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One step separates Ethereum from the merging. And this final stage will occur within days. The Ethereum Foundation has announced that the Goerli/Prater testnet deployment, the penultimate test before Ethereum's much-anticipated move to proof of stake, will occur next week.
Testnets like Goerli serve as dress rehearsals for the merging by transferring the whole Ethereum mainnet to a test network environment. The Goerli testnet is the third and last of its kind. The Sepolia testnet launched this month without incident, while the Ropsten testnet successfully migrated to proof of stake in June.
The Goerli testnet is intended to join with Prater, its related beacon chain, between August 6 and August 12. Since December 2020, the primary beacon chain is the proof-of-stake version of Ethereum running concurrently with the present proof-of-work Ethereum network.
All Ethereum network activity will be transferred from the current proof-of-work chain to the beacon chain due to the merging. Ethereum’s core developers anticipate deploying the merge on or around September 19 if the Goerli testnet runs successfully.
In the network’s current proof-of-work format, ETH is generated through an energy-intensive process known as “mining,” in which so-called miners use massive amounts of computational power to solve challenging riddles in the hopes of earning blocks of fresh ETH.
The merging will end the practice of mining ETH and replace it with a procedure in which holders of at least 32 ETH will be able to commit their current ETH to produce more. The Ethereum Foundation asserts that the proof-of-stake approach will make the Ethereum network 99 percent more eco-friendly.
Some feel the merging will have a deflationary effect on the cryptocurrency, as the practice of staking will likely lock up a significant amount of ETH already in circulation, keeping supply low while demand remains steady or grows.
Because of this, ETH’s price has increased by 44 percent over the past month, compared to Bitcoin’s 14.6 percent increase. According to CoinMarketCap, ETH reached a price of $1,742.42 this morning, a level not seen since early June.
