An Ethereum merger is in progress and a significant upgrade today called Bellatrix has been completed. The ETH 2.0 upgrade, or “The Merge,” is focused on bringing new, more secure token standards. Consolidation is a process in which the Ethereum network switches from a Proof of Work (PoW) algorithm to a Proof of Stake (PoS) algorithm. Everything is set to change the workings of the blockchain, with the goal of making the Ethereum blockchain less energy intensive.
have It was previously discussed in detail What is the ETH 2.0 update all about? However, now that things are starting to pay off, let’s dive into the Bellatrix update and why it is such an important day for Ethereum investors and developers.
Bellatrix is an update of the Ethereum Virtual Machine, the part of the network that hosts decentralized applications. The update will bring improved security, better performance, and higher network scalability, according to the Ethereum Foundation. It paves the way for the implementation of the Ethereum 2.0 network. As a result, the entire ecosystem will be better prepared for widespread adoption. The update will also pave the way for the Serenity upgrade, which will mark the first phase of the ETH 2.0 update. The second phase of the Serenity upgrade will include the launch of the Casper Consensus Protocol upgrade and eventually the Proof of Stake mechanism. The merger is expected to be completed by September 15.
This is a major milestone for Ethereum, as the update has been in the works for some time and has been delayed several times. This will allow the network to process much more transactions per second. The rate of Ethereum adoption has been steadily growing in the past few years. The network has proven to be extremely useful for a wide range of industries. However, it has been struggling to scale ever since millions of people started using it. The arrival of the ETH 2.0 update will mark the end of scalability issues and the beginning of a new era for the network.
Finally, the update aims to achieve faster transactions and a new mechanism for code upgrades. It will also bring a more democratic governance structure, making Ethereum a stronger and more attractive network.