Ethereum is all set to transition to PoS by the third week of September. (File Image)Ethereum’s Merge is under implementation and has completed an important upgrade today called Bellatrix. ETH 2.0 or ‘The Merge’ upgrade focuses on bringing new token standards that are more secure. The Merge is a process where Ethereum’s network is switching from the Proof of Work (PoW) to the Proof of Stake (PoS) algorithm. It is all set to change the working of the blockchain, with the aim to make the Ethereum blockchain less energy intensive.
We have discussed before in detail what the ETH 2.0 update is all about. However, now that things are coming to fruition, let’s dive into the Bellatrix update and why it marks an important day for Ethereum investors and developers.
Bellatrix is the update to the Ethereum Virtual Machine, the part of the network that hosts the decentralized apps. The update will provide improved security, better performance, and higher scalability to the network, as per Ethereum Foundation. It is paving the way for the implementation of the Ethereum 2.0 Network. As a result, the entire ecosystem will be better prepared for massive adoption. The update will also pave the way for the Serenity upgrade, which will mark the first phase of the ETH 2.0 update. The second phase of the Serenity upgrade will include the release of the Casper consensus protocol upgrade and then finally a Proof-of-Stake mechanism. The Merge is expected to be completed by September 15.
This is a major milestone for Ethereum, as the update has been in the works for some time and it has been delayed several times. This will allow the network to process significantly more transactions per second. Ethereum’s adoption rate has been growing steadily in the past few years. The network has proved to be highly useful for a wide range of industries. However, it has been struggling to scale since millions of people started using it. The arrival of the ETH 2.0 update will mark the end of scalability issues and the start of a new era for the network.
Finally, the update aims to bring faster transactions and a new mechanism for code upgrades. It will also bring a more democratic governance structure, making Ethereum a stronger and more attractive network.