Ethereum is a digital oil. Who has the oil? He is the rich. Still not late to buy ETH.
This article will cover; Ethereum’s function, including its roadmap, which is extremely important coming into the end of this year in early next year. The developer team, the potential growth of Ethereum, and the growing risks that Ethereum faces right now can be actually pretty massive. And then, at the very end, the near-term price models for Ethereum.
This is not financial advice; this is not investment advice. It’s just my personal opinion and the numbers that I put together.
First up, we’ve got the function. Very quickly, I’ll touch on what each does but more importantly, I want to cover Ethereum’s roadmap in this section because it is getting ready to go through a massive change very soon at the end of this year.
According to the Ethereum website, it is the world programmable blockchain, a translation that Ethereum is a technology that allows developers to create all sorts of applications from financial services to games and apps that ride on top of the Ethereum baseline build upon its secure and programmable blockchain.
Many people call Bitcoin digital gold, and they call Ethereum digital oil. And they call it that because the entire world runs on oil, and guess what the entire digital ecosystem the entire crypto space is going to run on Ethereum or partly on Ethereum in their smart contract.
So that is why it’s referred to as digital oil.
1.London Hard Fork
Just recently, we had the London hard fork that came out on August 5th. And it introduced eip 1559, which overhauled the transaction fee market and how gas fees work on Ethereum’s network and how it interacts with miners in general.
The London hard fork also scheduled what is referred to as the ice age, a timeline that will introduce an exponential difficulty increase motivating a transition away from proof of work towards the proof of stake.
So getting very green and energy-efficient going to a proof of stake network. Getting ready and prompting ETH 2.0 to come around.
Essentially the ice age difficulty is designed to reduce the chance of a proof-of-work fork from happening where miners continue to operate alongside the real Ethereum chain.
Kind of like what happened in the past with Ethereum classic now running against Ethereum ETH.
2.ETH 2.0 Roadmap
The next and the most exciting road map feature coming to Ethereum is ETH 2.0. I alluded to it a bit earlier with the ice age and why it’s coming about, and the devs have recently accelerated the ETH 2.0 release date to sometime in 2021.
It was originally projected out into early 2022. But they brought it forward, and that is amazing.
Because ETH 2.0 will signal a move to a proof-of-stake network which includes the end of proof-of-work, enabling staking for all eth holders and an energy reduction of 99 over eth1 right now.
Now trade-offs are going from a proof of work to a proof of stake, and you could argue either way till the cows come home.
But I’m not here to do that today; I’m not here to argue why proof of work is better than proof of stake or proof of stake is better than proof of work. That’s not what I’m here to say, is that. Read More…