Last Updated: 25 August 2022
The Ethereum Foundation is doing everything to make the transition to proof of stake as smooth as possible. That is why programmers are challenged to find vulnerabilities in the code. The reward for this has been increased to 1 million dollars.
Ethereum reward quadrupled
The reward for finding a critical error was previously 250,000 dollars but has now been increased by a factor of 4. The rewards for finding non-critical errors have also been increased. Bugs with a ‘high risk’ can now earn a premium of up to 200,000. Medium-risk bugs can earn $40,000, and you get $8,000 for finding a low-risk bug.
It won’t be long before The Merge takes place. This will finally see Ethereum move from the energy-intensive proof of work to proof of stake. Two blockchains will be merged to rid the entire Ethereum ecosystem, consisting of games, DeFi, decentralised exchanges, NFTs, etc., of mining.
This merger has been years in the making, and it makes sense that the Ethereum Foundation is doing everything it can to make this happen as smoothly as possible. That includes an increased reward to encourage white hat hackers to find problems so they can be fixed in time.
Submit before 8 September
Because time is of the essence, bug reports can be submitted until 8 September at the latest. This date is important, because Ethereum changed the target date of The Merge today.
The Merge was previously scheduled to take place on 15 September, but today, the Ethereum Foundation announced a window between 10 and 20 September, meaning it could happen even sooner than expected.
Dependent on computing power
An update on a blockchain network cannot be determined by a date or time. Instead, an update is usually performed at a certain block level. On Ethereum’s website, it reads:
“Paris, the part of the execution layer of the transition, is triggered by the Terminal Total Difficulty (TTD) of 587500000000000000000000000, expected between September 10 and 20, 2022. The exact date TTD is reached depends on the proof-of-work hash rate.”
The next block is produced by a Beacon Chain validator once the execution layer reaches or exceeds TTD. The Merge transition is considered complete once the Beacon Chain completes this block.
Terminal Total Difficulty (TTD) is the technical term for the computational power required to complete the last block on Ethereum before switching to ETH 2.0.
Ethereum expects to use 99% less energy
Hash rate measures the processing power of all miners on the Ethereum network. The more computing power a proof of work model has, the more secure it is. The problem is that powerful computers are used all over the world to validate transactions.
That takes an awful lot of energy.
Instead, the network will shift to a proof-of-stake model. Nodes and users will be incentivised to stake ethers on the network. They will receive a reward for this.
According to the Ethereum Foundation, the new model is expected to consume less than 1% of the energy of the current network.