Ethereum Merge Approaches, As It Is 30,000 Blocks Away
Ethereum is set to transition from proof-of-work to proof-of-stake as it is 30,000 blocks away from its historic Merge. The Merge will change the creation of new ETH and the way Ethereum blockchain transactions are processed. The historic Merge will possibly change the functions of the Ethereum blockchain.
Ethereum Completes its Last Shadow Fork
The Ethereum blockchain is prepared to start post-merge proof-of-stake and do away with miners. The countdown continues for the Merge, and the event is just 30,000 blocks away.
The event is believed to be one of the most anticipated in Ethereum's history. This event will change the creation of new ETH. Implementation of the first shadow fork was on April 11, and there have been another 12 successful forks since then.
Shadow forks are conducted to detect and expose all issues that could possibly come up when executing the mainnet Merge. When the mainnet is set for Merge, the successful shadow fork will not show any issues.
This shows Ethereum's network readiness to migrate to a proof-of-stake consensus mechanism. Ethereum was allowed by testnet to deploy contracts, run nodes, and test the infrastructure.
Successful shadow forks enabled developers on the Ethereum network to estimate the implications of the Merge before its implementation.
When Will The Merge On The Ethereum Blockchain Occur?
The time scheduled for completion of the Merge is between September 10 and 20, the exact time of the event remains unknown. Independent estimates by analysts and proponents say the most likely date is September 15.
Leading cryptocurrency exchanges like Binance and CoinBase Global are set to pause Ether deposits as well as withdrawals during the Merge. No additional step is required for upgrade for users that are holding their ETH on these exchanges. The Merge has currently become a hot topic in the crypto space.
Analysts Predict A Rally in Ethereum
A pseudonymous crypto trader and analyst, Rektproof shifted his focus onto Ethereum. Ethereum will likely form a re-distribution range around the $1,700 level. The analysts believe that if there is a case of correction on Monday, there will be a hit on the downside targets of $1,650 and lower.
