Ethereum developers to test the merge on Ropsten in June

Ethereum developers to test the merge on Ropsten in June

Ethereum developers to test the merge on Ropsten in June

The Ethereum Merge is one step closer to becoming a reality. On June 8th Ethereum developers will execute a trial merge on the Ropsten testnet. According to Ethereum core developer Preston Van Loon, “Merging Ropsten is a huge testing milestone towards Ethereum's mainnet Merge later this year.”

Although there are several testnets, the Ropsten network is one of the most important since it closely replicates the state of the Ethereum blockchain. If the merge goes off without a hitch on Ropsten, it should work on the real network as well.

Although this test is important, it isn’t the first time the developers have done a trial under real-world conditions. If you’ve been following the news reports on our YouTube channel, you’ll know that a month ago the devs executed a successful shadowfork. The shadowfork did turn up a few bugs, but it also proved that by and large the network is ready for the transition from proof of work to proof of stake.

In fact, development is so far along that the Ethereum Foundation has increased its bug bounty reward. The foundation is now offering up to $250,000 to anyone who finds a critical vulnerability that could affect the network's security.

The Ethereum bug bounty has been raised to $250,000 - IMG Source

Given all of these promising developments, a lot of people are wondering when the merge is going to take place. Tim Beiko, one of Ethereum’s lead developers, has suggested that the most likely date is sometime later this year, maybe in September or October. Other developers have offered similar predictions, suggesting that the merge will happen in the next few months.

One of the most exciting and underappreciated aspects of the merge is that it will dramatically reduce the issuance of Ethereum. Some researchers have estimated that new issuance could be cut by as much as 90%, significantly more of a reduction than what Bitcoin experiences at every halvening.

That reduction in issuance is on top of how much ETH the network destroys every day via the EIP1559 burn mechanism. EIP1559 is designed to create predictable fees on Ethereum, and one of the ways it achieves this is by burning a portion of all the ETH transaction fees. EIP1559 has already burned 2.3 million Ethereum worth an estimated $8 billion.

EIP1559 has already burned 2.3 million ETH - IMG Source 

With excellent fundamentals, lots of onchain activity and a massively reduced inflation rate, Ethereum may be poised to be one of the best-performing assets once the crypto markets reverse course and the bulls take charge again.

This content is for informational purposes only and is not investment advice. You should consult a qualified licensed advisor before engaging in any transaction.

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