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ETH to CRUSH Bitcoin (New Ethereum Upgrade Changes EVERYTHING) - YouTube
Channel: BitBoy Crypto
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ethereum is the number two overall
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cryptocurrency but
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could it eventually climb to the top
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spot dethroning bitcoin
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it's definitely what some people believe
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including ethereum co-founder and the
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face of eth
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italic buterin but a recently lagging
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price a clogged network and exorbitant
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gas fees
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led many in the crypto community to
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question the long-term validity and
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viability
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of the ethereum network but one gigantic
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change coming to ethereum could flip
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everything upside down find out what it
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is and what
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you need to do in order to get ready
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let's get it
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description and of course while you're
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down there on that side of the page make
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sure to smash the like button if you
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enjoy
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content about ethereum that way we know
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that you want more
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in this video we're going to be going
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over the basics of e 2.0 the dramatic
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change to the ethereum network
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that will disrupt the entire crypto
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space
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and now some believe this change is
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going to come much quicker than we ever
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anticipated
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so let's briefly discuss what e 2.0
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is ethereum was originally launched in
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2015 led by co-founders vitalik buterin
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charles hoskinson
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gavin wood joseph lubin and others
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as early as december of 2015 it was
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apparent that ethereum and its current
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construction would never be able to last
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in a vacuum ethereum as a decentralized
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network was successful on a small level
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but as the network would grow ethereum
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would not work
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over the long term vitalik introduced
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something called the serenity upgrade
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this would be the move that would take
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all of ethereum's weaknesses into
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consideration
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and fix them over time the serenity
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update
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would become known as e 2.0 representing
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the dawn of a new era for ethereum
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one in which the network could scale
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without gas fees stringling users
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at the core of this upgrade is a change
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over from proof of work
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to proof of stake proof of work is also
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known as
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mining transactions are sent throughout
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the network
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based upon miners sending large blocks
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of transaction
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data throughout the network they do this
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because they're incentivized by rewards
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earned from those blocks bitcoin the
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oldest cryptocurrency is of course a
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proof of work project
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proof of stake is something altogether
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different here the network is
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incentivized to push through
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transactions
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based upon the value of the crypto that
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they hold or stake
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miners are replaced by what is known as
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validator nodes
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these nodes require a user to hold at
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least 32 ethereum
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when the validator nodes decide to take
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part in the network
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they must stake their ethereum and then
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they earn returns
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based upon however much they hold it's a
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totally different way of operating but
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ultimately the end results
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should be the same ethereum transactions
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get pushed through
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and those who participate in the network
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earn returns
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the goal of e2.0 is to make the ethereum
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network more scalable more secure and
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more sustainable
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recently a lot of ethereum critics have
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arisen discussing all of these problems
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but the important thing is to realize
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this is a model built to be sustainable
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not here today and gone tomorrow while
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ethereum competitors cardano and
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polkadot have both set out to solve the
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scalability and security issues
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on the front end ethers had to work in
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the improvements to the protocol
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over time on the back end it's really
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hard to say whether or not they'll be
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totally successful but we're moving
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closer to seeing whether it work or not
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is we're in the midst of the ethereum
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2.0 rollout
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e 2.0 will take place in different
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stages or phases the current timeline is
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phase 0 phase 1
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phase 1.5 phase 2 and then beyond right
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now we're currently phase zero
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e 2.0 phase zero was officially live on
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december 1st of 2020 so it's in its
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infancy
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phase zero is the beacon chain upgrade
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which main purpose is to enroll
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validator nodes
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over one billion dollars worth of ease
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was staked in the first two weeks of the
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launch of the validators
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the next phase coming most likely at the
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end of this year early 2022
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include sharding this is a way for the
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network to break up transactions into
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tiny pieces or shards
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in order to process transactions faster
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following the release of shards the
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actual merging of the proof of work
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blockchain and the proof of stake
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blockchain
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will come to completion after this is
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complete phase
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two will occur that will finally see the
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new operating model for ethereum
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many believe this final phase won't be
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operable until 2023
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a long time for people to wait in the
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world of crypto right now it feels like
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ethereum may be in a bit of a bind
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and must push out these updates faster
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if it wants to compete
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if not newer chains such as cardano
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binding smart chain and polka dot
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among others could steal its market
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share nfts also are not going anywhere
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anytime soon and neither is d5
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so for ethereum it could be either shape
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up or ship
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out before we get into the recent news
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regarding e 2.0 that could change
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everything
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i want to address a question that we get
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all the time on this channel
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when the fork is complete how will users
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get their e 2.0 tokens
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here's the great news you literally
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don't have to do anything this is not a
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traditional token swap where token
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holders will manually change out their
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tokens
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we have confirmation that ethereum token
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holders literally do nothing
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and this is good because it's a big leap
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of faith to think that newer crypto
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noobs
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will be able to know how and when to
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swap out their tokens
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the long and short of it is that the eth
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1.0 chain is going to be absorbed into
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the e 2.0 chain
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transferring all the data including
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holder information and addresses
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all transaction data will be saved to
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get ready for e 2.0 the only people who
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need to actively participate are those
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who seek to become validators on the
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network so what about people who don't
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own 32 etho
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as of today that's almost 60k well the
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high ether requirements seem to lock out
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the average everyday crypto holder
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without whale status first glance that's
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true however many exchanges including
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coinbase
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have pledged to open staking up to their
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users with smaller holdings
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while users won't be able to earn as
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much as they would if they ran their own
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validator nodes
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they will be able to earn staking
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interest based upon how much they do
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owe and that's a win for people who like
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passive income
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which i think is almost everybody but
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still 2023 seems to be a long time to
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wait for this upgrade
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any developers know this this is why the
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controversial eip1559 was released that
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will take place in july for the london
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upgrade on the ethereum network
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this proposed change was passed by the
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ethereum developers and will play a
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dramatic role in improving the network
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for users developers and price
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speculators
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however it has created a war in the
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ethereum mining community
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during his recent appearance on the tim
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ferriss show vitalik buterin talked a
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lot about the ead scaling solutions and
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pushed back against the minor uprising
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against the eighth developers
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vitality proposed eip1559 will actually
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give ethereum
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everything it needs to fight bitcoin for
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the number one spot
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overall the big thing that miners hate
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is the very thing that speculators love
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part of the ethereum transaction fees
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will now be sent to the ethereum
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foundation
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in order to be burned or removed from
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the supply this will balance out the
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unlimited supply for ethereum
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each year under its current construction
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ethereum sees a 0.5 to 2 percent
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inflation rate
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with the new proposal the supply will be
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deflationary as
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much of the newly minted ethereum from
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transaction fees will be burned
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the ethereum miners though are not happy
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with this at
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all especially since their mining
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revenue has tripled over the last few
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months
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they've even gone so far as to announce
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a show of force if you will
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on april 1st where the miners will prove
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how powerful they are
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they're attempting to get over 50 of the
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hash rate in order to show the ethereum
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foundation
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and developers that they are not to be
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messed with this would be kind of like
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the bank showing how powerful they are
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by
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showing that they don't have all the
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money they say they have
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it's counterintuitive it would expose
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all of the flaws of the network
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talk about shooting yourself in the foot
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but a new proposal
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eip 3368 looks to increase the block
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rewards to three ether per block
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then throughout the completion of e 2.0
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transition the block reward will
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decrease by 0.25
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each every quarter until it gets back
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down to one eat per block
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many mining influencers have seen this
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proposal as a proper compromise
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it kind of reminds me though of like a
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criminal holding a hostage and then he
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realizes he's out of ammunition
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like yeah of course then he's gonna
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start to try to negotiate
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the mining uprising was never going to
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work and could have destroyed ethereum
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and they knew that
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the miners are money grubbers and maybe
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out of touch
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but they know they didn't have any
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options here but at the end of the day i
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think the worst of this
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mining war is over any 2.0 will come
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marching very soon
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phase by phase but let me know what you
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think about e 2.0 in eip1559 and then
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the new eip-3368
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are you excited and do you think this
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could help with durian past bitcoin
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let me know down below in the comments
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smash the like button on your way out if
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you are hashtag
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ethgang that's all i got be blessed
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[Music]
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you
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