Ropsten Beacon Chain was launched on a testnet, should you buy ETH?

3 Min Read
ethereum 009

Ethereum ETH/USD has been one of the most-developed blockchain networks out there. Due to its smart contracts functionalities, it has paved the way for Decentralized Finance (DeFi) and non-fungible tokens (NFTs).

However, its main bottleneck thus far has been the fact that it uses a Proof-of-Work (PoW) consensus mechanism, which has severely limited its throughput and scalability.

This is where “The Merge ” aims to improve it, with the transition to Proof-of-Stake (PoS), and the Ropsten Beacon Chain will experience this Merge first. 

The “Bellatrix” upgrade as a catalyst for growth

On May 30, 2022, the official Ethereum Foundation Blog made an announcement about the Ropsten Merge announcement.

Specifically, Ropsten will be the first longstanding testnet that will run through “The Merge.”

The Ropsten Beacon chain will upgrade to the merge-compatible protocol rules dubbed “Bellatrix” at slot 2400, which is expected to occur on June 2, 2022.

After this occurs, the Terminal Total Difficulty (TTD) will be chosen to activate The Merge on the proof-of-work chain.

It will be at this point in time that Node Operators will need to manually set this value on their clients.

The Ethereum developer, Tim Beiko, provided more details on the launch where he stated that in order to make it happen, the Beacon Chain has to launch the latest upgrade, and the TTD of the PoW side has to be determined. 

Should you buy Ethereum (ETH)?

On June 1, 2022, Ethereum (ETH) had a value of $1,931.81.

eth usd 3

In order for us to get a better perspective as to what kind of value point this is for the Ethereum (ETH) cryptocurrency, we will go over its all-time high value, as well as its performance throughout the previous month. 

The all-time high of Ethereum (ETH) was on November 10, 2021, when it had a value of $4,878.26.

When we look at the performance of the token throughout the previous month, Ethereum (ETH) had its highest point of value on May 4 at $2,951.12, while its lowest point was on May 28, 2022, at a value of $1,724.92. 

Here we can see that the token decreased in value by $1,226.2 or by 41%.

With this in mind, at $1,931.81, Ethereum (ETH) is a solid purchase, as, after this upgrade on the testnet, the cryptocurrency could reach a value of $2,500 by the end of June 2022.

The post Ropsten Beacon Chain was launched on a testnet, should you buy ETH? appeared first on Invezz.

from Market Analysis – Invezz

Share This Article
What Is Cryptocurrency? Crypto Token: Crypto Coin & Crypto Token: Know The Difference