Geth v1.12.0 Update Signals End of PoW Era: Ethereum’s Evolution Towards PoS System

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Ethereum client Go-Ethereum has taken a crucial step in its ongoing development, with the official release of the Geth v1.12.0 version (Krogam DMZ). This latest update heralds the end for proof of work (PoW) as it can no longer be used for PoW-based private chains or serve as a dependency on ethash PoW.

As Ethereum continues its transition towards a proof-of-stake (PoS) system, some related chains still rely on the PoW consensus, such as Ethereum Classic and EthereumPoW. However, the latest Geth update released on May 25 signals the end for the PoW support in Ethereum’s execution layer client.

To further streamline the Ethereum experience, Geth now defaults to using Pebble as a backend if no existing database is found. The newly released version also adds block coverage to eth_call, making it possible to perform batch state test execution. Additionally, it has fixed numerous bugs. More information on the improvements and bug fixes can be found in the release notes.

In other Ethereum-related news, consensus layer client Nimbus released a v23.5.1 update for validator clients and node operators on May 21. Its main aim is to enhance compatibility with third-party validator clients and beacon nodes while also introducing support for incremental pruning. The latest updates from Ethereum clients are set to enhance the overall performance of the network.

Such improvements are particularly crucial in light of recent events. The Ethereum network faced finality issues on May 11 and 12, leading to clients releasing critical updates to prevent Beacon Chain nodes from consuming high resources during turbulent times.

The Ethereum price seems to have stabilized near $1,800, in spite of market uncertainty, which suggests low volatility – an appealing factor for institutional investors. Some predict that Ethereum could outperform Bitcoin in the future. Over the last 24 hours, Ethereum’s price has risen by 1%, with the current trading price standing at $1,795.

In conclusion, the ongoing updates on the Ethereum network, particularly with the end of PoW support in Geth, suggest that the evolution towards a PoS system might be nearer than expected. While the implications of these updates remain to be seen, it’s clear that the Ethereum ecosystem is putting a lot of effort into enhancing its overall performance. This effort has not gone unnoticed by investors, as the increased stability and potential for future growth make Ethereum an attractive prospect in the ever-evolving world of cryptocurrency.

Source: Coingape

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