- The Beacon chain and the mainnet are distinct.
- The Beacon Chain will bring proof-of-stake to Ethereum.
A recent picture of a Twitter user’s computer screen during a complex procedure sparked both delight and bewilderment. Jacek Sieka then stated that Ethereum clients Nimbus and Nethermind were “merging.” A proof-of-stake consensus method would be perfect for Ethereum.
The Beacon chain and the mainnet are distinct. The Beacon Chain will bring proof-of-stake to Ethereum, while the mainnet deals with smart contracts and proof-of-work. The merging would allow developers to mix the two before switching Ethereum to proof-of-stake.
Merge event, day 1: @ethnimbus and @nethermindeth does #themerge transition! pic.twitter.com/eyRlygTMbV
— Jacek Sieka (@jcksie) October 3, 2021
It would then drive a proof-of-stake consensus mechanism. The Beacon chain would also allow staking and shard chains into the Ethereum ecosystem. By 2021-2022, Ethereum 2.0 should be ready. However, the merger of Nimbus and Nethermind is a positive sign. Also, interested individuals may test the merging themselves.
Bug Bounty Program
The upcoming Altair upgrade will include support for light clients in the core consensus, among other changes. Notably, Nethermind and Nimbus were two of five winners of $1.5 million in contributions towards the Ethereum ecosystem.
Until the update, Ethereum has launched a bug bounty program with increased incentives. This shows how important Altair is to Ethereum’s development plan. Ethereum’s gas consumption has been decreasing over the past several days. It fell to a one-month low. Ethereum’s mining earnings have also dropped to a new 18-month low of $65,264.58.
On the other hand, the number of addresses that possess more than 0.1 coins has reached an all-time high of 5,741,367. That is very encouraging news for the Ethereum ecosystem as well as for the cryptocurrency ecosystem, especially after last months chaos.
According to CoinMarketCap, Ethereum price today is $3,566.35 USD with a 24-hour trading volume of $21,413,993,123 USD.
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