"With over $30 billion dollars at stake (locked into Ethereum’s proof-of-stake chain), Kiln - an important test for Ethereum 2.0 - just finished and puts the blockchain closer than ever before to the “merge.”
“Kiln is, we expect, the last new testnet created solely for the purpose of testing the ‘merge.’ Kiln tried to replicate what will happen [during the ‘merge’] as closely as possible.”The highly anticipated “merge” is the mechanism that will shift Ethereum from a proof-of-work model to proof of stake. the Kiln testnet proves the “merge” is possible, as Kiln launched under proof of work on Monday and transitioned to a Beacon Chain running proof of stake on Tuesday. And while crypotoi broadly speaking has rallied this week, Ethereum has accelerate dramatically after Tuesday's initial tests..."
“This merge signals the culmination of six years of research and development in Ethereum and will result in a more secure network, predictable block times, and a 99.98%+ reduction in power use when it is released on mainnet later in 2022.” "It appears not everything went according to plan during testing. According to Kiln Explorer, there were several errors relating to contract creation. In a follow-up tweet, Beiko said a client was not producing blocks consistently, though “the network is stable, with >2/3rd of validators correctly finalizing.” "Once it's executed on the mainnet, Ethereum 2.0, now rebranded the "Consensus Layer," will be alive and kicking."
ConsenSys CEO and Ethereum co-founder Joe Lubin is still confident that the next era of Ethereum will arrive within the next few months ("by Q2 or possibly slipping into Q3" of this year). "The merge is happening, surprisingly, on that same timeframe," said Lubin during an interview with Decrypt. "So my estimate stays the same. We have a team working strongly, heavily on it.""The merge will lay to rest proof-of-work, will lay to rest Ethereum's carbon or energy footprint problem, that all goes away," “The merge will cut our energy footprint by 99.98%.”
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