Those interested in Ethereum and the cryptocurrency field in general are waiting for the Ethereum network to transition to the Beacon Chain protocol. This is the first step in the network's transformation from a Proof of Work POW mining system to a Proof of Stake POS system.
The Beacon Chain is an ETH 2.0 deposit contract. With it, users can secure their Eth into a staking in order to become a Validator.
The contract was launched in November 2020, and now the total ETH used in the smart contract has reached 10% of the total supply, equivalent to 12 million ETH, valued at about $34 billion.
Supposedly, the Ethereum network will transition to the Beacon Chain protocol in June 2022, but a while ago Tim Beiko, one of the developers of Ethereum, stated, āThere is no set date for the launch of ETH2.0, it will not be in June, but we are close.ā
This statement is a disappointment for Ethereum users, as it will delay the Ethereum network bypassing the biggest obstacle to its expansion, which is the problems of the POW system. Over time, the mining difficulty increases, the pressure on the network increases, and thus the cost of transaction fees increases.
So during the recent period, Etherum has had this problem, with transaction fees reaching hundreds and sometimes thousands of dollars.
This statement is a disappointment for Ethereum users, as it will delay the Ethereum network bypassing the biggest obstacle to its expansion, which is the problems of the POW system. Over time, the mining difficulty increases, the pressure on the network increases, and thus the cost of transaction fees increases.
So during the recent period, Etherum has had this problem, with transaction fees reaching hundreds and sometimes thousands of dollars.
Pending the transition of Ethereum to the POS system, Ethereum relied on a second layer solution to address this issue, this solution is to move a portion of transactions outside of Ethereum to side chains such as Polygon or Optimism and Arbitrum.
These blockchains came out last year and have been very successful and have proven their ability to avoid high fees from the main blockchain.
On Tuesday, Rayan Sean Adams, a cryptocurrency expert and an Ethereum supporter, posted on Twitter a comparison of transaction fees on Ethereum Layer 2 solutions,
Pending the transition of Ethereum to the POS system, Ethereum relied on a second layer solution to address this issue, this solution is to move a portion of transactions outside of Ethereum to side chains such as Polygon or Optimism and Arbitrum.
These blockchains came out last year and have been very successful and have proven their ability to avoid high fees from the main blockchain.
On Tuesday, Rayan Sean Adams, a cryptocurrency expert and an Ethereum supporter, posted on Twitter a comparison of transaction fees on Ethereum Layer 2 solutions,
Certainly, Eth 2.0 is the event that will determine the future of Ethereum, so why all the slowdown?!