The developers associated with Ethereum have announced that they have successfully completed all the prerequisites required to initiate the upcoming blockchain upgrade which has met heavy anticipation among the markets. The prerequisites ie. Shadow forks have been successfully implemented across the blockchain.
A shadow fork helps the developers to stress test the synchronisation assumptions which will assure the overall security of the entire network while the permanent upgrades are being finalized. In preparing for the Merge the developers had implemented the first shadow fork on 11th of April,2022.
Six months later the research and engineering company associated with Ethereum ie. “Nethermind” has clarified in a statement that the overall transition in “Mainnet Shadowfork-13” has been successfully initiated. The above-mentioned shadow fork is the last shadow fork on the Ethereum blockchain network.
This transition signals the fact that Ethereum is ready for the transition to a Proof of Stake (POS) consensus mechanism.
Apparently the entire testnet allowed the developers to practice the procedure of running nodes on the network or deploy the contracts on the network. Apart from that developers tested the entire functionality of the network as well as the efficiency of the network. These shadow forks help the developers gauge the implications of any network upgrades on the network even before the actual upgrade is deployed on the entire network. These mechanisms help the developers to try the best and prepare for the worst case scenarios associated with the upgrade.
Inorder to initiate the upgrade the community users have to update the Ethereum clients followed by which they have to run the execution layer and consensus layer in a combination thus completing the upgrade.
The effect of Merge on the price of Ethereum
Traders have marked the Merge which is supposed to be due by September 15 as a volatile period in the market. The Merge has positioned itself as a source of massive volatility for the markets. Currently Ethereum has been gaining steadily in the markets and has surpassed its prior price levels since August 19. However the prices retracted soon after reaching an ascent.
After this various traders evoked bullish sentiments in the market declaring that Ethereum would surpass the $1800-$1900 price levels in the near future most probably around the due date of the Merge.
Disclaimer: The opinions expressed in the Blog are for general informational purposes only and are not intended to provide specific advice or recommendations for any individual or on any specific security or investment product. It is only intended to provide education about the financial industry. Please do your own research.