Blockchain security provider Sigma Prime has announced its first agreement to merge two Ethereum networks.
The transaction was performed by a Lighthouse client using only the auditor’s evidence of the effort, as mentioned in a March 25 tweet. It was a step towards reducing Ethereum’s power consumption by 99.98%, she added, taking the figure from calculations that compared existing evidence of Eth1’s work with the more efficient effort Eth2.
Sigma Prime stated that it is an exciting achievement, but it is still far from production because it is still a prototype that needs a lot of work, and adds:
“First of all, you should consider that this is an indicator that the developers of Eth1 and Eth2 are actively working together on consolidation.”
This is not the first time such an achievement has been achieved, as Sigma Prime noted that in August last year, the Teku Ethereum client also demonstrated a prototype capable of performing Eth1 transactions in an Eth2 environment.
The agreement is part of the initial steps towards phase 1.5 of the Ethereum 2.0 upgrade plan, where it integrates the process of “anchoring” the Eth1 memory with the Eth2 lighthouse and the hash system.
The transition to Proof of Stake will eliminate the energy-intensive mining operations that currently operate Eth1, although the blockchain will continue to function as part of Eth2 after Phase 1.5 is completed.
A discussion on mining and power consumption has been posted on Reddit in response to Lighthouse development.
Referring to increasing power and GPU costs right now due to global chip shortages, Redditor HighlightAccording98 stated that efforts are easier than mining.
“If I were a miner, I would sit on a pile of ETH and sell my machines to collect APY and wait for the merger.”
According to Eth2 Launchpad, Beacon Chain is currently betting 8.2% on a deposit of 3.6 million ETH.