Big Day for Ethereum as 2.0 Upgrade Launches Today

  • If you have been following the recent news on Ethereum, the 2.0 upgrade to the cryptocurrency is set to launch today
  • The co-founder of Ethereum, Vitalik Buterin tweeted today “We’re in epoch -106 now”

Early on in November anticipation grew as the Ethereum Foundation laid down the rules of the genesis phase 0 for the upgrade specifications of Ethereum 2.0, also referred to as simply Eth2 or “Serenity”. With the contract requiring a total of 524,288 ETH and 16,384 validators by November 24th to initiate the launch of Eth2 by December 1, the contract now has 694,368 Ethereum worth $422 million. That’s 132% more than what was required, which shows why Ethereum is the second most popular cryptocurrency after good old Bitcoin.

Hsiao-Wei Wong noted that the team and community “wrote history” as he thanked everyone for reaching the milestone. The Eth 2.0 Deposit Contract – Progress Meter Bot, which is a mouthful, also tweeted out to mark the momentous occasion saying, “We have liftoff.”

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These are exciting times indeed for the second most popular cryptocurrency which was the building block for Smart Contracts and Decentralised Application. The most significant changes to the Ethereum 2.0 upgrade include a move from Proof of Work system to a Proof of Stake mechanism. This would allow miners to move away from buying expensive mining equipment and waste energy to a more direct method wherein they can directly stake 32 ETH to the network essentially replacing an energy cost with a financial one. The other major change is the Shard Chain mechanism which aims at improving the throughput of the Ethereum blockchain.

All the changes mentioned seem to have spiked interest in Ethereum as recent analysis by shows about a 50% increase in the Ethereum node count which also happens to put it a hair above Bitcoin by just 1%.

As for how this is affecting other areas of the market can clearly be seen with Nvidia’s recent sales report which reports a $175 million in sales of RTX 30 series GPUs to miners. Now this is all in anticipation of the new 2.0 upgrade which is suggested to make the newer hardware more effective at mining.

Another fact which shows how much Ethereum has gained popularity is its recent increase in market value. According to the graph shown here, the value of Ethereum is shown to be rapidly increasing and this correlates to the approach of the 2.0 upgrade. The market value of 1 ETH now stand at over $600. This is the first time since May 2018 that Ethereum broke above $500.

Source: CryptoQuant

The changes promise a lot of improvement for the future and growth of Ethereum. They are a sign that the developers have a clear goal ahead and with their arguably superior framework and better availability, the stage has been set for many more exciting things from Ethereum in the world of cryptocurrency. 

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Ritika Sharma
Ritika Kumari Sharma is an Economics Honors graduate from the University of Calcutta. She is completely into finance and believes that cryptocurrencies are the future. She is an enthusiast learner about the cryptocurrency and blockchain technology.

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