Find out about the upcoming update that will shut down Ethereum (PoW) mining
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Answer Find out about the upcoming update that will shut down Ethereum (PoW) mining
Most of the crypto market leaders are aware of the upcoming update of the Ethereum network, which will transform the Ethereum blockchain from a mining mechanism to a quota mechanism.
The upgrade responsible for this appears to have received a new name, “Bellatrix”.
So “Bellatrix” is the new name for a previous Merge update that was designed to integrate with “Beacon Chain,” which uses the PoS protocol instead of the much-criticized legacy Proof of Work (PoW) protocol.
The Bellatrix update will migrate the Ethereum network to the full Proof of Stake (PoS) protocol and remove miners from the network’s functionality.
Validators will now receive rewards for approving transactions.Read:A Bitcoin whale bid for 6,500 BTC on Binance contributed to the price volatility on the platform
The update is planned to be released in the first and second quarter of 2022.
Currently, the new network (the lighthouse network) operates separately from the main network.
The network currently in use operates on the Proof of Work (mining) protocol while the Beacon network operates on the Proof of Stake mechanism.
The update will bring these networks together into one network.
“Bellatrix” is an update that will make Ethereum green and allow the network to achieve full scalability, security, and sustainability which were the main goals of the Ethereum 2.0 vision and upgrade.
Developers note that the transition between PoS networks and PoW mining is a complex task to achieve, which means that they have to defer previously discussed features of the network, such as staking rewards.
After the network receives the update, the developers plan to release a cleanup update, which will be a preparation for implementing new features and technologies.
The next update will be presented shortly after merging the two networks together, as we mentioned in the period between the first quarter and the second quarter of 2022, which we will devote to a special coverage on the Arab Bitcoin as soon as it is heard.Read:Violent reactions from the crypto community to “Coinbase” after its founder stated that it is decentralized
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