Date:12/09/2022
Article No.21
Topic: Ethereum Merge Version 2.0 It's hard to find people who know about cryptocurrency but don't know about Ethereum. Ethereum reigns second only to Bitcoin in the world of cryptocurrencies. Many people are involved in Ethereum and its demand will increase in the future. Hence, the Ethereum merge is going to be an important event in cryptocurrency history. Are you ready for it? Why is this important for cryptocurrency? The Ethereum blockchain, the protocol that underpins many non-fungible tokens (NFTs), and many coins are built on the Ethereum chain. Ethereum is now a popular coin around the world - and the founders are determined to do something about it.
As such, later this year, Ethereum is ditching its former energy-intensive system and adopting a more environmentally friendly approach. Now mining Ethereum does not require hardware and electricity. Previously, mining like this used a lot of energy and caused damage to the environment. Now that's a huge win for the health of the atmosphere, and green-minded people are thrilled, however, not everyone is happy about the merge -
What is Ethereum Merge?
Ethereum Merge is blockchain's move toward a less energy-intensive network called proof-of-stake. Before the Ethereum merge, Ethereum was running on a proof-of-work protocol, an approach that Bitcoin also follows. Before diving into the meaning of proof-of-work, let me briefly explain how the Ethereum blockchain works!
Ethereum relies on public hardware resources to validate transactions on the blockchain. Anyone can participate in keeping the Ethereum engine running — even you. The network will reward you with ETH (Ethereum's native coin) for this. As a participant in the Ethereum network (you'll be called a "miner"), you compete against other mining hardware to quickly solve super-difficult equations to win ETH rewards.
Unfortunately, this encourages miners to buy or build beastly, energy-guzzling machines to outdo their rivals. This is partly why GPUs are flying off the shelves, leaving nothing for gamers who want to play their favorite triple-A titles. Endangering the environment, mining farms — yes, you read that right — are cropping up farms around the world with numerous, high-powered machines running 24/7 to earn ETH. This had a very bad effect on the environment. So the founders of Ethereum are going to bring a new version of Ethereum.
When does Ethereum merge?
According to an Ethereum Foundation blog post, the Ethereum Merge was set to go live sometime between September 10 and September 20. Now if You search 'Ethereum Merge' in google then we can see its date and time countdown. Accordingly, Ethereum will merge on September 15.
Ethereum researcher Karl Beckhuizen said that the network's energy consumption will drop by 99.95% after the merger, adding that ETH 2.0 will no longer consume "a country's worth of energy".
Why Some Are Angry About Ethereum Merge
If your only form of income depends on Ethereum's proof-of-work protocol, wouldn't you be upset too? As you can imagine, Ethereum miners are upset about the upcoming merger.
Interestingly, as a way to stick their middle fingers up to the merge, a group of miners started a campaign to fork the Ethereum network and create a static-minable form of ETH called "ETHW," according to Decrypt.
Miners are also looking at Ethereum Classic (we explained here how it differs from Ethereum). They are doing their best to ensure that their expensive mining equipment does not become useless, dust-collecting space consumers. There is a silver lining for them, though; There are plenty of other proof-of-work cryptocurrencies with which they can kill the environment.
What exactly do people mean by the Merge?
Eth2, Ethereum 2.0, ETH 2.0...the project has been called many things in the past, but early this year the Ethereum community settled on "Merge".
At its simplest, Consolidation is a long-planned Ethereum upgrade aimed at improving the network. Such upgrades are common, but this one is by far the most important, and its success will pave the way for developers to introduce a host of new features to the network.
The merger would, well, combine the current Ethereum mainnet—or the main public Ethereum blockchain used by everyone—with something called the Beacon Chain. Currently, both chains exist in parallel. But only the Ethereum mainnet, which currently uses a process called proof-of-work, is processing transactions.
Once the merger is complete, the Ethereum mainnet will move away from proof-of-work and instead adopt the proof-of-stake process of the beacon chain.
What's proof of stake (PoS) ?
Proof of Stake (PoS) is a type of consensus process that differs from traditional Proof-of-Work (PoW).
How does proof of stake work?
Proof of work is another consensus mechanism that the Ethereum mainnet has been using since its origins. Other older blockchains, notably Bitcoin, continue to employ it.
"Work" as proof of work comes in the form of mining, where miners expend energy in the form of computing power. While its supporters (mostly bitcoiners) like proof of work, saying it is the most secure process, the process is significantly worse for the environment - a key reason for Ethereum's shift to proof of stake.
Once Ethereum transitions to a proof-of-stake consensus system after consolidation, the network will rely on trusted entities known as validators to verify transactions and add new blocks to the blockchain. A validator will be randomly selected each time a new block is added, which will happen every 12 seconds or so post-merge.
(Image credit: Ethereum Foundation)
Earlier people used to mine Ethereum through hardwords. Not everyone was able to mine it due to its high cost. But now anyone can apply to become a validator by depositing 32 Ethereum—a sum that ensures participants have a stake in the network's success—and running up-to-date software. In exchange for securing the network, validators will earn Ether as a reward.
Ethereum Price Prediction:
As mentioned earlier, people are already involved in Ethereum. Because many coins are being loaned under the Ethereum chain and will be in the future. Ethereum's transaction fees are just a little higher. If Ethereum's 2.0 upgrade can lower fees, people will be more attracted to it.
What is the Ethereum price outlook heading into the merge and the future? Let's take a look at some Ether price predictions till 12 September 2022.
Remember that price forecasts are often wrong. Also, it's important to note that long-term crypto price predictions are often made using an algorithm, which means they can change at a moment's notice.
Technical analysis compiled by CoinCodex showed that the short-term sentiment on ETH price until 12 September 2022 remained neutral. However, the website's Ethereum crypto price forecast was bearish, with Ethereum price likely to rise to $1,643.74 in the future. A possible $1,585.01 by October 13.
The Ethereum price forecast for 2022 from Gov Capital projected the coin to move to around $2,273.86 by the end of the year, $4,769.69 by the end of 2023, and $11,103.26 by the end of 2025.
DigitalCoinPrice has an Ether forecast of $7,057.00 for 2025, which is lower than Gov Capital. It estimated that prices could average $2,303.36 in 2022, $3,950.59 in 2023 and $5,456.89 in 2024. The site also suggests prices could average $24,316.55 in 2030 based on historical data.
Price Prediction maintains a very bullish long-term Ethereum forecast, estimating that ETH could reach $1,952.15 in 2022, $2,926.10 in 2023, and $6,421.33 in 2025, based on its artificial intelligence technical support. The website's Ethereum price forecast for 2030 suggests the price could go as high as $39,995.93.
Note:-
It's not financial Advise. When looking for an indication of the Ethereum price outlook, it's important to remember that cryptocurrency markets are extremely volatile, making it difficult to accurately predict what a coin will be worth in a matter of hours, and even more difficult to give long-term projections. .
As such, analysts and algorithm-based forecasters can and do make their predictions wrong. If you are considering investing in cryptocurrency tokens, we recommend you conduct your own research. View the latest market trends, news, technical and fundamental analysis and analyst opinions before making any investment or trading decisions.
Remember that past performance is no guarantee of future returns, and don't invest money you can't afford to lose. Invest money in crypto at your own risk.
All Photos and Date collect from Internet
Thanks Everyone For Reading my Article © @Kawsarr
Nice post, here you talk about ethereum in detail, nice to read, learned a lot