The activation of the Bellatrix upgrade on the Ethereum chain officially took place on Tuesday, at 7:35 am EST precisely. This update triggers the start of the merge, which is expected to be completed between 13 and 16 September.
The developers have been running a lot of tests for years to ensure a smooth transition. However, it would be irresponsible to ignore the risk and effort required to move an asset that is capitalized at $ 193 billion and has hundreds of active decentralized infrastructures. Completely changing the consensus mode of the chain from proof-of-work to proof-of-stake, while keeping the chain functional and active throughout the migration, is a challenge – and hopefully a feat – technology. This transition will not only reduce the energy consumption of the grid by more than 99%, but will also enable a real step forward in the development capacity of the different decentralized solutions in the sector.
As the founder of Ethereum himself states, “The merger is still expected around 13-15 September. What’s happening today is the Bellatrix hard fork, which is * preparing * the channel for merging. ”
The value of the Total Terminal Difficulty (TTD) that triggered the merger was set at 58,750,000,000,000,000,000,000,000, a figure that represents the cumulative difficulty of all the Ethereum blocks mined, should be reached between 13 and 16 September. When this level is reached, the network will merge its execution level with the new consensus level proof of participation, allowing the chain to continue with a new system of issuing and authenticating blocks of transactions. At the time of merging, the difficulty level of the network Proof of work of Ethereum will increase to the point that the extraction of new blocks will no longer be possible.
In addition to the 34.2 billion dollars of value locked in blockchain 2.0 smart contracts, there is already 5.3 billion dollars in Ether. staking on the new channel Headlights. With so many online, there is no doubt that this is the biggest update in the history of the net. There are already over 410,000 active validators ready to produce blocks proof of participation and ensure network stability.
How is the transition going so far? If the real test is clearly coming in a week, we already have clues. First, the introduction of Bellatrix was done correctly. The developers celebrated the success of this implementation and said that the update to the latest runtime level of Fusion, Paris, he was on the right track. However, after execution, the Ethereum network experienced a noticeable spike in its “missed block rate,” which is how often the network fails to verify a block of scheduled transactions for validation. This figure increased by approximately 1,700% after Bellatrix came into effect. In other words, while typically 0.5% of all blocks destined for validation on Ethereum fail on the first attempt, over 9% of all blocks encountered this problem on Tuesday morning. Major technical problem? Not exactly, at least, if we rely on the various developers who have intervened on the subject.
Ahead of the final Paris update, all Ethereum node operators, people and organizations that keep the backend and network infrastructure running, need to update their customers with the latest software ready for the Union. Any operator that does not, if and when the merger takes place next week, “will remain on an incompatible chain under the old rules and will not be able to send Ether or operate on the Ethereum network after the merger.” In short, the peak in rate lockout could most likely be attributed to operators who had not yet performed this software update, not to a technical defect in the network. In other words, the more node operators have not yet updated their software, the more lost blocks on the chain will be activated. proof of participation. According to Ethernodes, 25.2% of Ethereum nodes have not yet updated their software. The worst-case scenario in this regard, however, appears to have already been avoided. If less than 66% of node operators update their software, the merger could not be finalized next week. This figure already exceeds 74%.
In short, to conclude on the subject, so far; Everything is going well.
Much has been written about Michael Saylor over the years in this communication, he being a true pioneer of institutional bitcoin investing through his company MicroStrategy. However, he certainly doesn’t like the reasons that still put him in the spotlight today. The District of Columbia Attorney General is suing Saylor, claiming he evaded over $ 25 million in district taxes. The lawsuit alleges that Saylor resided in the District of Columbia for more than a decade without paying income taxes from that city. The lawsuit claims that he evaded income taxes by fraudulently claiming to be a resident of other low-tax jurisdictions. The one who recently left his position as CEO of MicroStrategy retorted in a press release that he had left Virginia to settle in Miami Beach, Florida ten years ago. “Although MicroStrategy is based in Virginia, Florida is where I live, vote and run for juror, and it is the center of my personal and family life,” said Saylor. “I respectfully disagree with the District of Columbia position and hope the courts find a fair solution to this problem.” The lawsuit also named MicroStrategy as a defendant, accusing the Northern Virginia-based company of partnering with Mr. Saylor to evade taxes.
It should be noted that today is exactly one year since El Salvador adopted bitcoin as its common currency. Even if the experiment could not have started at a worse time in the market cycle, the fact remains that it is a major evolution for a decentralized monetary network which, it must be remembered, is still very young.
We often compare the extraction bitcoin (or any other currency proof of work) to a lottery among all its participants. Most of these groups come together to pool their computing power, thus increasing the chances of uncovering blocks and thus sharing the hefty 6.25 BTC reward. However, a lone miner really won the lottery yesterday. Those who are not part of such a pool of miners barely indicate the 270th on the net. A real drop in the ocean of total computing power to support the chain. However, it was the same miner who discovered block 752,868 yesterday, alone being rewarded with 6.25 BTC, worth over $ 118,000 at the time.
The stock market action is gloomy to say the least, with the cryptocurrency markets maintaining their bearish correlation. In this regard, the Fed’s decisions should continue to weigh heavily on short and medium-term macroeconomic developments. If small investors continue to dispose of their portfolios, others, gigantic, take the opportunity to increase theirs. Observers on Binance have noticed a trend of continued accumulation by a new and unknown entity of large-scale Binance futures trading. The long position of the entity would be “massive” and “easily” worth 30,000 BTC or more.
Furthermore, among the bitcoin-specific indicators, it is interesting to note that the percentage of bitcoin that has not moved for more than a year has reached all-time highs. Whenever a maximum occurs on this figure, a parabolic increase in price follows. In short, when the yellow line in the following chart crosses above the price line and peaks, a significant rise begins.
In the current bearish environment, less than one in two dollars of the Rivemont Crypto Fund’s equity is currently exposed to the market.
This article was brought to you by Fonds Rivemont. The Rivemont cryptocurrency fund is the first and only actively managed cryptocurrency fund in Canada. Suitable for RRSP and TFSA. Accredited investors can find out more here.
Disclaimer: This column does not necessarily reflect the opinion of CryptonewsFR and does not constitute investment advice or trading instructions..
Follow our affiliate links:
- To buy cryptocurrencies in the SEPA zone, in Europe and French citizensvisit Coinhouse
- To buy cryptocurrency in Canadavisit Bitbuy
- To generate interest with your bitcoinsgo to the BlockFi website
- To protect or store your cryptocurrenciesget Ledger or Trezor wallets
- To trade your cryptocurrencies anonymouslyinstall the NordVPN app
To invest in cryptocurrency mining or masternodes:
To accumulate coins while playing:
- In poker on the CoinPoker gaming platform
- To a global fantasy football on the Sorare platform
Stay informed with our free weekly newsletter and to our social networks: