Blockchain network Ethereum has officially activated the Bellatrix update, the last change before the merger, moving from Proof of Work (PoW) to Proof of Proof (PoS). Bellatrix has successfully migrated to its codebase at 144,896 on the Beacon chain, and Ethereum founder Vitalik Buterin detailed the need for network participants to update their clients.
From Bellatrix to Paris – Ethereum participants prepare for the final stage of integration
According to wenmerge.com’s count, the merger is estimated to happen on September 13, 2022, which is a hair over seven days away from the rule change. On September 6, Ethereum developers implemented the Bellatrix update which is the final step until next week’s integration.
Ethereum founder Vitalik Buterin spoke about Bellatrix and the merger date on Twitter on Tuesday. “[The Merge] It is still expected to be around September 13-15.” Buterin He wrote. “What’s happening today is Bellatrix’s hard fork, which *will* set up the chain to join. It’s still important though – make sure you update your customers,” the software developer added.
Buterin a Twitter Bellatrix will demonstrate its implementation and the next step will be the PoS transition of the network. The next step after Bellatrix is the reformation of Paris, which basically starts the fusion. After that time, ethereum (ETH) miners will not be able to confirm transactions and reap rewards.
Paris executes when it hits the Total Terminal Difficulty (TTD) value at the execution layer, which is 58750000000000000000000000000000000000000000 The Ethereum Foundation Paris has summarized what will happen after launching the merger and “The next block will be produced by the Beacon Chain. Verifier” The Ethereum Foundation added:
After the beacon chain completes this block, the integration transition is considered complete. Under normal network conditions, this happens 2 times (or ~13 minutes) after the first post-TTD block is generated.
Since the addition of Bellatrix, the price of Ethereum has risen by 5.7% against the US dollar, and the crypto asset is approaching the $1,700 range. So far, ETH has peaked on September 6 at $1,682.26 per unit and there is $17.03 billion in global ETH trading volume.
Furthermore, ETH’s dominance has increased while BTC’s dominance has decreased by a few percentage points. At the time of writing, BTC dominance is 36.4% while ETH dominance is hovering around 19.2% on Tuesday.
What do you think about the completion of the Bellatrix renovation and the upcoming Paris renovation? Let us know what you think about this in the comments section below.
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