- Ethereum 2.0 is billed as the single-largest change in the history of the blockchain
- The upgrade, set to be rolled out in phases, will involve migration from the current proof-of-work system to the proof-of-stake protocol
- ETH 2.0 will also cap the supply of Ether, the network’s native token, potentially triggering price increases via scarcity
- BIT Mining Ltd. believes the proof-of-work and proof-of-stake systems will coexist
The Ethereum blockchain has long been a victim of its own success. Having lured software developers who built decentralized applications on top of the network, Ethereum has been accounting for the vast majority of total transaction volume within the decentralized finance (“DeFi”) space. While desirable, this market share catalyzed network congestion that has continuously pushed transaction fees (known as gas prices within the crypto market) upwards, slowed the transaction speeds, and led to the rise of competing blockchains.
According to the latest statistics from YCharts, the average Ethereum gas price was $28.80 on May 15, down from a high of $474.57 on May 1 and $81.30 a year ago. The figures represent a sharp rise from a range of between $2 and $4 in late 2020. Even at its cheapest, Ethereum was still more expensive than…
For more information, visit the company’s website at www.BTCM.Group
About CryptoCurrencyWire
CryptoCurrencyWire (“CCW”) is a financial news and content distribution company that provides (1) access to a network of wire services via InvestorWire to reach all target markets, industries and demographics in the most effective manner possible, (2) article and editorial syndication to 5,000+ news outlets, (3) enhanced press release services to ensure maximum impact, (4) social media distribution via IBN (InvestorBrandNetwork) to nearly 2 million followers, and (5) a full array of corporate communications solutions As a multifaceted organization with an extensive team of contributing journalists and writers, CCW is uniquely positioned to best serve private and public companies that desire to reach a wide audience of investors, consumers, journalists and the general public. By cutting through the overload of information in today’s market, CCW brings its clients unparalleled visibility, recognition and brand awareness. CCW is where news, content and information about crypto converge.
To receive instant SMS alerts from CryptoCurrencyWire, text “CRYPTO” to 844-397-5787 (U.S. Mobile Phones Only)
For more information, please visit https://www.CryptoCurrencyWire.com
Please see full terms of use and disclaimers on the CryptoCurrencyWire website applicable to all content provided by CCW, wherever published or re-published: https://CCW.fm/Disclaimer
CryptoCurrencyWire (CCW)
New York, New York
www.CryptoCurrencyWire.com
212.994.9818 Office
Editor@CryptoCurrencyWire.com
CryptoCurrencyWire is part of the InvestorBrandNetwork.
