Beacon chain Altair upgrade countdown, can the new consensus help Ethereum surpass Bitcoin?
Author: Chen Zou
Author: Chen Zou
The transition of Ethereum to proof of stake (PoS) and the upgrade of the beacon chain Altair are being implemented in order to support the seamless transition of the entire system. This upgrade is 3 months away from the last controversial London hard fork. month's time. At present, the Altair upgrade time of the Ethereum beacon chain has been locked on October 27 (this Wednesday). This is the first and only beacon chain upgrade before the arrival of Ethereum 2.0. Stimulated by the good news, the price of Ethereum once climbed to US$4,300, but then fell over the weekend. According to the comparison terminal data, the current price of Ethereum is US$4,191.18, an intraday increase of 4.87%.
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New network will save 99.95% of energy
As early as May, Carl Beekhuizen, a core researcher of the Ethereum Foundation, published an article on Ethereum 2.0 titled [A country's worth of power, no more!], aiming to promote Ethereum 2.0 after abandoning PoW. The energy problem solved. Proof-of-work (PoW) consensus on Ethereum currently consumes as much energy as a medium-sized country (and quite possibly much larger).
Digiconomist estimates that Ethereum miners currently consume 44.49 terawatt-hours per year, which equates to an ongoing basis of 5.13 gigawatts. This means that based on the conservative estimates above, PoS is about 2000 times more energy efficient, reflecting at least a 99.95% reduction in total energy usage. The Altair upgrade is also equivalent to the foundation of ETH 2.0, warming up the developers of ETH 2.0 to prepare for higher-level upgrades in the future.
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Where will the miners go?
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Ethereum at $6550
According to companiesmarketcap data, the current total market value of Bitcoin is 1.158T, while Ethereum is only less than 1/2 of its market value. However, from the perspective of Ethereum’s rich use cases and unparalleled ecology, there is still huge room for growth.
Speaking to AMB, Justin d'Anethan, head of sales at cryptocurrency firm EQONEX, said,"Many Investors Are Turning to ETH Exposure With Positive News of ETH ETF Possibility", he also gave his thoughts on the upcoming upgrade,"From a cyclical standpoint, as Bitcoin breaks out to new highs, Ethereum will also gain quite a bit, perhaps outperforming (Bitcoin’s) performance at some point."
Even though the peaks of the bullish cycles of the two assets do not occur at the same time, they do correlate somewhat with each other. The correlation between them has been closely watched by analysts since Bitcoin managed to break through the $66,000 mark, setting a new all-time high. As Rekt Capital, an on-chain technical analyst, put it,"If Bitcoin breaks to new all-time highs, I don't see why Ethereum won't,"This article is from Bitpush.News, reproduced with authorization.
This article is from Bitpush.News, reproduced with authorization.
