Ethereum Testnet Merger is a Huge Success
From the beginning, Ethereum’s mission has always been to convert from a proof-of-work (PoW) protocol to a proof-of-stake (PoS) mechanism.
The Ethereum whitepaper states “that in the future, it is likely that Ethereum will switch to a proof-of-stake model for security.”
Written in 2014, before the launch of Ethereum, Buterin’s vision of a PoS network was already put into motion. Since the network’s launch in 2015, Ethereum is finally stepping into its long-anticipated merge.
Successful merge with Ropsten testnet
In early June 2022, the blockchain developers at Ethereum were able to successfully merge the Ethereum blockchain on their oldest testnet called Ropsten.
The event is a major step in the right direction for the Ethereum network because the Ropsten testnet mimics the Ethereum mainnet in a variety of ways that lets developers create new codes without the risk of losing funds.
The Ether displayed on testnets has no monetary value and is primarily used to function like actual Ether from the mainnet.
By using a testnet, blockchain developers can deploy their smart contracts and other codes in an environment that is much more forgiving than the mainnet where code is a law and everything must be executed flawlessly to work.
You can read more about the importance of using a testnet on our AkuDreams article here.
Merging the other Ethereum testnets
Before Ethereum can merge its mainnet over to PoS, they still have to work out errors from their initial testnet merge and also begin merging their other testnets.
Ethereum Testnets:
Goerli
Rinkeby
Kovan
Ropsten
Because Ethereum is a dynamic blockchain which allows for new technology to be developed on its blockchain, the network has to be adaptable.
Unlike bitcoin, the Ethereum blockchain supports a variety of different Ethereum-based tokens which can all be modified to accommodate different smart contracts. This allows for new token standards that optimize Ethereum conditions with new improvements.
Before Ethereum can move to the mainnet, it is imperative that the team at Ethereum successfully merges all of their testnets before the mainnet merge so that all types of Ethereum-based tokens will transition successfully to the new protocol.
When will the Ethereum Mainnet merge happen?
The merge to PoS is not a simple task, and the development team at Ethereum has had to delay the transition multiple times in the past because of errors and difficulties surrounding the endeavor.
While delays in the merge can be discouraging to many, the necessity to make a delay is extremely important because Ethereum runs on the principle of Code is Law. There is no margin for error during the merge.
If something goes wrong during the merge, the entire Ethereum network will be in jeopardy and many users will lose their funds. Although this sounds scary, it is not as frightening as it seems.
The blockchain’s immutability has been a cornerstone of the technology since the very beginning and is a pillar of web3; everything done on the blockchain is permanent.
Because of this condition, the blockchain developers at Ethereum cannot risk a single mistake and are taking the necessary time to go through every single line of code to make sure that the merge happens flawlessly to prevent a catastrophe.
So why take this risk?
Why is Proof-of-Stake so important?
Proof-of-Stake is a necessary transition for the Ethereum network because of its position as the second-largest blockchain network and status as the most popular altcoin.
One of the major benefits of a PoS mechanism is that it shifts the burden of consensus from computational power to node staking. This will have a direct impact on the environment because it will end the computer mining that is necessary at present to generate Ether, reducing the carbon footprint.
Once the merger is complete, all mining consensus will be shifted to nodes which stake at least 32 Eth. These nodes will then become validators which approve transactions and exchanges of all tokens (fungible and non-fungible) on the Ethereum network creating faster transactions and fewer transaction failures.
Buterin explains in the Ethereum whitepaper that once the Proof-of-Stake merger is complete the Ethereum network will be “calculating the weight of a node as being proportional to its currency holdings and not computational resources.”
As more people join the network, this merge will be necessary to handle the scaling of mass adoption. Left to the Proof-of-Work protocol, the stress put on mining nodes would become too intense and prevent the network from becoming a truly global currency.
With this merge, Buterin is providing a self-sustaining network which will allow other blockchains to build on top of it to create the decentralization necessary for web3.
