The Ethereum development team has held a “dress rehearsal” for the long-awaited transformation associated with the transition to the concept of Proof-of-Stake (proof of ownership).

Cryptocurrencies such as Ethereum and Bitcoin are often criticized for their energy-intensive coin mining process. Both cryptocurrencies use the Proof-of-Work model, which involves complex calculations on a large number of systems.

The rejection of the Proof-of-Work concept in favor of Proof-of-Stake will allow the Ethereum cryptocurrency to significantly reduce network power consumption and speed up transactions. However, the transition has been delayed several times over the past few years due to a number of serious shortcomings in implementation. It seems that the developers managed to solve all the problems, and the last test run was successful.

Specifically, the Ethereum testnet mimicked a process identical to the one the mainnet is expected to go through in the fall. At the same time, developers received confirmation that the Proof-of-Stake verification process significantly reduces the amount of energy required to confirm blocks, and the merging process works as expected.

However, the developer of the core of the Ethereum cryptocurrency, Tim Beiko, said that although the network is stable, the test still revealed “some minor known problems.” The developers will now “spend the next few days analyzing them before discussing the next steps on the AllCoreDevs call this Friday.”

The transition of the Ethereum network to the Proof-of-Stake protection method was postponed for several months

Source: cnbc