In a conference call on Thursday, Ethereum developers announced that they are on track to deploy the Ethereum merger to all users across the blockchain on September 19 as planned.
On the news, Ether (ETH) jumped 13.36% in the past 24 hours to a high of $1,229.84, according to CoinMarketCap.
The Ethereum merger is an effort by programmers to move the entire system from the consensus method of proof of work currently used to confirm digital transactions to an environmentally friendly proof-of-claim model.
Ethereum (ETH) programmers are planning to roll out a consolidated version of ethereum to all users of the blockchain on September 19, according to a new transcript of a conference call. The ethereum merger aims to move the entire system from ethereum's current proof-of-work (PoW) consensus approach for verifying transactions to a more environmentally stable proof-of-stake (PoS) process that requires significantly less energy.
On the news of the tentative date for this major blockchain upgrade, the price of Ether jumped 13.36% to a peak trading price of $1229.84 / coin on the crypto exchange over the past 24 hours, according to cryptocurrency tracking site CoinMarketCap.
Ether is up more than twice as much as other cryptocurrencies, with the overall cryptocurrency space up 6.21% at the time of writing, while bitcoin and Dogecoin are both up less than 6% over the same time frame.
Why is the Ethereum merger important
As a backdrop, Ethereum's developer team has been working for years to migrate the entire system from the current consensus method of proof of work (PoW), used to verify transactions, to the more environmentally stable proof of stake (PoS). Once completed and fully deployed, the merger will significantly reduce transaction settlement times, as well as reduce costs and network congestion, while doubling the number of transactions per second.
Is now the time to buy Ether?
Even without these benefits from the upgrade, the Ethereum blockchain currently supports the largest number of developer applications in the cryptocurrency space, and it remains the backbone of many popular blockchain use cases, such as NFT and decentralized financial products.
Also very important, since the etheric fang improvement proposals (EIP) - 1559 activated in August 2021, more than 2.58 million etheric COINS have been burned, reducing the supply this is not an accident, but an intentional, permanent upgrade, to cut a new casting the etheric proportion of currency in circulation, makes it a more asset deflation, And increase the value of each ether over time.