year in ETH as the network continues to grow in the number of validators.

This implies that about 6% of Ethereum (ETH) total supply will stay out of circulation for relatively another year.

200,000 Validators Do Not Imply 200,000 Individuals

It’s worthy of note that 200,000 Ethereum 2.0 validators do not imply 200,000 individuals. This number can be compared to Asics. Just like an individual can have many Asics, an individual can also choose to have many validators since the minimum requirement of being a validator is 32 ETH.

Read Also: Judging By History, Top Analyst Says Ethereum (ETH) Would Hit $18,000 by July 2022

However, the number of individuals involved can be known, but through access to node data, which is currently not available for Ethereum 2.0. That’s where the difficulty lies because an individual is capable of running many nodes with 32 ETH slots.

Ethereum 2.0 Chain Merge Created

On 22nd July, a researcher at ConsenSys, Mikhail Kalinin, created a pull request for EIP-3675 on Github, which indicates that the development is going in the right direction.

The proposal is targeted at initiating the process of upgrading the Ethereum network from its current protocol to the much-anticipated PoS consensus mechanism.

Read Also: This Is Why Ethereum Co-Founder Is Bidding Farewell to Crypto Industry

According to the specification found on Github, Etheruem 2.0 Phase 0, which is known as Beacon Chain, has been up and running since December 2020 without any record of failure:

“The beacon chain network has been up and running since December 2020. Neither safety nor liveness failures were detected during this period of time. The long period of running without failures demonstrates sustainability of the beacon chain system and witnesses its readiness to start driving and become a security provider for the Ethereum Mainnet.”

Also, the Ethereum London hard fork slated for 4th August 2021 is worth noting. The hard fork is expected to launch along with the much-awaited EIP-1559, an Ethereum Improvement Proposal designed to burn gas fees after changing the current auction mechanism.

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