Ether jumps 11% as Ethereum merge completes final test before transition to a proof-of-stake network
Ether jumped 11% on Thursday after the blockchain ran a final test before pivoting to a proof-of-stake protocol. A specific date for the network's update will be decided at a developer meeting on Thursday. Ether was higher on Thursday after the Ethereum network ran a final, successful test-run ahead of its transition to a proof-of-stake protocol.
A transition to a proof-of-stake network has been in the works since 2020, and will allow Ethereum to significantly decrease the amount of computing power and energy consumption needed to complete transactions on the blockchain. Ethereum users have been testing the proof-of-stake protocol on the beacon blockchain since December 2020, running the tests adjacent to the existing proof-of-work network.
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