Ethereum Upgrade

Ethereum Upgrade Planned for September 2022

Sharing is caring!

The Timeline has been set by the Ethereum Foundation developers for the long-awaited merge from a Proof-of-Work consensus algorithm to a Proof-of-Stake this is long awaited Ethereum Upgrade . This was a long-planned and developed project. The Ethereum network will become more efficient, reliable, and useful for users.

Ethereum is Ready to Move Forward as a Proof of-Stake Blockchain Network

As the Ethereum Launch NFT Token ER-721 , which makes the Ethereum to most preferred network and become more busy network in terms of transaction , Ethereum is now ready to move to a Proof of-Stake consensus algorithm. Tim Beiko (an Ethereum core developer) explained that the transition will take place on September 19. This date estimation was agreed upon by other developers.

However, this was only an estimate of the time needed for the final transition. Superphiz.eth stated via Twitter that the merge timeline is still in flux. This was a “planning timeline” and not an official announcement. He said that they were excited that this event will increase the transaction speed and scalability.

It is important to note that Ethereum will be able to move from its current PoW consensus algorithm into a PoS network through the merger with Beacon Chain.

Ethereum’s transition to a PoS network of blockchains is happening for many reasons. One reason is the growth of the etherium ecosystem which shows no of transaction per second is increasing and POW is not too much capable to handle these transactions ,Another is the need for ETH to provide reliable solutions for users around the globe. Due to POW the cost per transaction is very high which is called Gas FEE.  Transactions can take long to process and fees can be difficult to pay for certain users. This makes Ethereum an unfriendly network. 

Users now want to access to a variety of new solutions, such as NFT , GAME -FI Metaverse , and.  Decentralized Finance (DeFi) protocols

Things will be easier when you move to a Proof of-Stake network. This means there shouldn’t be any congestion, and transaction fees should be lower than what people currently pay. This could allow Ethereum to offer more solutions to its users and be competitive with other blockchain networks that are more efficient.

According to CoinMarketCap data, Ethereum trades at $1,357, with a market capitalization in excess of $145 billion. Bitcoin is traded at close to $20,575 with a market value of $392 billion. Ethereum’s market value could rise if new projects create solutions that are compatible with Ethereum.

Despite the announcement, it is possible that the cryptocurrency market including Bitcoin and Ethereum will see a further leg down. If this happens, we might see ETH fall below $1,000 and Bitcoin reach $18,000 or lower. There is a chance that Market may take a Boom because we can see the accumulation phase .

Sharing is caring!

Leave a Reply

Your email address will not be published. Required fields are marked *