Why Ethereum’s Beacon Chain stands to be of utmost importance post-Merge
The Ethereum Beacon chain is a ledger of accounts that conducts and coordinates the network of stakers. It was designed to replace proof-of-work (PoW) mining on the current Ethereum Mainnet.
Blockchain analytics platform Glassnode and crypto price tracking platform CoinMarketCap released a new report. The newly published report assessed the state of the Ethereum Beacon chain ahead of the Merge.
The final lap of the Ethereum Merge is scheduled to take place between 10 September and 20 September. It can also be considered as the most important event in blockchain history so far this year.
The final ETH transition into a proof-of-stake (PoS) consensus mechanism will be triggered by the Terminal Total Difficulty (TTD) of 58750000000000000000000. This is referred to as the Paris Upgrade.
According to IntoTheBlock, the merge should occur on 15 September if the hashrate on the Ethereum mainnet network maintains an average of about 844 TH/s. The blockchain analytics platform added that a more probable date is 14 September with the network’s 30-day TH/s average,
On the Ethereum proof-of-work (PoW) system, miners on the network have the duty of constructing the block. This is followed by sending the winning block to a network of nodes that validate the transactions.
On the PoS system on the Beacon Chain, the blocks are built, proposed, and validated by sets of validators. Thus, making up different epochs on the chain.
According to the new report, the first block on the Beacon Chain was added on 1 December 2020. Having operated for 639 days, the “chain-tip has surpassed block height of 4,557,056, and epoch height 142,408.”
Source: CMC Research
Glassnode and CoinMarketCap also found that for all the epochs on the Beacon chain, the
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