The smart contract in traditional finance, a contract is a binding agreement between two parties. In cryptocurrencies, smart contracts execute functions on the blockchain. associated with the Ethereum upgrade passes the 11 million ETH barrier amid expectations ahead of the arrival of The Merge.
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Recently published data reveals that, the smart contract associated with the formerly called “. Ethereum a decentralized open-source blockchain with smart contracts functionality. 2.0″, continues to add more support, currently surpassing the 11 million ETH coins deposited as collateral. The figure could suggest that the number of people interested in backing the new version of the smart contract network has grown.
It should be noted that Ethereum 2.0 was the name given to the update of the Ethereum which would see the network abandon its current proof-of-work (PoW) consensus mechanism for a proof-of-stake (PoS) one. The participation contract ( staking participation in a proof-of-stake (PoS) system to put your tokens in to serve as a validator to the blockchain and receive rewards. ), which was launched in late 2020, was the first step towards this evolution.
More recently, the Ethereum Foundation decided to rename the update to “ Consensus consensus is achieved when all participants of the network agree on the order and content of the blocks in the blockchain. layer ” (“ Consensus Cover “), leaving behind the name Ethereum 2.0 or ETH 2.0. While in general terms the community seems to refer to this phase in an arbitrary way, and in many cases refers to the previous name, it should be noted that, ultimately, once the network moves to PoS, it will continue to be called just “ETH 2.0”. Ethereum “.
Smart Contract for ETH 2.0 exceeds 11 million ETH
This is revealed by data published by block explorerEtherscan.io , which reflect that to date there are exactly 11,006,962 ETH deposited there, estimated to be worth over USD $36.904 million based on the current exchange businesses that allow customers to trade cryptocurrencies for fiat money or other cryptocurrencies. rate.
If we take into account an account is essentially a whose purpose is to track the financial activities of a specific asset/ that each validator a participant on a proof-of-stake (PoS) blockchain, involved in validating blocks for rewards. interested in backing the network must deposit at least about 32 ETH (USD $107,264 approximate), a simple division yields an estimated 343,967 addresses that would be actively participating in the new system for block processing.
Ether the form of payment used in the operation of the distribution application platform, Ethereum. se hace más escaso and the blocks are processed via PoS
Keep in mind that the smart contract represents the starting point for version 2.0 of the network, so all those validators who have sent funds for the stipulated amount will be the ones who will participate in the validation of the new blocks that will begin to be issued once this phase is activated.
Let’s keep in mind that the development of Ethereum 2.0 continues to make its way progressively, so several teams are working to make it possible as soon as it is available. It is expected that the transition to the new version of the network a network refers to all nodes in the operation of a blockchain at any given moment in time. will take place after the arrival of The Merge, key point at which I would change change — a concept relevant to cryptocurrencies that use the UTXO model — is the number of coins sent back to a user after they use their unspent outputs to initiate a transaction. the paradigm for block a file containing information on transactions completed during a given time period. Blocks are the constituent parts of a blockchain. processing by implementing the method Proof-of-Stake poS is a type of consensus algorithm that rewards validators according to the amount of crypto they have staked. (PoS) instead of the already known Proof-of-Work poW is a type of consensus algorithm that rewards validators according to the amount of computational power they have expended. (PoW), system under which it has operated since its inception to date.
It is worth noting that this new mining a process where blocks are added to a blockchain, verifying transactions. It is also the process through which new bitcoin or some altcoins are created. system would leave the rewards mainly for those who serve as network validators under this dynamic. This is going to directly reduce the issuance of new ETH, The price of the digital digital technologies are these electronic tools that have the ability to generate, store or even process data. currency currency is a medium of exchange that defines value. is therefore also expected to benefit particularly.
The race for smart contracts
The anticipation of what the update will offer for the Ethereum remains more and more alive every day amidst the competition taking place in the ecosystem among many other projects, which aspire to displace to some extent the most popular smart contract network by addressing problems mainly associated with scalability and cost of operations.
In this sense there are mainly projects such as Avalanche (AVAX), Solana (SOL), Cardano (ADA) y Polkadot (DOT), whose operational proposals have already caught the attention of many developers and enthusiasts. The expectation here is to attract initiatives within the space. DeFi a movement encouraging alternatives to traditional, centralized forms of financial services. and of the NFT, which currently capitalize large volumes of operations.
Sin embargo, la llegada de la versión final PoS de Ethereum still has no estimated date, so we can only wait and see how it evolves the work developed by the teams responsible.
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With information fromEtherscan.io
Article by Angel Di Matteo / DiarioBitcoin
Imagen de Unsplash
