The Ethereum blockchain is scheduled to undergo a significant upgrade on Tuesday at 11:34:47 UTC , dubbed the Bellatrix hard fork.” that will switch the blockchain’s underlying mechanism for validating transactions.The merge will migrate the blockchain to a proof-of-stake system, which the Ethereum Foundation says will reduce its energy requirements by 99.95%.
Proof-of-stake requires validators to put up an amount of cryptocurrency as collateral. Validators that make a mistake, go offline, or try to defraud the system then stand to lose some or all of their collateral. Before the name “Bellatrix” became associated with villainy due to the Harry Potter franchise, it was the name of the third-brightest star in the Orion constellation. It is derived from the Latin for “female warrior”.
It creates a “fork” that requires participants to choose whether to follow the new path or remain on the old one.Theintroduced proof-of-stake to Ethereum in December 2020 and currently acts as a ledger of accounts that coordinates the network of stakers.