Ethereum ‘Merge’ is one step closer to being a reality. The Ethereum Foundation urged network stakeholders to conduct testing using Kiln on March 14 to “ensure a smooth transition on existing public testnets.” After the launch of the final public testnet Kiln put the much-anticipated ‘Merge’ on the Ethereum network through its paces.
The kiln is currently available for Ethereum developers, node operators, and stakers to use in a proof-of-work (PoW) testing environment. It’s the last public testnet before the entire network switches from proof-of-work to proof-of-stake later this year. Kiln will run the merging through its paces later this week.
Kiln began as a proof-of-work testnet that simulated the Ethereum network’s operational environment. It ran concurrently with the Beacon Chain, Ethereum 2.0’s first major PoS component (now known as the consensus layer), where ETH holders can stake their currencies and begin securing the Ethereum network’s future.
The switch from PoW to PoS on Ethereum (ETH) will be a watershed moment in the network’s history. The next phase of Ethereum’s development will allow the blockchain’s security to be based on staked tokens rather than expensive and energy-intensive mining hardware.
For investors, the 10 million ETH invested in the Beacon Chain is currently yielding roughly 4.8 percent each year. After the Merge, that yield could reach 15%, and network running costs will be a quarter of what they were before the PoW, according to Bankless.