ETH 2.0 gets more secure than ever with 3 million ETH behind it which are worth $5.4 billion at today’s prices so let’s read more about it in the latest ethereum news today.
ETH 2.0 is the next generation of the ETH blockchain and the amount of securing it has just surpassed 3 million according to the data from Glassnode. ETH 2.0 is the next generation of the ETH blockchain which will make the entire thing cheaper and move eco-friendly. One of the biggest changes involves moving away from the proof of work consensus mechanism which relies on the miners to process transactions.
The analysis from Cambridge University shows that the BTC miners consume more electricity than Argentina itself with the South American country having a population of 45 million. Ethereum will move to a proof of stake system that lets the richest players on the network start validating transactions. Staking money in TH 2.0 means locking the funds up to secure the network and offers returns to 20% a year.
As ETH 2.0 gets more secure, you can start staking funds in the beacon chain which launched in December 2020. The Beacon Chain doesn’t do a whole lot and it’s just the sign in the very long roadmap of ETH 2.0 that will likely take years to implement. When ETH 2.0 is up and running, it could save the industry’s problems. With the current transaction fees, one single trade of crypto worth less than a cent and this sets you back upwards of $20. The network is also slow and could burst so while Ethereum’s current iteration handles about 14 transactions per second with the next generation of the ETH blockchain could support upwards of 100,000 as Vitalik Buterin noted.
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The question remains whether by the time work on ETH 2.0 is completed, will the crypto industry have moved over to other blockchains. As reported recently, ETH seems to be having a hard time clearing the $1825 resistance levels and the price is now trading below $1800 as Ethereum is trapped here, but it is above the 100 hourly simple moving average. There’s a major bullish trend line forming with the support at $1775 on the hourly chart of the pair and the pair is likely to remain in the range above the $1700 support zone of $1650 in the near-term. ETH made another attempt of clearing the $1825 resistnace but then failed and ETH formed a new high of $1818 level with a fresh new decline later on.
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