Bitcoin
BTC$47 196.24

-0.90%

Ethereum
ETH$3 398.91

-4.99%

Cardano
ADA$2.35

-2.73%

Binance Coin
BNB$409.43

-3.42%

Tether
USDT$1.000772

0.01%

XRP
XRP$1.072339

-2.16%

Lighthouse’s first Ethereum and Eth2 merge transaction


26 Mar 2021   #Ethereum

It is one of the first steps towards Phase 1.5 that will ‘dock’ Eth1 with Eth2. Blockchain security provider Sigma Prime has announced its first merge transaction between the two Ethereum networks.

The transaction was made by its Lighthouse client using only Proof of Stake validators, it stated in a March 25 tweet. It added that this was a step towards a 99.98% drop in Ethereum energy consumption, deriving that figure from calculations that compare the current Proof of Work Eth1 with the much more efficient Proof of Stake Eth2.

Sigma Prime stated that it is an exciting achievement but still far from production as it is still a prototype with much more work to do, adding: “Primarily, you should take this is a signal that Eth1 and Eth2 developers are actively working together on the merge.”

This is not the first time such a feat has been managed, with Sigma Prime pointing out that in August last year the Teku Ethereum client had also demoed a prototype capable of performing any Eth1 transaction in an Eth2 environment.

The transaction is part of the initial steps towards Phase 1.5 in the Ethereum 2.0 upgrade roadmap when a “docking” process will merge Eth1 mainnet with the Eth2 Beacon Chain and sharding system. The move to Proof of Stake will eliminate the energy-hungry mining operations that currently power Eth1, though the blockchain will still run as a shard of Eth2 once Phase 1.5 is complete.

A discussion on mining, and its power consumption, was spawned on Reddit in response to the Lighthouse development. Citing the increasing costs of electricity, and graphics processors at the moment due to the global chip shortage, Redditor HighlightAccording98 stated that it’s simpler to profit from staking than mining.

“If I were a miner I would be sitting on a pile of staked ETH from selling my equipment collecting APY and waiting for the merge.”

Currently, staking on Beacon Chain is yielding an APY of 8.2% with 3.6 million ETH already deposited according to the Eth2 Launchpad.


Related

Ethereum options data suggests the battle for $4K ETH is at least a week away
Ethereum price metrics back traders confidence in $3,800 ETH
Ethereum layer-twos reportedly processing more transactions than Bitcoin
Top up with stablecoins at FreshForex
Ethereum's rise to No.1 crypto seems unstoppable
Cryptocurrency derivatives market shows growth despite regulatory FUD
Eth2 staking contract ranks as single-largest Ether hodler with $21.5B
Reasons why Ethereum is unlikely to flip Bitcoin any time soon
Ethereum approaches $3K resistance as Bitcoin price rebounds toward $40K

Top Cryptocurrencies with Price Predictions

# Crypto Prediction Accuracy CVIX Price 24h 7d Market Cap Volume 24h
1 Bitcoin (BTC) BTC Bitcoin predictions 86.8% 25 $47 196.24 -0.90% 3.21% $888 165 398 031 $28 837 572 321
2 Ethereum (ETH) ETH Ethereum predictions 73.6% 52 $3 398.91 -4.99% 2.10% $399 589 395 021 $18 208 097 601
3 Cardano (ADA) ADA Cardano predictions 70.8% 64 $2.35 -2.73% -2.59% $75 328 517 583 $2 502 610 105
4 Binance Coin (BNB) BNB Binance Coin predictions 63.6% 70 $409.43 -3.42% 0.29% $68 840 128 039 $1 526 352 217
5 Tether (USDT) USDT Tether predictions 95.2% 1 $1.000772 0.01% 0.06% $68 306 683 609 $68 957 512 774
6 XRP (XRP) XRP XRP predictions 71.6% 54 $1.072339 -2.16% -0.49% $49 994 826 614 $3 103 899 431
7 Solana (SOL) SOL Solana predictions 60.4% 90 $141.39 -8.05% -21.59% $41 967 915 927 $4 484 230 918
8 Polkadot (DOT) DOT Polkadot predictions 62% 81 $33.64 -3.04% 13.14% $33 221 971 526 $2 377 880 173
9 Dogecoin (DOGE) DOGE Dogecoin predictions 68% 66 $0.241295 0.66% -1.25% $31 687 836 517 $2 275 287 430
10 USD Coin (USDC) USDC USD Coin predictions 94.4% 1 $1.000646 0.05% 0.04% $29 328 222 348 $2 841 145 920
11 UniSwap (UNI) UNI UniSwap predictions 69.2% 57 $24.44 -7.08% 8.72% $14 946 944 071 $538 878 731
12 Avalanche (AVAX) AVAX Avalanche predictions 66% 69 $64.90 -2.78% 33.59% $14 296 604 632 $2 005 002 749
13 Terra (LUNA) LUNA Terra predictions 65.2% 67 $35.17 -7.63% -14.27% $14 128 224 406 $1 175 443 764
14 Binance USD (BUSD) BUSD Binance USD predictions 94.4% 1 $1.000776 0.04% 0.07% $12 836 275 840 $5 753 613 485
15 Chainlink (LINK) LINK Chainlink predictions 71.6% 57 $28.11 -6.49% 3.99% $12 747 308 610 $1 498 687 851

Be the first to receive Cryptocurrency Price Predictions and Forecasts daily

Get cryptocurrency price predictions, forecasts with analysis and news right to your inbox.

© 2015-2021 Crypto-Rating.com

The usage of this website constitutes acceptance of the following legal information. Any contracts of financial instruments offered to conclude bear high risks and may result in the full loss of the deposited funds. Prior to making transactions one should get acquainted with the risks to which they relate. All the information featured on the website, including information about the cryptocurrencies and bitcoin is intended solely for informational purposes, is not a means of advertising them, and doesn't imply direct instructions for investing. Crypto Rating shall not be liable for any loss, including unlimited loss of funds, which may arise directly or indirectly from the usage of this information. The editorial staff of the website does not bear any responsibility whatsoever for the content of the comments or reviews made by the site users about cryptocurrencies. The entire responsibility for the contents rests with the authors. Reprint of the materials is available only with the permission of the editorial staff.