Ethereum is a smart contract platform that enables developers to build tokens and decentralized applications (dapps). ETH is the native currency for the Ethereum platform and also works as the transaction fees to miners on the Ethereum network. Ethereum is the pioneer for blockchain based smart contracts.
The figures show that the number of validators interested in supporting Ethereum a decentralized open-source blockchain with smart contracts functionality. 2.0, which is estimated at more than 280,000 addresses that will process blocks.
A new survey reveals that the number one smart contract for Ethereum 2.0 exceeds 9 million ETH deposited, a figure that exceeds USD $30.3 billion at the current exchange businesses that allow customers to trade cryptocurrencies for fiat money or other cryptocurrencies. rate.
Smart Contract in traditional finance, a contract is a binding agreement between two parties. In cryptocurrencies, smart contracts execute functions on the blockchain. for Ethereum 2.0 surpasses 9 million ETH
This information is reflected in the data extracted fromEtherscan.io , which show that the amount of funds ETH deposited by those interested in 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. in the new version of Ethereum has been increasing over the days, setting a new record for the project in terms of capitalized support the opposite of Resistance, it is a threshold that crypto’s price doesn’t fall below. from the stakeholder community.
Let’s keep in mind that the smart contract was launched in November 2020 and since then there have been many people who have deposited 32 ETH to be the first to process the new blocks in the network, which will be processed under the consensus consensus is achieved when all participants of the network agree on the order and content of the blocks in the blockchain. algorithm. Proof-of-Stake poS is a type of consensus algorithm that rewards validators according to the amount of crypto they have staked. (PoS), which will go into effect replacing the Proof-of-Work poW is a type of consensus algorithm that rewards validators according to the amount of computational power they have expended. (PoW) under which it has been operating since its inception.
Current data reveals that at least 280,000 addresses are listed as validators for the new network, a figure that is expected to increase progressively to ensure greater decentralization the handover of control from a central authority to several different custodians. of the process.
Transition toThe Merge
The expectation about the arrival of Ethereum 2.0 is growing precisely because the new update contemplated in the project’s roadmap, better known asThe Merge, which would bring with it the start of staking operations, whereby those who have deposited funds into the smart contract will be able to start processing blocks and thus derive the associated profits.
Although there are still other important steps to be taken in the project’s roadmap, there is a lot of enthusiasm from developers and investors about the latter, precisely because this brings the arrival of Ethereum 2.0 much closer and with it a transition that would solve the problems that the network a network refers to all nodes in the operation of a blockchain at any given moment in time. currently presents in terms of scalability and high costs for operations.
The future of Ethereum
Last December, the main developer and co-founder of Ethereum, Vitalik Buterin, published a tentative roadmap a roadmap is a high-level visual summary that helps map out the vision as well as the direction of a specific product. for what would become Ethereum 2.0, and although many things went hand in hand with what was originally proposed, several users called attention to the centralization in the processing of blocks, something that the developers involved will have to attend to in order to maintain the balance that the project has been advocating from the beginning.
Despite the fact that Ethereum has recently received upgrades to improve its operational performance, scalability and high cost of operations remain a major issue. However, the EIP-1559 brought with it a destruction scheme of ETH linked to network commissions, which has begun to endow the currency currency is a medium of exchange that defines value. with deflationary properties as more and more of the currency isEther the form of payment used in the operation of the distribution application platform, Ethereum. that is being burned than that which is being produced.
While this is happening, the development teams continue to work to make the next phase of Ethereum 2.0 will be released as soon as possible. Analysts and enthusiasts expect to see this materialize by 2022, at least to a functional point where the network can already be used for many of today’s known use cases.
- Vitalik Buterin presents tentative roadmap for Ethereum 2.0
- Ethereum launches testnet an alternative blockchain used by developers for testing. for The Merge and will test Proof-of-Stake with validators
- Ethereum community starts testing “The Merge”, the next big step towards ETH 2.0
Version by Angel Di Matteo / DiarioBitcoin
Imagen de Unsplash