Buterin: Ethereum Mainnet Merge (Merge) Will Not Immediately Affect ETH Price

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Buterin: Ethereum Mainnet Merge (Merge) Will Not Immediately Affect ETH Price
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Ethereum’s last testnet, Goerli, is expected to merge with the beacon chain testnet Prater in early August. However, Vitalik said in an earlier interview: I do not expect the impact of The Merge to be reflected in the price of Ethereum, either from a market perspective, or from a psychological and narrative perspective. (Recap:ETH2.0 | Ethereum Merger Leader: The Merge is expected to launch on September 19!) (background supplement:Buterin: Merge, Surge, Verge, Purge and Splurge are not five phases of Ethereum, they will all happen at the same time)

byThe Ethereum Foundation announced on Wednesday that it has entered the final merge test phase. The last testnet, Goerli, will be merged with its current beacon chain testnet, Prater, as a final exercise for the transition to proof-of-stake (PoS). Looking forward to it. However, Vitalik Buterin, co-founder of Ethereum, said in an interview with Bankless yesterday (28):

Basically I don’t expect the effect of The Merge to be reflected in the ETH price, neither from a market perspective, nor from a psychological and narrative perspective.

The long-awaited merger could happen as soon as the week of September 19, according to a previous report from the Motion Zone. Some investors who are not so familiar with Ethereum will think that after switching to the PoS mechanism, the transaction speed will be greatly improved; but this is actually a misunderstanding, and the other four stages play a more important role in improving the efficiency of ETH transactions. :

Ledger

The Surge refers to sharding. In the future, Ethereum will not only process transactions in a single thread, but multiple sub-chains can conduct transactions and verify at the same time. The Verge and The Purge refer to the new consensus layer and the old blocks in the past. The stored data is further reduced to achieve the possibility of increasing TPS (transactions per second). The Splurge is an upgrade that reduces BUG and error rates by coordinating four upgrades.

Buterin also tweeted earlier: The Merge, Surge, Verge, Purge, and Splurge each stage is critical, and they are not advancing sequentially, but five upgrades planned in parallel.

Further reading:Merge, Surge, Verge, Purge and Splurge are not five phases of Ethereum, they will all happen at the same time

Goerli / Prater Merger Process Description

According to the official announcement, this merger differs from previous upgrades in two ways. First, node operators need to update their Consensus Layer (CL) and Execution Layer (EL) clients at the same time, not just one of the two. Second, the Goerli/Prater merger process will begin on August 4 in two phases:

1. Start with the consensus layer, that is, the Bellatrix network upgrade on the Prater beacon chain. It is planned to be triggered when it reaches the height of 112260 epochs. It is expected to start at 20:24 on August 4th, Taiwan time.

2. Next is the transition of the execution layer from PoW to PoS, that is, the Paris upgrade, which will start when it reaches the final target difficulty (Terminal Total Difficulty, TTD) 10790000 set on the Goerli testnet, which is expected to be UTC time August 2022 Between the 6th and the 12th.

Once the execution layer exceeds the TTD, the next block will be completely generated by the beacon chain validator, and the merge is complete after the beacon chain produces this block. After the merger, Goerli’s network of validators will remain open for individual stakers to run testnet validators.

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