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ETH 2.0 is already the largest participation test network and Vitalik doesn’t care about competitors

ETH 20 is already the largest participation test network and
ETH 20 is already the largest participation test network and

The ETH network is not affected by market conditions with more than 5.2 million ETH bets and the use of high-level smart contracts with fragmentation and accumulations to provide the kind of “scalability that applications expect large-scale business development.

The Ethereum community is eagerly awaiting the London upgrade, including EIP 1559 and then the merger that will eventually turn it into a participation testing network.

Interest in developments increased after Beacon Chain, phase 0, was launched last December, allowing people to submit their 32 ETHs to bet. Since then, in a matter of six months, more than 5.2 million ETHs have been locked into the ETH 2.0 deposit agreement for an unspecified time.

With more than $ 14 billion bets and more than 80,000 validators, ETH 2.0 has already become the largest participation testing network (PoS) before it has even become functional.

Anticipating the upcoming PoS network, the price of Ether rose to a new all-time high of $ 4,380 last month. However, since then, it has a 60% reduction and is currently trading at around $ 2700.

Despite volatility, the percentage of supply of ETH blocked in smart contracts is not affected by market conditions, and Ethereum is following its own happy path with its use at all-time highs. The use of smart contracts by users is also at high levels, since the challenging summer began.

This great development has a growing number of people expecting Eth to replace Bitcoin as the number one cryptocurrency asset. BTC 5.46% Bitcoin / USD BTCUSD $ 38,845.14
$ 2,120,945.46% Volume 36.12 b Change $ 2,120.94 Open $ 38,845.14 Circulating 18.73 m Market Capitalization 727.39 b 11 h Toronto-based electric vehicle manufacturer Daymak will launch the first electric car for cryptographic mining 14 h Bitcoin is an alternative to copper as a ‘risk- About’ hedging ‘inflation instead of’ risk-free ‘gold: Goldman Sachs analyst 2pm Kraken seeks wider adoption of digital currency with the launch of the mobile commerce app in EE. UU. Available on Apple and Android

While Ether’s market capitalization is $ 314 billion, it needs more than double to reach Bitcoin’s $ 697 billion, its network is already generating more than 4 times more rates than Bitcoin daily.

As such, the multiple of Ethereum’s rate ratio, which measures how dependent miners ’revenues are on block subsidies, has been consistently below 5 this year, indicating a high organic security budget. . While the multiple of Bitcoin’s rate ratio is also impressive, it’s much higher than Ethereum’s, while lower is better.

Ethereum in a better economic position

Co-founded in 2015 by Vitalk Buterin and eight co-founders, including Joseph Lubin of ConsenSys, Gavin Wood of Polkadot and Charles Hoskinson of Cardano, the second largest network is finally making some solid moves to solve the scalability issue that has been plagued for years .

According to Buterin, the problem with Ethereum is not technical, but related to people.

“Ethereum is now in a better economic position, but it took us five years to get to where we are now. We have a lot of internal team conflicts in these five years. If you are forming a team, it is important to know who you are working with,” he said. said Buterin in an interview at a Hong Kong conference.

Buterin further shared that it took longer to build Ethereum than he had anticipated: “We thought it would take a year to take the participation test, but actually six years ago.”

“If you’re doing something complex that you think will take time, it’s very likely that it will take much longer.”

But the best part is that fragmentation and rollups that stack on top of each other will bring the kind of “scalability that large-scale business applications expect.”

Meanwhile, competitors such as Binance Smart Chain (BSC), Solana (SOL), Polkadot (DOT) and Cardano (ADA) have emerged to challenge Ethereum’s dominance. But Buterin is not worried about these newer chains.

This is because they are “trying to aim for more scalability anyway and sacrificing decentralization,” he said.

“In the long run, the challenge for these types of platforms is that Ethereum itself is improving, and there are also these layer 2 protocols over Ethereum that are improving rapidly.”

Ethereum / USD ETHUSD

$ 2839,1135 $ 213,507.52%

Volume 30.14 b Change $ 213.50 Open $ 2839,1135 Circulating 116.14 m Market Capitalization 329.72 b

Anty

Anty has been involved in the cryptographic space full time for over two years. Prior to her blockchain beginnings, she worked with the NGO Doctor Without Borders as a fundraiser and has since explored, read and created for different segments of the industry.

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