3 improvements of ETH 2.0 that benefit you
Improvements to ETH 2.0 garnered a great deal of excitement. It’s like how every year, Apple fans can’t wait to get hold of the latest iPhone apple releases.
So you might be wondering, “what was so different about Ethereum 2.0 ?” Well, Ethereum will be torn apart like Mac and cheese with a new Hard Fork! Literally!
Hard Fork is a permanent software update where the blockchain is split into the original blockchain and a new blockchain, each governed by its own rules. Hard Fork is quite different from Soft Fork. The update to the network’s code can’t be reversed as the compatibility with older nodes is broken. It’s analogous to an IOS update. While the new technology used by apple is akin to the permanent changes Hard Fork brings, the IOS updates are not set in stone, hence, analogous a Soft Fork.
Here are 3 major benefits of improvement in Ethereum 2.0 you just can’t ignore:
1. More support from the public
The complete transition from Ethereum 1.0 to Ethereum 2.0 would mean deviating from its current Proof of Work mechanism to an environment-friendly Proof of Stake consensus mechanism. With proof of work mechanism, Ethereum miners grow their wealth, but transitioning to proof-of-stake will take away their mode of income. Even bread and butter to some. They may be the opponents of the new transition, but the number of proponents far exceeds the upset group of miners. You see, mining is an expensive and damaging affair. It takes up a lot of electricity. Bitcoin alone used more electricity than the entirety of Argintina. With the transition, Ethereum would gain support from climate change activists and the general public concerned about the environment. Conscious consumers will not mind using Ethereum 2.0. You know what strong support and more demand mean to the value of Ethereum, right?
2. Facilitates Crypto Loyalty
Resorting to the Proof of stake mechanism means that the validators must stake to validate the nodes. It would give the public an upper hand in the governance of the token. With more people feeling that their voice is being heard and their opinion matters, they develop a sense of belonging to the Ethereum ecosystem. They will act in the best interest as an investor and staker, hence, benefiting all their fellow investors as well! We wouldn’t be surprised if we witnessed a loyalty like never before!
3. A massive boost to scalability
Imagine you’re stuck on a narrow bridge where only one vehicle can cross it at a time, and you are driving the 100th vehicle! The delay costs you your dream job! Ugh, isn’t it quite exhausting and infuriating just thinking about it? Similarly, Ethereum can get pretty congested leading to a delay in transactions as it can process only 30 transactions per second. But Ethereum 2.0 is said to process 1,00,000 transactions per second. That’s a huge jump in scalability and a huge cheer for Ethereum for growing up!
Find out why Ethereum 2.0 sounds like a cool gangster ready to rule the world! Wouldn’t it be wise to become this gangsta’s friend?
Disclaimer: The information provided in this article is not intended to provide investment or financial advice. Investment decisions should be based on the individual’s financial needs, objectives, and risk profile. We encourage readers to understand the assets and risks before making any investment entirely.