Ethereum’s Most Important Update
ETH is a
native token for the Ethereum blockchain and is one of the two most reliable
digital assets in the market along with Bitcoin. Ethereum is the first platform
that became a hub for thousands of blockchain apps and other digital solutions.
The recovery of ETH prices to November 2021 peaks at $4,900 would bring
investors 190% profit.
Second
layer solutions (Layer2) were introduced to improve stability and effectiveness
of the Ethereum blockchain. These are blockchain network add-ons that are added
on top of the primary blockchain. The most popular add-ons are Arbitrum,
Loopring, Immutable X, and Polygon that have recently partnered with Meta
(Facebook owner). In other words, the Ethereum blockchain network has a much
broader use than the native blockchain itself.
Ethereum
developers promise to release a new Proof-of-Stake (PoS) consensus protocol in
late 2022. This protocol will allow miners to stake tokens to a special deposit
to mine blocks. Some networks within the Ethereum blockchain have moved to PoS
protocol this summer, while others are expected to move to this protocol in the
middle of September. This move will
allow for the increase of processing capacity of the network to almost 100,000
transactions a second from the existing 30 transactions and lower commissions.
This would also allow for ETH to switch to the deflation model when coins are
algorithmically burned, while some coins would be removed from circulation as
they would be blocked by staking - more than 13 million ETH or 10% of overall
coins in circulation are blocked by staking. The problem is that coins are
blocked for a long period of time and cannot be sold or exchanged for fiat
currency.
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