Cryptocurrency Ether on track for best month since 2021, price up more than 50% in July

The price of ether has risen by more than 50%, according to CoinGecko, which has risen as the cryptocurrency industry awaits the largest blockchain transition, also called a merger, which could take place in September after being sidelined for several. years.

The merger will lead Ethereum to a system called Proof of Stake, where staking Ether tokens will sort transactions, from its current system called Proof of Work, a mechanism that uses powerful computers to sort transactions.

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This week, the Ethereum developers reported continued progress in testing the new system, and in the coming weeks they will be hosting a series of events for potential stakingr and other community members.

Ethereum co-founder Vitalik Buterin revealed that the Ether network will be 55% complete once the Merge update is complete. Earlier this month, Tim Beiko, a member of the Ethereum Foundation, suggested September 19 as a tentative launch date for the merger.

Soon, Ethereum’s current mainnet will merge with Beacon Chain’s proof-of-stake system. This will mark the end of the proof of work for Ethereum and the complete transition to proof of stake. This sets the stage for future scaling updates, including sharing. The merger will reduce Ethereum’s power consumption by around 99.95%, he says on his website.

Meanwhile, the broader cryptocurrency market continued to take advantage of traders who called up bets on Federal Reserve hikes after a bad economic reading fueled concerns of a US recession.

The original Ethereum was further brought into the spotlight after AntPool, the mining pool affiliated with mining giant Bitmain Technologies Ltd, said it had invested $ 10 million to support it, Bloomberg reported.

Ethereum is a blockchain-based software platform that can be used to send and receive value around the world with its native cryptocurrency, the ether. First proposed in 2013 by Russian-Canadian computer programmer Vitalik Buterin, Ethereum was designed to extend the usefulness of cryptocurrencies by allowing developers to build Ethereum-based applications, called “decentralized applications” or dapps.

(With agency contributions)

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