The date of a launch for the Byzantium testnet, the next critical step towards Metropolis, a major upgrade for Ethereum, has been announced recently.
The day has come
Thus, today marks a significant milestone for Ethereum. The first iteration of Metropolis upgrade is finally being tested on Ethereum’s testing network, as reported by ethnews.com.
According to the report, the Ethereum Ropsten testnet has reached block number 1,700,000. Hence, Geth 1.7 has automatically implemented nine Ethereum Improvement Proposals (EIPs) as well as the Byzantium hard fork.
There are two main upgrade optimizations taking place today:
- Data storage requirements for fast-synced nodes have been nearly halved, from 26.3GB to 14.9GB.
- The reduction of filtering time required for contract events being stored and indexed by the EVM from minutes to seconds.
It is believed, that this is the beginning of a new era and a gradual shift away from proof-of-work and toward proof-of-stake.
Ethereum charts on coinmarketcap.com
Meanwhile, Ethereum is doing well and making progress in growing. At the time of writing, the price of the cryptocurrency is about $283, its market capitalization is $26,847,744,466.