ETH 2.0 rollout passes through the next phase to Georli before a giant leap is taken and the Ethereum shifts to POS consensus mechanism.
The Ethereum community has news to celebrate after so much delay to the ETH 2.0 roll out. The second to last trial that will set the precedent for the merge will happen on the Sepolia network. Post the trial, Ethereum will switch from power consuming PoW or Proof of Work consensus mechanism to environment friendly POS or Proof of Stake consensus mechanism.
Once the second trial is complete, the final trial will happen on Goerli Network and then the final merge will be rolled out!
Anthony Sasso, the educator that covers YouTube videos on Ethereum educating people said, “ thanks to everyone that the process is finally complete. It will be under scrutiny for a few weeks and then we shall look at Goerli.” It will transition to the Ethereum POS chain after the Goerli roll out.
What Does It Means for the Crypto Market?
Initially, in the first leg of the validation, as many as 30 validator nodes went offline. However, it is expected that such happenings do occur and there’s nothing to be bothered about. However, ETHEREUM Founder Vitalik Buterin has said, “ at the moment we are reliant on third party infrastructure which will cause some problems nonetheless”. But we are prepared for the same since there will not be very critical issues to stop the operations.
Despite this, ETH hasn’t been up to the mark on the exchanges. Sentiments have dwindled and sell off is likely. ETH supply to the exchange has also risen to 13.25% at the time of writing.