The members of the crypto community have been patiently waiting with bated breaths for the very much popularized Ethereum ‘Merge’. Till now, there was very little information about the much-awaited ‘Merge’ that was supposed to take place with Ethereum.
However, according to the crypto news for today, new information has been found regarding the new Ethereum function for sure. The Kiln testnet launch actually gave away the news for the Ethereum ‘Merge’ to take place. The Kiln testnet is actually the final phase of public testing before actually releasing the ‘Merge’ function of Ethereum.
It can be considered as the end to the Proof-of-work consensus. This function has been much-anticipated on the network of Ethereum and people are definitely excited about it for sure. It is not too long with the new Ethereum function that will become a reality after the public testnet Kiln is launched in order to speed up the process.
On the 14th of March, the Ethereum Foundation actually urged the stakeholders of the network o run different tests. These tests were to be run on Kiln in order to ensure that a smoother and much better transition is taking place on the testnets that are already existing in public these days. “We strongly recommend that developers run through a full testing & deployment cycle on Kiln and report any issues with tools or dependencies to those projects’ maintainers.”
Quite recently, it was confirmed by a developer of Ethereum, Tim Beiko that Kiln had actually gone live. Hence, it will soon be time when Kiln is properly prepared to have a merging association with the Beacon Chain. This information was provided to the public via the Twitter Account of Tim Beiko. The launch of the Kiln Testnet took place last week. It was released in the proof-of-work mode.
The PoW mode that is used by Kiln will only be for a very short period of time during the testing environment. The developers of Ethereum, stakers, and the node operators all are able to use the Kiln testnet in this particular mode. It is basically the final phase of public testing the testnet before actually releasing it to the entire network. There will be full testing of the merge on Kiln sometime this week.
Kiln Launch Announced By Ethereum Developers
Beiko mentioned in an interview yesterday that launching Kiln “a week or so from launch to merge was definitely the intention.” He said Ethereum developers wanted to “give the community the opportunity to test their products through the merge.”
Kiln was originally launched as a PoW testnet that mimicked the Ethereum network’s operational environment. It ran parallel to the Beacon Chain, the first major PoS component of Ethereum 2.0 (now called the consensus layer) where ETH holders can stake their coins and begin securing the future of the Ethereum network.
Ethereum’s (ETH) mainnet transition from PoW to PoS will be a major milestone in the network’s evolution. This next phase of Ethereum will allow the blockchain’s security to rely on staked tokens rather than costly and power-hungry mining hardware.
The network’s transition event from PoW to PoS will dock the Beacon Chain with the Ethereum mainnet. The Merge could come as soon as this June according to an analysis from crypto financial newsletter Bankless although it was slated as Q1, 2022 on the official roadmap.
According to crypto news for today, the 10 million ETH staked in the Beacon Chain is currently earning about 4.8% per year in yield for investors. After the Merge, that yield could grow to as high as 15% and network operational costs will be reduced to a fraction of its PoW predecessor reported Bankless.
Also Read: Cardano Price Prediction: This is pretty exciting news that ERC20 Converter Tool has been released on Cardano Testnet
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