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The most prominent Cryptocurrency after Bitcoin is Ethereum but consists more value in terms of features than the earlier
- Launched in 2015, the blockchain network Ethereum attracted the market towards if with its smart features
- It is responsible for many crypto innovations, be it smart contracts and DeFi
- However, currently facing a dip and pricing at $2,335.07 (at the time of writing)
Soon after its launch, the Blockchain network received a vast appreciation from crypto users. It’s because of the Ethereum network we see innovations in crypto and Blockchain, which are bringing drastic changes in almost every field possible. Be it smart contracts or Defi, NFT, or DAO, a bunch of new ways and upgraded methods of doing traditional works have been introduced by the network.
The network’s features and working resulted in its popularity, but it had some drawbacks, too pointed out by users and developers. Other networks fascinated by Ethereum adopted its features by removing users’ pain points.
Be it the problem of high transaction fees, PoW consensus mechanism, and although Ethereum was faster than the Bitcoin network, new contenders brought more transactions. Soon they were popular as ‘ETH killers’ — Solana, Cardano, Binance Smart Chain, etc., still could not replace Ethereum.
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Ethereum 2.0 soon!
Analysts said that many chains could still come and influence the market, but no one could dethrone the Ethereum network. However, the existing smart chains called to be “ETH killer” can temporarily hold the tag until the launch of Ethereum 2.0. A whole new upgrade of smart chain, removing previous drawbacks and adding many latest features.
Be it transitioning from energy-consuming proof-of-work mechanism to proof-of-stakes consensus mechanism, scalability problem when it comes to transaction speed that will go up to 100,000 transactions per second, it’s a huge, huge jump from networks current speed. The project is in its running phases and waiting eagerly.
Impact of ETH in future
The report says that they think altitudes attained by layer two solutions, when combined with Beacon Chain merge and sharing mechanism, could halt the progress for the current layer 1 of the network. The Beacon Chain upgrade of Ethereum 2.0 is currently in its Beta version, in running state, and working.
The way layer one upgrades are going on in the network will soon diminish the market opportunities for new network projects. Smart contracts or Defi creators and developers will be looking for a high-speed and cheap platform for their projects. The specifications Ethereum 2.0 network will bring will be almost impossible for them to stay away from the network and choose any other over it.
Andrew is a blockchain developer who developed his interest in cryptocurrencies while pursuing his post-graduation major in blockchain development. He is a keen observer of details and shares his passion for writing, along with coding. His backend knowledge about blockchain helps him give a unique perspective to his writing skills, and a reliable craft at explaining the concepts such as blockchain programming, languages and token minting. He also frequently shares technical details and performance indicators of ICOs and IDOs.
