Pengpai News Reporter Wang HuirongThe blockchain network Ethereum behind the world's second largest cryptocurrency, Ethereum (ETH), will officially "merge" on September 6th.On August 24th local time, the Ethereum Foundation posted a blog stating: "After years of hard work, Ethereum's Proof of Rights (PoS) upgrade has finally arrived! The successful upgrade of all public testing networks has been completed, and the merger of Ethereum's main network is already being arrangedThe transition from proof-of-work (PoW) to proof of equity (PoS) of Ethereum main network is called "merger"
Pengpai News Reporter Wang Huirong
The blockchain network Ethereum behind the world's second largest cryptocurrency, Ethereum (ETH), will officially "merge" on September 6th.
On August 24th local time, the Ethereum Foundation posted a blog stating: "After years of hard work, Ethereum's Proof of Rights (PoS) upgrade has finally arrived! The successful upgrade of all public testing networks has been completed, and the merger of Ethereum's main network is already being arranged
The transition from proof-of-work (PoW) to proof of equity (PoS) of Ethereum main network is called "merger".
The Ethereum Foundation stated that "mergers" are different from previous network upgrades in two aspects. Firstly, node operators need to simultaneously update their consensus layer (CL) and execution layer (EL) clients. Secondly, "mergers" will be activated in two stages: the first stage is called Bellatrix, which means that mergers will first be activated on Beacon Chain (a proof of equity blockchain) through Bellatrix upgrades; The second stage, called Paris, will be completed when the executive level reaches the predetermined total difficulty value, that is, Ethereum's proof-of-work chain will be migrated to the proof of equity when it reaches a specific total difficulty value.
According to the plan, Bellatrix will be upgraded on the beacon chain on September 6, Coordinated universal time (UTC); The upgrade of Paris at the executive level is expected to be completed between September 10 and 20, but the exact date of reaching the predetermined total difficulty value depends on the calculation of proof-of-work, that is, the hash rate.
Once the execution layer reaches or exceeds the predetermined total difficulty value, subsequent blocks will be generated by the beacon chain validator. Once the beacon chain has finalized the block, the consolidation transition of Ethereum main network from proof-of-work to proof of equity will be considered as completed. Under normal network conditions, the first block produced after reaching the total difficulty value will be finalized within 2 epochs (or approximately 13 minutes).
In addition, the Ethereum Foundation has also released a client version that supports the merger and upgrade of the Ethereum main network, and reminded node operators to run both the execution layer and consensus layer clients in order to remain on the Ethereum network during and after the merger.
The Ethereum Foundation also mentioned that Ethereum users or Ethereum coin holders do not need to do anything during the merger process, but miners mining on the main Ethereum network should be aware that the merged Ethereum network will operate entirely under the proof of equity algorithm and cannot be used for PoW mining. In addition, if the Ethereum client used by node operators and miners is not updated to the latest version, they will not be able to send Ethereum or operate on the Ethereum network after merging.
Previously, the Ethereum Foundation said that if Ethereum successfully transited from proof-of-work to proof of equity, its power expenditure is expected to decline by 99.65%.
"Ethereum initially used the proof-of-work algorithm, which requires tens of thousands of mining hardware devices to run continuously to support and protect the network." Yu Jianing, executive director of the Metacosmic Industry Committee of the China Mobile Communications Federation, co chairman of the Blockchain Special Committee of the China Communications Industry Association, and president of Huoda Education, once analyzed to the reporter of Pengpai News (www.thepaper.com) that, compared with proof-of-work, The proof of rights algorithm has reduced the resource consumption caused by mathematical operations to a certain extent, and its performance has also been correspondingly improved, but it is still based on hash operation competition to obtain accounting rights. Ethereum's shift towards proof of equity has indeed reduced the drawbacks of encrypted assets to some extent, mainly in terms of energy consumption
Editor in charge: Wang Jie
Checked by: Ding Xiao
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