Home
News
You must know the potential of the Ethereum 2.0 upgrade as it has promised the unimaginable changes that a blockchain network could offer
Gradually Ethereum 2.0 is moving towards becoming a reality with the upcoming Merge on Ropsten that is scheduled for the 8th of June. Amidst the ongoing trendy buzz that Ethereum is going through, experts have shared their opinions and thoughts regarding the upcoming upgrade that is soon to come over the network.
Lead developer at Ethereum network, Tim Beiko announced the Ropsten Merge that is considered to be the moving of longest-lived proof of work of Ethereum to proof of stakes. Further, Tim Beiko revealed that having the latest developments, The Merge is scheduled to happen on the 8th of June while sparking a significant wave of excitement among members of the crypto community, especially Ethereum.
The merge is one of the three decided phases of the upgrade that Ethereum is anticipated to experience when the Ethereum mainnet will combine with the beacon chain. The beacon chain will introduce staking over the blockchain and it is also a key component of the proof of stake push of the Ethereum network. The Merge would lay the much-needed foundation for Shard Chains which will be an answer to the quest for Ethereum networks the operations will be spreading across 64 distinct chains.
CEO of Token Metrics, Ian Ballina said that the key thing, for now, is to watch for the Ethereum network is the Merge as it is going to change from a Proof of Work consensus mechanism to proof of stakes. This could act as a fundamental catalyst event that would make Ethereum cryptocurrency Ether (ETH) deflationary and this could also change the whole environment of crypto assets.
CEO of Kraken, Jesse Powell has said that he is not disturbed by the slow pacing development of the Merge because of the belief where they say that success is more important than speed. Particularly experts are interested in the energy’s amount that will be saved while transitioning from PoW to PoS. Especially systems like bitcoin (BTC) have caught so much criticism for their drastic impact on the environment.
ALSO READ: Can Education Contain Frauds And Escalated APY Projects
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.
