The Ropsten Testnet has gone online, bringing Ethereum's merger one step closer to completion. The long-awaited switch from Ethereum's existing proof-of-work consensus mechanism to proof-of-stake consensus mechanism is approaching.
Ropsten, which was launched in 2016, is Ethereum's oldest testnet. It permits testing of blockchain development prior to mainnet release. It is similar to the mainnet and identical to other testnets, with the exception that no "actual" cash is at risk in the event of technical faults. Moreover, Ropsten is supposed to offer developers early access to the mainnet merge.
This impending modification would change the entire network and resolve a number of problems it is currently facing.
The Ethereum core developer released the first upgrade notification on May 18. He disclosed that the Ropsten's Beacon Chain has been merged, and the new releases should arrive shortly.
Then, on May 30, another Ethereum developer announced the launch of a new beacon chain and the Bellatrix upgrade. Both of these prerequisites are necessary for the Merge of the Ropsten Testnet.
This Ropsten Testnet merge is critical ahead of Ethereum's official transition to Ethereum 2.0, which is set to begin in August. The Ropsten Testnet merging is critical because it gives engineers a firsthand glimpse at how things will be when Ethereum switches to a less energy-intensive Proof of Stake consensus mechanism.
The Ropsten Testnet merge's completion will ensure the success of the final transition, which is set to begin in August. The proof of stake consensus mechanism will solve Ethereum's high transaction costs and will also reduce energy consumption.
What is Ethereum?
Ethereum is an open-source, decentralised blockchain technology with its own cryptocurrency, Ether. Ethereum serves as a platform for a variety of different cryptocurrencies as well as decentralised smart contract executions.
Vitalik Buterin initially introduced Ethereum in a whitepaper published in 2013. In the summer of 2014, Buterin and his co-founders raised funds for the project through an online public crowd sale.
The project raised $18.3 million in Bitcoin, and the price of Ethereum in the Initial Coin Offering (ICO) was $0.311, with more than 60 million Ether sold.
As per Ethereum's current pricing, the annualised return on investment (ROI) is over 270 per cent, effectively quadrupling your investment every year since the summer of 2014.
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