Ethereum Is Getting Much Bigger
This was the question that was going through the minds of a number of experts when the world's second largest cryptocurrency by market cap and the number one challenger to bitcoin announced a few weeks ago that it was moving closer to its long-sought merging. During this process, Ethereum will undergo a transition to become Ethereum 2.0. The network is transitioning away from a proof of work (PoW) module and moving toward a proof of stake module (PoS). According to the hypothesis, this will make the blockchain more robust, faster, and less expensive.
This was followed by a massive interest from investors, and it appears that Ethereum is rising at a faster rate than bitcoin as of late. Since it tragically fell below $20,000 in late June, the leading digital currency in the world, Bitcoin (BTC), has increased in value by almost 20 percent as of the time of this publication. On paper, this is a respectable number, but in the real world of Ethereum, it pales in contrast to the numbers that have been seen. Since it dropped below $1000 at the end of June, this currency's value has increased by more than 50 percent.
A growing number of analysts are sounding the alarm about something they refer to as the "flippening," which is an occurrence in which Ethereum will triumph over bitcoin and establish itself as the most important digital asset on the global market. According to Mati Greenspan, the founder of the crypto analytics research firm Quantum Economics, all he has been hearing about as of late is this particular topic. Joe DiPasquale, the chief executive of hedge fund manager Bit Bull Capital, indicated in a recent interview that he is a supporter of Ethereum, and he thinks it's quite feasible that the coin would advance heavily through the ranks to gain the number one slot. This comment was made by him. He said:[rb_related title="More Read" style="light" total="4"]
Another significant reason why everyone seems to think that Ethereum will eventually "defeat" bitcoin is because the Federal Reserve has announced that it intends to continue its pattern of rate hikes as a method of combating inflation. This is one of the primary reasons why everyone seems to think that bitcoin will eventually "be defeated" by Ethereum. The price of bitcoin has been impacted each time that the Fed has done this, and according to DiPasquale, the following is what has happened:
The use of proof of stake could very well be the way to go.
Given that climate change and energy requirements among mining corporations are two concerns that continue to create waves in the industry, the discussion surrounding the transition from proof of work to proof of stake for Ethereum has been picking up steam over the past few years.
Many people believe that ETH is making a significant advance toward protecting the world without sacrificing its innovative spirit.