New test for The Merge on Ethereum is set for June 8
2 min read
The Ethereum network will have a retest of The Merge update on June 8th. The new test will be called Ropsten and will be launched to test the Proof of Stake (PoS) consensus.
The new testnet configuration code appeared in the repository eth-clients from GitHub. Who created Ropsten was the developer Parathi Jayanathi.
If the test is successful, it could rekindle hope for a full implementation of The Merge in the coming months. According to developer Tim Beiko, the update that was scheduled for June has been pushed back to the second half of 2022.
“It won’t be June, but probably the few months after that. There is no firm date yet, but we are definitely in the final chapter of about Ethereum,” said Beiko.
In that sense, Ropsten should serve as part of this final chapter. Along with the new testnet, foundation has also increased the values of its rewards program. With that, anyone who finds flaws in The Merge can earn up to $250,000.
The Merge’s New Test
The Merge will mean the end of Proof of Work (PoW) mining on the Ethereum network and its switch to PoS. Once the network is changed to proof-of-stake, “miners” will be replaced by “validators”.
In turn, validators earn rewards for validating blocks on the network. They will be able to staking ETH to carry out this process, earning the coins generated in the blocks. That is, the PoS system also allows investors to earn passive income.
At the same time, PoS will drastically reduce the amount of energy consumed by the blockchain, making it more sustainable. With The Merge combined with the already implemented EIP-1559, the issuance of new Ether (ETH) will also be reduced. According to estimates by the Ethereum Foundation, the issuance cut is expected to reach close to 90%, increasing demand for the cryptocurrency and its value.
Rewards program
While The Merge is not definitively launched, the Ethereum Foundation has increased the rewards offered by its bounty program. Created in 2021, the program awards prizes to anyone who finds flaws in the ETH network.
Payments are directly proportional. That is, the greater the risk of the vulnerability discovered, the greater the value of the reward paid.
To make the program more efficient, the Foundation merged the rewards system. Previously, the program differentiated between the main network (ETH 1.0) and the consensus layer (ETH 2.0).
The values were increased to up to US$ 250 thousand. This represents a 600% increase over the previous figure, which was $50,000. Whoever wins the prizes will receive the amount in ETH or stablecoin DAI.
While the cost is high, the cost is small given the vulnerabilities in a network that processes billions of dollars in transactions every day.
“There are already several efforts organized by the customer teams and the community to further increase the knowledge and experience in both layers. The unification of the bounty program will further enhance visibility and coordination efforts in identifying and mitigating vulnerabilities,” developer Fredrik Svantes.
