While the deployment of Ethereum 2.0 has been widely criticized, developers have now taken a further step. The Ropsten public testnet will be updated to Proof of Stake consensus on June 8!
Another step closer to the Merge
Last month, engineers working on The Merge, the Ethereum network update that will allow the transition from Proof of Work to Proof of Stake, began testing several assumptions in the real world. All of this is accomplished through the use of a shadow fork.
Engineer Parathi Jayanathi, an Ethereum network developer, provided the configuration code for the testnet update on Monday, an element that allows you to validate the June 8th update. This upgrade removes one more stumbling block from the Ethereum 2.0 migration.
The Ethereum Foundation expands its “bug bounty” program.
The Ethereum Foundation has now announced a doubling of the number of incentives paid out for bug identification in an effort to make updating the mainnet easier. This bug bounty program, which was introduced in 2021, allows users to be compensated for reporting issues on the blockchain.
The greater the reward, the more likely the found issue is to cause harm to the blockchain. Similarly, the chance of the event occurring is factored into the reward computation. As a result, the largest incentives are for spotting issues with:
There is a substantial risk of network damage.
A high likelihood of occurrence, under this initiative, “bug hunters” can now claim up to $500,000 in prizes, up from the previous ceiling of $250,000. Amount that may be paid in either Ethereum (ETH) or DAI.
The Ethereum Foundation’s teams want to make sure that the deployment of The Merge does not introduce vulnerabilities into the network. Remember that the daily number of transactions on the Ethereum network is in the billions of dollars.
The network developer, Fredrik Svantes, describes the appeal of such an approach in a blog post:
Client teams and the community are already making concerted efforts to improve knowledge and skills between the two tiers.
Unifying the reward program will boost visibility and collaboration efforts to detect and remediate vulnerabilities.
Will this affect the price of Ethereum?
This news has no effect on the price of Ethereum. During a negative session, the asset loses more ground. Indeed, Ethereum price has dropped 3.58 percent in the previous 24 hours. At the time of writing, one ETH token is worth $1,955.34.
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