The current year has been all about Cryptocurrency. From Elon Musk’s Doge Lunar mission to a sudden dip in Bitcoin. Not to mention, the help to India’s Covid Care fund by using Shiba Inu Coin. Clearly, Cryptocurrency has been a huge buzz this year. However, this isn’t the biggest news yet. The biggest news is that about 5 million ETH is locked up in the Ethereum 2.0 deposit. Let’s find out more about What is Ethereum 2.0? Its current status? And more.
Ethereum or ETH is a decentralised finance cryptocurrency that works under the principle of an open blockchain system. It is currency second leading cryptocurrency after Bitcoin. Furthermore, Ethereum was developed by a programmer named Vitalik Buterin in the year 2013. Its current price is $2,707. Currently, it is seemingly going up by 4%. If you’re are looking to invest, following websites like Binance, Kraken, Cointiger etc., can help.
Now let’s jump ahead to find what is Ethereum 2.0.
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What Is Ethereum 2.0?
Ethereum 2.0 is nothing but an improved version of Ethereum. It is going to possess every feature that Ethreum couldn’t. The main motto of Ethereum 2.0 is to enhance speed, scalability and efficiency. Moreover, Etereum 2.0 is expected to offer easy bottlenecks and greater transactions. As far as we know, we can expect Ethereum 2.0 launch by 2022. It should be noted that Ethereum 2.0 is a better choice than Ethereum. However, its launch won’t affect the price of Ethereum.
Why is the Deposit Of 5 Million ETH, A Big Deal?
The deposit of 5 Million ETH is estimated to be around $14 Billion. Clearly, this is a huge chunk of money. Hence, this is the highest in the record so far. ETH accumulated almost 1 million towards the Ethereum 2.0 project, within the first week of its proposal itself. Unquestionably, this is a pretty good start to the Ethereum 2.0 project.
Ethereum 2.0 is expected to follow Proof-of-Stake (PoS) system whereas Ethereum still follows Proof-of-Work (PoW). PoS establishes more efficient verification of the blocks. In addition, PoS also ensures that this system is more scalable than PoW. Furthermore, Investors have already staked their assets in the Ethereum 2.0 project.
To sum up, Ethereum will bring a lot of changes to the Cryptocurrency Market. Although if the change is good or bad I guess time will only tell. Nevertheless, Avid Crypto market enthusiasts are nothing but excited about it.
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