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Ethereum

Ethereum Client Releases Major Upgrade To End PoW Support, ETH Price Jumps

By admin
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Ethereum Client Releases Major Upgrade To End PoW Support, ETH Price Jumps

Ethereum client Go-Ethereum has officially released the Geth v1.12.0 version (Krogam DMZ). The latest update will no longer support proof of work (POW), so it can no longer be used for PoW-based private chains or as a dependency on ethash PoW.

Ethereum has transitioned to proof-of-stake (PoS) but some related chains still use PoW consensus such as Ethereum Classic and EthereumPoW.

Go Ethereum Releases Major Update to End PoW Support

Ethereum’s execution layer client Go Ethereum in a tweet on May 25 revealed that it has released Geth v1.12.0 (Krogam DMZ) update, potentially a breaking change. Geth has decided to no longer support proof-of-work (PoW) chains. Moreover, Geth now defaults to use Pebble as a backend if no existing database is found.

Geth v1.12.0 (Krogam DMZ) was just released. This is a potentially breaking change, since proof-of-work is no longer supported. #ethereum #golang https://t.co/cO6rK58I3Y

— Go Ethereum (@go_ethereum) May 25, 2023

The new version adds block coverage to eth_call, enabling batch state test execution. Various bugs have also been fixed. The details on the improvements and bug fixes can be found in the released notes.

Recently, consensus layer client Nimbus released a v23.5.1 update for validator clients and node operators on May 21. The update aims to improve compatibility with 3rd party validator clients and beacon nodes. Moreover, it introduces support for incremental pruning.

These latest updates by clients will improve the network’s overall performance. After the Ethereum network suffered finality issues on May 11 and 12, Ethereum clients released critical updates to prevent the Beacon Chain nodes from high resource usage during turbulent times.

Also Read: Binance Suspends Crypto Deposits As Multichain CEO Remains Missing

ETH Price Stabilizes Near $1800

Ethereum price stability near $1800 despite market uncertainty indicates low volatility, which is preferred by institutional investors. ETH is likely to outperform Bitcoin in the future.

ETH price jumped 1% in the last 24 hours, with the price currently trading at $1,795. The 24-hour low and high are $1,763 and $1,808, respectively.

Also Read: Blockchain.com CEO Warns Of Bitcoin, Crypto Selloff After Debt Ceiling Deal

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