Ethereum has been one of the most popular cryptocurrencies across the globe. In terms of market cap, it is second to Bitcoin. Ethereum did get successful in gaining the trust of its investors and users. The market crash also saw a dip in the value of Ethereum like any other cryptocurrency under went the downward trend. But, to improve the cryptocurrency and to take it to the next level, Ethereum 2.0 is set to be launched in August. Ethereum 2.0 will see a transition from Proof of Work to Proof of Stake which is also used by Bitcoin. The changes in the algorithm is expected to bring more scale, more reliability and is predicted to beat bitcoin in the future if the result is met with the expectation.
A core Ethereum Developer, Preston Van Loon commented in a conference about the merge and told that the merge is expected to happen in the month of August, positively. He says, If the plan is followed, then August would be appropriate. If the difficulty bomb cannot be moved to a later period, then the merger becomes more important and necessary to avoid the catastrophic results of the difficulty bomb. From a Layman’s point of view, difficulty bomb will make the network so slow that the miners would have no option but to switch to its new proof-of-stake.
Expectations from Ethereum 2.0
The Ethereum is expected to merge with its new beacon chain, which will become the foundation for the project “Ethereum 2.0.” As a part of the project, the beacon chain will integrate with sharded coins. In true sense, it will give the Ethereum network a division into multiple chains, which will rapidly improve the throughput and transaction speed. The merge is also expected to take Ethereum and its value to a level that surpasses bitcoin, to become the most valuable cryptocurrency ever.
The other side of the coin.
Though the project Ethereum 2.0 or The Merge is expected to happen in August and though the results are looking positive, the mismanagement of difficulty bomb or the mismanagement of the merger could leave Ethereum burn in a fire set up by itself. Since difficulty bomb, levels up for the miners and as it becomes difficult to complete the puzzle, the entire result then depends on the miners ability to crack the puzzle and the timing of the merge, failing which, Ethereum will witness its disastrous end.