Supporters of Ethereum had a momentous occasion late last night. The most recent test of the long-awaited upgrade to The Merge was successfully carried out at around 9:45 pm New York time on Wednesday.
The latest upgrade for The Merge entails moving to a new security architecture for the network that is known as Proof of Stake (POS). Users are required to make use of the ether cache they already possess in order to validate transactions and mint tokens using this approach. This is in place of the energy-intensive mining that is required by the proof-of-work protocol. Naturally, this update consumes a great deal less energy and is anticipated to hasten the processing of financial operations.
The “dress rehearsal” of The Merge was carried out by all three public test networks, with Goerli being the last one. Following this, The Merge is likely to take place sometime during the month of September.
The price increase is more than 12%
The surge in price, which can be observed on the chart, occurs around one hour after Goerli’s test.
The price of ETH, which is the second biggest cryptocurrency as measured by market capitalization, skyrocketed after the news that the test was successful. At this moment, the price of Ether is USD $1,925, which is a 12.65% increase from where it was yesterday at the same time in New York (New York time).
Image: Ethereum Vectors by Vecteezy
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