The cryptocurrency Ethereum has risen in price after a successful
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The cryptocurrency Ethereum has risen in price after a successful update of the test network

The value of the Ethereum cryptocurrency surpassed $1,900 after the blockchain development team reported the successful upgrade of the Goerli testnet. After the test network, the main network will also be switched to the Proof-of-Stake (PoS) model – the upcoming event is called Merge, and with it the classic cryptocurrency mining is a thing of the past.

    Image source: Bastian Riccardi / pixabay.com

Image source: Bastian Riccardi / pixabay.com

Ethereum developers reported that on the morning of August 11, the transition of the Goerli testnet from the Proof-of-Work (PoW) model to the Proof-of-Stake (PoS) algorithm, which does not involve a miner, was completed comes ‘ authority to conduct transactions. There were some technical difficulties, as the developers pointed out, but in general the test network update was considered successful.

The Ethereum 2.0 network gets higher performance, significantly increased energy efficiency – power consumption is reduced by more than 99% and scalability is increased. The updated version of the blockchain will process transactions faster and increase their security. The platform was heading 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 exchange rate of the Ethereum cryptocurrency has surpassed $ 1,900 several times over the past 24 hours, and the overall growth in assets over the past 24 hours has exceeded 10% – positively affected also the release of inflation data in the US.

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Robbie Elmers

Robbie Elmers is a staff writer for Tech News Space, covering software, applications and services.

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