Ethereum cryptocurrency has risen in price
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Ethereum cryptocurrency has risen in price after the successful update of the test network
The cost of the Ethereum cryptocurrency exceeded $ 1900 after the blockchain development team reported on the successful update of the Goerli test network. Following the test network, the main one will be transferred to the Proof-of-Stake (PoS) model - the upcoming event was called Merge, and with it, the classic cryptocurrency mining will become a thing of the past.
Ethereum developers reported that on the morning of August 11, the transfer of the Goerli test net from the Proof-of-Work (PoW) model to the Proof-of-Stake (PoS) algorithm was completed, which does not involve the use of miners' capacities to conduct transactions. Without some technical difficulties, as indicated by the developers, it was not enough, but in general, the update of the test network was recognized as successful.
The Ethereum 2.0 network will receive higher performance, and significantly increased energy efficiency - electricity consumption will be reduced by more than 99%, and scalability will increase. The updated version of the blockchain will process transactions faster, and their security will increase. The platform set a course for a model change in December 2020. The transfer of the main Ethereum blockchain to the new algorithm is scheduled for September 19, 2022.
Against the background of the news about the successful update of the test network, the Ethereum cryptocurrency rate over the past day several times took the mark of $ 1900, and the overall growth of the asset over the past 24 hours exceeded 10% - another positive factor was the publication of data on inflation in the United States.