- These Top Crypto OGs Love to Hang Out at Parties - September 16, 2022
- Crypto Twitter is Raging Bulls over Name-calling - September 15, 2022
- Stop Putting “Feminism” Labels on the Demand for Internet Privacy in Web3 verse - September 14, 2022
Ethereum is about to undertake the biggest blockchain transformation in the history of the crypto market
The emergence of blockchain technology has welcomed transformation in various aspects of businesses and finance. Over the past few decades, advancements in blockchain technology have facilitated the verification and traceability of multistep transactions needing verification and traceability. It can provide secure transactions, reduce compliance costs, and speed up data transfer processing. However, there have been several instances, where investors have restricted themselves from investing in certain blockchain networks due to their high-affordability issues. Now, with the emergence of the Ethereum Merge, the entire investment community is waiting to witness the biggest transformation that the second-largest virtual currency is about to conduct. Recently, Ethereum co-founder, VitalikButerin said that the switch to a proof-of-stake blockchain is only the beginning of the transformation that it is about to undertake on how the entire technology is being used.
Quite recently, Buterin spoke at the Blockchain Futurist Conference in Canada, where he accepted that the modern investment domain of cryptocurrencies has become quite popular among investors, but sometimes, blockchain networks might become too expensive for them to use, which is why the Ethereum Merge protocol is emerging as the much-needed change that the crypto industry needed. Nevertheless, there were several skeptics present at the conference who believed that Ethereum should continue to function with the proof-of-work blockchain and warned about higher transaction fee structures in case the cryptocurrencies experience a bullish price rally. Ethereum’s new upgrade aims to make the blockchain cheaper by conducting transactions on the new proof-of-stake network, where new tokens can be minted by nodes on the network, staking an adequate amount of Ether tokens into the pool to secure and validate transactions. Transferring into this protocol will also end the era of ETH crypto mining.
How will the Merge upgrade help enhance the dominance of Ethereum?
Buterin indicated in his speech that the Merge is not the end of the transformational journey of Ethereum; instead, it is just the beginning. Since its inception, Ethereum has worked towards enhancing its market dominance, and today, its biggest fight is with Bitcoin. Transitioning into a less energy-intensive infrastructure might be the right first step toward this debacle.
After the Merge is launched, the sharding process will kick in, which will essentially help the network for ETH 2.0’s shard chains that will entirely rely on a functional PoS network to operate. The upgrade includes five essential steps which will complete the development phases on the ETH network; the stages include ‘The Merge’, ‘The Surge’, ‘The Verge’, ‘The Purge’, and ‘The Splurge’. Experts believe that the integration of these development phases will in turn trigger a massive price rally in Ethereum. An increase of 250% to 550% will eventually help the crypto overtake Bitcoin in the coming months.
Investors should continue to keep the market volatility in mind, before investing in any digital asset for that matter. Speculations and hype around the ETH 2.0 can aid the unsustainable bullish price rises into becoming a stable one. Ethereum’s new transformation is expected to solve several blockchain problems, and it is only a matter of time before we would recognize Ethereum as the largest cryptocurrency in the world.