The Ethereum 2.0 mainnet is launched today. Is the bull market rising or is it a bearish signal?
What is Ethereum 2.0?
What is Ethereum 2.0?
Ethereum 2.0, also known as ETH2, is an upgrade to the Ethereum blockchain network. Its consensus mechanism will be changed from POW (Proof of Work) to POS (Proof of Stake), mainly to solve the network congestion and formalities currently faced by the Ethereum network. High fees, low scalability, etc., so that it can process more transactions and solve development bottlenecks. Ethereum 2.0 has three phases, Phase0 is the beacon chain, Phase1 is sharding, and Phase2 is execution. Ethereum founder Vitalik believes that POS will solve most of the problems currently facing the network.
According to the requirements of the Ethereum official website, one of the conditions for ETH2.0 to start the genesis block is that at least 16384 verification nodes pledge 524288 ETH (each node pledges 32 ETH) before December 1. On November 24, the pledge of this amount was completed, and the balance of the Ethereum 2.0 deposit contract address reached 52,428 at that time.
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Ethereum Nodes Now Surpass Bitcoin
At present, the number of active DAPPs on Ethereum ranks first in the entire network. It is worth noting that the number of nodes in Ethereum has now surpassed that of Bitcoin and gradually distanced itself. According to the latest data from Ethernodes.org, there are currently 11,260 Ethereum nodes active, and Bitcoin has 11,041 nodes (including 207 in China).
Over the past two weeks or so, the number of Ethereum nodes has increased by more than 50%, surging from a peak of 8,086 on November 15. On November 30, the number of Ethereum nodes surpassed that of Bitcoin.
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Bull market rising or bearish signal?
In fact, no matter whether the bull market has come or not, the rise in the current round of currency prices has little to do with the development process of different project parties’ technologies. The massive intervention of institutional investors such as Microstrategy, Square inc. and Guggenheim is the main reason for this round of price increases. Their recognition of the value of Bitcoin is reflected in the financial derivatives market, and then reflected in the currency price.
Ethereum is undoubtedly one of the blockchain networks with the strongest community consensus. If Ethereum 2.0 cannot be launched as scheduled tonight, it will not change this fact. Even if there is a problem with the Ethereum 2.0 network, it will not have a huge impact on the long-term trend of the entire market. Since the birth of Bitcoin 12 years ago, the recognition of blockchain network technology has surpassed a certain public chain or a specific project.
