The Ethereum network is one of the most popular ones in the crypto space. It is known to be technologically advanced, which keeps improving with time.
One of the plans of the Ethereum network is to transition to proof-of-stake later this year. Now, the successful “Merge” that has taken place on the Kiln testnet is set to take the network to a new level.
This is also a major step for the network, considering it is consistently trying to grow and evolve.
The Ethereum token, ETH, is also one of the most prominent crypto assets in the market and has a high significance. Some crypto enthusiasts even anticipate that ETH would one day outperform the flagship cryptocurrency Bitcoin, which is still to be seen in real life.
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Will Ethereum 2.0 Be Better?
As per reports, the “Merge” that took place on the Kiln testnet is the final public testnet before the ETH foundation changes to proof-of-stake.
This has merged the beacon chain with the Kiln testnet and took place yesterday. Since the next step is the transition to proof-of-stake, the Ethereum Foundation has requested the stakeholders to perform tests on Kiln to ensure the transition is smooth and successful.
According to the developers, the network wanted to give an opportunity to the community to test their products through the merge.
Kintsugi, the previous testnet, will be disapproved in the weeks to come. It is also planned that the Merge will take place on the current proof-of-work testnets, including Goerli and Ropsten. This has been planned to achieve before it hits the mainnet.
An official post by Ethereum Foundation was also shared, which stated:
“Application & tooling developers, node operators, infrastructure providers and stakers are strongly encouraged to test on Kiln to ensure a smooth transition on existing public testnets.”
All these steps are being taken to ensure that Ethereum 2.0 is better than the current network.
The transition of ETH 2.0 has been taking place in different phases. Crypto analysts and investors are quite optimistic about Ethereum, once the transition to ETH 2.0 is complete.
There are a few things that will change as the transition occurs, such as:
- Millions of ETH will be locked up for months
- The issuance of ETH is anticipated to see a drop of 90%
- The staking rewards for ETH are anticipated to surge higher than 10%
The energy consumption of Ethereum is also expected to drop to around 99.9%. It has already been discussed that the proof-of-work networks consume a lot of energy. In such a case, if the energy consumption drops the buying pressure towards ETH will increase, which will also boost its price.
What to Know as a Crypto Investor?
As a crypto investor, if you are new and looking to purchase digital assets for the first time then there are a few aspects you need to be familiar with.
Bitcoin is the flagship crypto asset and Ethereum is the largest altcoin in the world. The prices of the digital assets are known to fluctuate a lot, which is mostly a result of the ups and downs seen for BTC’s price.
Therefore, if you step into the crypto space and want to invest in a digital asset then make sure you:
- Choose a secure and suitable exchange that matches your criteria
- Look at the price movement for the digital asset before buying
Since the crypto space is known to be volatile, keeping the above-mentioned points in mind is important.
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