The cryptocurrency market maintained some of its gains from last week on Monday, even as Ethereum, the undisputed protagonist of the coming days due to the expected ‘Merge’ of its eponymous blockchain, gives up almost all of its recent gains. The second token by market capitalization, which is expected to complete the expected move from consensus to “proof-of-stake” in the coming days, was unable to conquer $1,800, despite hitting highs since mid-August.
Bitcoin, meanwhile, is managing to stretch the rally that began on Friday, when it managed to break above the all-important $20,000 price level. He has left new two-week highs at $22,000. and seems to want to get back to the price levels of the first half of August, where it touched $25,000.
The other “altcoins” are also progressing and the total market capitalization exceeds a trillion dollars, with the approach of a few days during which the whole sector will be in turmoil. “One thing that is pretty clear when it comes to the cryptocurrency industry is that nothing is smooth; upgrading is going to be the start of a bumpy new ride, and it’s going to be a bumpy ride. is likely to bring more wild swings. for traders and investors,” warns Naeem Aslam, analyst at Avatrade.
Many major industry players are maximizing security measures during the event, as they don’t want to repeat what happened in 2016 when hackers stole over 40,000 ethereum classic coins from the Yunbi exchange. This time, however, companies such as FTX and Coinbase have already informed their users that they will not allow any deposits or withdrawals. money during the event. The idea and practice should also be followed by decentralized exchanges such as Uniswap.
All in all, the news regarding the update of the ether blockchain – as ethereum is also called – couldn’t be more encouraging. As stated by the developers, the latest shadow fork as the prerequisites for transitioning from the current proof-of-work transaction validation model are called, has been successfully deployed.
These types of tests, called “shadow forks,” help developers . test timing assumptions to ensure network security. during permanent updates. In light of the “merger,” Ethereum developers implemented the first “shadow fork” on April 11, 2022.
Nearly six months later, Nethermind, Ethereum’s research and engineering company, has confirmed that the transition to Mainnet-Shadowfork-13 – the last such test – has passed, indicating that the network is ready to move to a crowd-proof consensus mechanism.
— Nethermind (@nethermindeth) September 9, 2022
The testnet allowed Ethereum developers to practice running nodes, deploying contracts, and testing infrastructure, among other things. As a result, shadow forks allow developers to assess the impact of network updates before they occur. As part of the upgrade, the community needs to update their ethereum clients and run the combination of an execution layer and a consensus layer.
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Ethereum fails to break above the 1,800 mark and the last shadow fork is completed while bitcoin is on the rise. – Chatborgne
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