Start the music and enjoy the read! Ethereum 2.0 is here!
I am an Ethereum fan and I am a believer that ETH2.0 will be the solution to the current high gas fees. ETH2.0 will also bring a mega boost in speed as will scale from the current values to 100,000 transactions per second. The upgrade will bring a rejuvenation to the DeFi sector and the applications and cryptocurrencies built on the ETH chain. I said it in the past and I will maintain my metaphor ... cause Ethereum is burning bright and majestic as the Phoenix does!
The long wait, and the constant delays linked to the deployment of ETH2.0 are now forgoten. After Medalla was successfully launched (after two or three failed attempts) looks like the final countdown is very close. The upgrade will change the existing POW to POS. The big issue with Proof-of-Stake comes from the ETH miners, who must abandon their existing profit model and become validators. The ex-miners locked their Ethereum to qualify as validators, and the block reward will get bigger with the amount locked into the staking process. The larger holding will receive a bigger reward, but the reality is that POS is less secure than POW and even if a validator will have the largest share, no one will know who controls the reward.
The minimum amount to qualify as a validator was 32 Ethereum, and 16384 deposits were required for the genesis event.
The current crazy fees are not making any favours to Ethereum, and the overwhelmed market needs a fresh product. The genesis of ETH2.0 started in December, and the people's trust and confidence in Ethereum rised, hoping that the reduction of gas fees will bring balance in the crypto ecosystem. The success of Ethereum 2.0 is linked to supply the product to match the growing demand for a stable and accessible platform.
In the rush to become a validator, the Dubai-based firm IBC Group to stake $10 million worth of ether (ETH) to support the Ethereum 2.0 launch. This was done in partnership with Canadian-based staking service CanETH. The IBC investment was equal to 687 validators, and the 21,984 ETH will be paid in three tranches. This move shows how Dubai wants to become a major player in the crypto ecosystem and it's development.
You are unsure about how ETH2.0 will change the world? Just listen to Vitalik, one of the brightest minds of the 21st century.
Links and referrals:
Ethereum: burning bright and majestic as the Phoenix does!
Dubai Firm investing $10 million in Ethereum
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do you have Ethereum 2.0?