Cryptocurrency is always something that is hitting the headlines and the latest news regarding an Ethereum update is no exception. Although some of the new updates to Ethereum won’t be happening until Autumn of next year people are always talking about what these changes could bring and what overall effect they could have on the Cryptocurrency industry. In general, digital currency of this nature is unpredictable – which has led to headlines of both big profits and massive losses for those that have chosen to invest. However, despite it being unpredictable by nature people are keen to hear long-term news and have an understanding of what effect this could have on any investments they hold in both Ethereum and Cryptocurrency in general.
The Latest Ethereum Update
The news is full of news surrounding Ethereum and the changes it is likely to undergo throughout the next 12 months; with the first changes expected to happen quite soon. This update to Ethereum has drawn a lot of interest from investors, who like crypto due to the fact it is not beholden to government regulation, unlike with the best casino offers and the gambling industry.
One of the first changes we can expect is for Ethereum to be upgraded to Ethereum 2.0, also known as Serenity. When this happens the Cryptocurrency will move away from its current format (Proof-of-Work (PoW)) and instead move towards Ethereum Staking (Proof-of-Stake (PoS). When the news was announced Ethereum said that this was in a bid to make the digital currency “more scalable, more secure and more sustainable)
When Will The Changes Take Place?
As yet the exact dates are to be announced but it is throughout that the first phase will happen in the later part of 2022 with the follow-up being sometime in 2023. That said, talk of an Ethereum overhaul has been in the pipeline since 2019 so there are plenty of people dubious as to whether the update will take place anytime soon, if at all!
The first step in this transition is going to be the Ethereum Merge Date – when they will merge the mainnet with Ethereum 2.0’s Beacon Chain. It is thought that this will take place on the 19th of September 2022, but as always these dates are subject to change so we’ll have to wait and see if it does actually go ahead; especially considering it has already been delayed from its original August plans.
The Future Plans for Ethereum 2.0
Co-Founder Vitalik Buterin has started to lay out a roadmap and plans for the shift to Ethereum 2.0, keen to keep investors happy and of course keep interest in the Cryptocurrency as high as possible. Some of the things that need to take place include:
- December 2020 – The Beacon Change, when the PoS algorithm was first implemented
- September 2022 – The Merge – Plans to merge the Beacon Chain completely into the mainnet and see all PoW algorithms. This will take some time and after the first merge this year it will be around 55% completed according to current targets
- Sometime in 2023 – The Final Upgrade – This will see the implementation of Shard chains, including a shift to Ethereum 2.0 so that the scaling up of the Cryptocurrency can begin, with transactions starting to split across 64 new chains.
Vitalik recently talked about the changes and the need to scale up the currency to maintain its future success. It is thought that when it is in full swing the number of Transactions per Second for Ethereum 2.0 could reach 100,000.
The Need for Cryptocurrency to Upgrade
Cryptocurrency might be continuously proving popular but much like any other product, the founders are going to want to make sure it stays that way. We’re seeing various changes within the world of digital currency, including things like the UK Government announcing initiatives surrounding the use and regulation of Stablecoins. As things like this happen and the world of Cryptocurrency starts to shift, people like Vitalik will want to do what they can to stay ahead of the competition – hence changes like this. It isn’t just the changes that make the difference; it is the announcement of them in advance and the excitement and interest that this causes. It is worth remembering that no changes are set in stone and everything is subject to change. Even the Ethereum website itself warms people that things could change “This is how we view what’s happening based on the information out there. But this is technology; things can change in an instant. So please don’t read this as a commitment.”
The Changing World of Cryptocurrency
We’ve seen celebrity endorsements, we’ve seen big name brands accept Cryptocurrency as a method of payment; we’re starting to see Governments discuss regulation and we’re even seeing NFTs picking up the pace in terms of popularity, so it stands to reason that those behind the scene are going to do what they can to stay ahead of the competition. 2022 has seen some massive changes in the world of Cryptocurrency with Bitcoin hitting the headlines for both massive increases in value and massive dips in cost too; which has led investors to become interested in what the future could hold for virtual currency. It may be Bitcoin that hits the headlines but generally when Bitcoin sees big changes the rest of the digital currency industry follows suit; even if the mainstream media don’t promote the fact it is happening.
Ethereum is a big-name player in the world of Cryptocurrency and with Bitcoin’s value increasing and decreasing more than once it is one that the founders will want to continue being successful for as long as possible. Whether the long waited shift to Ethereum 2.0 is going to be what it takes to make that happen remains to be seen – what we do know is that investors will be keen to hear further news as the stages progress towards making it happen. Let’s see if 2023 does go ahead as planned or if something happens to throw the upgrade off track.
