Vitalik Buterin predicts changes in the Ethereum rate after the transition to PoS
The blockchain’s co-founder noted that the real rally could start in 6-8 months after the change of the consensus algorithm
28.07.2022 - 13:30
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What’s new? Ethereum co-founder Vitalik Buterin said that the cryptocurrency market has not yet factored into the price of ETH the upcoming upgrade “The Merge,” which will see the network change its consensus algorithm from Proof-of-Work (PoW) to Proof-of-Stake (PoS). The developer believes that the growth of the coin may not happen immediately, but “under the right set of conditions,” it can be expected in 6-8 months after the upgrade. He said this in a podcast on the YouTube channel Bankless.
Link to the YouTube channel Bankless
What is known about “The Merge”? Ethereum 2.0 is a major upgrade to the network, preparations for which began back in December 2020. It will change the algorithm from PoW to PoS, increasing the speed, efficiency, and scalability of the network. With it, the system will be able to provide an increased level of security and process more transactions. The way coins are earned on the network will change from mining to staking.
Buterin said that by the end of the roadmap for the network’s transition to PoS would see its scalability increase from 25 to 100 000 transactions per second (TPS). In addition, Ethereum issuance will be steadily decreasing going forward.
As of July 28, 13:50 UTC, ETH is trading at $1631, having gained 9,62% per day, according to Binance.
July 26 saw a record number of 1 066 898 active addresses on the Ethereum network. 961 196 wallets were cryptocurrency recipients and 259 442 addresses sent digital assets.
For more details on staking earnings and the prospects for cryptocurrencies on PoS, see GetBlock Magazine’s article.
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