Bitcoin, which has been on the market capitalization charts from the beginning of the crypto revolution, has so far been the clear consensus pick. Although in recent times, the Bitcoin blockchain has begun to show its obsolescence. It has a lot of real-world problems, one of the major issues being its inability to scale. A variety of competing blockchain implementations have cropped up to ease some of the underlying faults related with Bitcoin’s blockchain in the war for supremacy, but none have succeeded. The one notable exception is Ethereum, which has long been Bitcoin’s lone large-scale alternative.
Ethereum is the second largest cryptocurrency in terms of market cap with 1 ETH token valued at approximately $2,500 (ETH in INR). Ethereum, while more complex than Bitcoin, suffers from various obstacles that it would need to overcome in order to attain market domination. That’s precisely what Ethereum’s architects want to achieve with their future upgrade to the underlying blockchain, known as Ethereum 2.0.
Other than being the second largest cryptocurrency it is a place for projects that carry out transactions using smart contracts. These qualities allow it tremendous flexibility and scalability, and it is supported by a dependable community of investors, developers, and consumers. Another cryptocurrency, Tron (Tron to INR) has been heavily compared to Ethereum as their basic network structures are similar but it is still far behind in terms of market cap. Here’s a rundown of some of the changes that will occur as a result of this upgrade and how Ethereum will soon become the next big thing.
Ethereum Has The Highest No. Of Developers
Developers are vital to the success of any cryptocurrency. When it comes to developers working on an ecosystem, Ethereum leads the way. Reports suggest that it has up to 4 times the developers of Bitcoin. Ethereum’s continual growth in terms of gaining developers and fixing issues quickly in unparalleled numbers is one of the primary reasons why it is presently looking stronger than ever.
Highest Number Of Decentralized Apps
One of the most compelling reasons in favor of Ethereum and its promising future is that it has the most decentralized apps and daily active users of any blockchain. This signifies that the Ethereum Network is being used to its full potential. This decentralized program usage is steadily increasing, causing network congestion at times. However, the Ethereum community is continually trying to improve its efficiency.
Introducing Sharding
The next enhancements will also include a processing method called sharding. By including sharding into the mix, Ethereum 2.0 can significantly improve the efficiency of its resource consumption. The new system will do this by dividing data verification duties across groups of nodes. With each node responsible for just validating the data it receives. This enables the entire blockchain to leverage parallel processing, potentially increasing overall capacity many times over. The new Ethereum blockchain should be substantially faster and more efficient than its predecessor. Thanks to this enhanced architecture and the migration to proof-of-stake.
eWASM To Replace EVM
Ethereum 2.0 will begin the usage of web assembly language, in a system they’re calling eWASM. That would make it feasible to execute Ethereum app code straight in today’s web browsers. Which is a major advance above the EVM. Also, it will let programmers pick from numerous languages including Rust, C, and C++ to build code to run on the blockchain. eWASM will boost the number of prospective programmers for the ecosystem.
Increased Speed And Privacy
One of the key selling features of blockchain technology is the anonymity and security it delivers in comparison to traditional transaction options. In Ethereum’s example, a decentralized way is offered to validate and enforce the smart contracts by the blockchain. The decentralized feature is crucial since it makes theft or censorship incredibly difficult.
With these changes, Ethereum is predicted to reach massive heights in the crypto world, leaving behind Bitcoin. A lot depends on the implementation of said changes and only time will tell how well they are executed.
