Play and start reading... cause it's the final countdown for Ethereum 2.0
I am an Ethereum fan and I am a believer that ETH2.0 will be the solution to the current high gas fees. ETH2.0 will also bring a mega boost in speed as will scale from the current values to 100,000 transactions per second. The upgrade will bring a rejuvenation to the DeFi sector and the applications and cryptocurrencies built on the ETH chain. I said it in the past and I will maintain my metaphor ... cause Ethereum is burning bright and majestic as the Phoenix does!
The long wait, and the constant delays linked to the deployment of ETH2.0 are close to an end this December. After Medalla was successfully launched (after two or three failed attempts) looks like the final countdown is very close. The upgrade will change the existing POW to POS. The big issue with Proof-of-Stake comes from the ETH miners, who must abandon their existing profit model and become validators. The ex-miners must lock Ethereum to qualify as validators, and the block reward gets bigger with the amount locked into the staking process. If in theory, the larger holding will receive a bigger reward, the reality is that POS is less secure than POW and even if a validator will have the largest share, no one will know who controls the reward.
The minimum amount to qualify as a validator is 32 Ethereum, and 16384 deposits are required for the genesis event. So lets make an easy calculation and 32 multiplied by 16384 makes 424,288 Ethereum needed in the genesis pool by 24th of November. If everything goes smoothly, than the genesis of ETH2.0 will start on the 1st of December.
The current crazy fees are not making any favours to Ethereum, and the overwhelmed market needs a fresh product. If the genesis of ETH2.0 will start on the 1st of December, than the people's trust and confidence in Ethereum will rise and the reduction of gas fees will bring balance in the crypto ecosystem. The success of Ethereum 2.0 is linked to supply the product to match the growing demand for a stable and accessible platform.
Ethereum Price since the announcement of the genesis date was stable, hoovering above $450. In the last few days, as the deadline for valodators approched, the value surged and Ethereum reached $600. A higher volatility is expected after the 24th of November, as traders will look to picked some Ethereum before 2.0 will land. According to the latest update, the staking requirements in the ETH2.0 deposit contract are completed.
This rush to become a validator made the Dubai-based firm IBC Group to stake $10 million worth of ether (ETH) to support the Ethereum 2.0 launch. This was done in partnership with Canadian-based staking service CanETH. The IBC investment is equal to 687 validators, and the 21,984 ETH will be paid in three tranches. This move shows how Dubai wants to become a major player in the crypto ecosystem and it's development.
You are unsure about how ETH2.0 will change the world? Just listen to Vitalik, one of the brightest minds of the 21st century.
Links and referrals:
Ethereum 2.0 Launch Date
Ethereum: burning bright and majestic as the Phoenix does!
Dubai Firm investing $10 million in Ethereum
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