Ethereum’s Beacon Network Deals With a 7-Block Chain Reorganization
On May 25, seven blocks were reorganized on Ethereum’s Beacon chain at 8:55:23 a.m. (UTC) at block height 3,887,075 all the way to block 3,887,081. The reorganization was discovered by Martin Köppelmann who noted the “current attestation strategy of nodes should be reconsidered to hopefully result in a more stable chain.” Ethereum’s Beacon Chain Reorgs While all eyes have been glued to development surrounding Ethereum’s upcoming transition to proof-of-stake (PoS) via The Merge, the chain that will be crucial to the transition, Ethereum’s....
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“This reorg is not an indicator of a flawed fork choice, but a non-trivial segmentation of updated vs out of date client software” suggested Core Ethereum developer Preston Van Loon. Ahead of the Merge tentatively penciled in for August, Ethereum’s Beacon Chain experienced a seven-block reorganization (reorg) yesterday. According to data from Beacon Scan, on May 25 seven blocks from number 3,887,075 to 3,887,081 were knocked out of the Beacon Chain between 08:55:23 to 08:56:35 AM UTC. The term reorg refers to an event in which a block that was part of the canonical chain, such as the....
The Ethereum blockchain is set to bid farewell to proof-of-work, and welcome proof-of-stake as the mainnet merges with the Beacon Chain. Ethereum's long-awaited transition from proof-of-work (PoW) to proof-of-stake (PoS) is upon us as the Merge looms in less than 10 hours. There's plenty to consider for the wider cryptocurrency space — and here's what you need to know.What is the Merge?The Ethereum blockchain will transition away from its energy-intensive consensus mechanism PoW as its execution layer merges with the new PoS consensus layer known as the Beacon Chain.The Beacon Chain went....
Ethereum's long-awaited Merge with the Beacon Chain is complete — here's what the long-term roadmap for the continued development of the protocol looks like. The Ethereum blockchain has successfully completed its shift away from proof-of-work to proof-of-stake (PoS) consensus following the merge of the Mainnet and the Beacon Chain.The Merge took place on Sep.15 as the network shifted to PoS seamlessly, seeing hardware-based miners replaced by validators that stake Ether (ETH) to process transactions, add new blocks and maintain the network.The most pertinent question in the cryptocurrency....
Chain reorganization means that blocks in your node's old longest chain will be deactivated in favor of blocks in the new longest chain. What are the advantages and disadvantages of PoS blockchains?Proof-of-stake (PoS) blockchains have numerous advantages over proof-of-work (PoW) blockchains as they are more environmentally friendly and have no centralization issues. However, there are also some disadvantages, such as double spending during blockchain reorganization.To begin with, the PoS consensus mechanism is far more environmentally friendly than PoW. In essence, miners don't need to....
According to various reports, the cryptocurrency network Verge has suffered a 51% attack that led to a massive 560,000+ block reorganization. Analysts believe the Verge network attack could be the deepest blockchain reorganization (reorg) in history with roughly 200 days worth of verge transactions wiped. Reports Show Verge Network Experienced a Massive 560,000+ Blocks Reorg The blockchain Verge and its native token XVG once made headlines for being added to the popular adult website Pornhub. This week, the Verge network has been 51% attacked according to multiple analysts and observers on....