Ethereum is presently the second-largest cryptocurrency by market capitalization. The digital currency is only second to Bitcoin which is regarded as the first and the most popular cryptocurrency that is. However, due to the versatility of Ethereum, crypto analysts suggest that one day, the cryptocurrency might overtake Bitcoin to become the number one cryptocurrency in the world.
Meanwhile, that time may be much closer than we earlier thought as the Ethereum network announced an upgrade on the network – Ethereum 2.0. The upgrade comes with lots of amazing features that would give Ethereum more acceptability among the crypto community. The upgrade was initially launched in 2019 but the final launching may not happen until 2023.
But even as we expect the full launch of Ethereum 2.0, many traders and investors are already curious about what would happen after Ethereum 2.0 – perhaps we will be having Ethereum 3.0 too. Well, while that may be possible, the founder of the Ethereum network, Vitalik Buterin has not mentioned anything like that. All focus is presently on the full development of Ethereum 2.0.
In his recent announcement, Buterin announced that though the launch of Ethereum 2.0 has suffered some setbacks recently, which has affected the launch date earlier released in 2019, all developers are working all out to make sure the launch happens earlier than expected. So, there is no indication whatsoever that Ethereum 3.0 is in the pipeline – as at the time of writing this post.
Nevertheless, Ethereum 2.0 is definitely going to mean a whole lot to the crypto community. The upgrade will be coming with lots of changes that might propel Ethereum to the top of the crypto list.
Let’s take a look at some important developments to expect when Ethereum 2.0 is fully launched, especially the fate of miners after the upgrade.
Miners after Ethereum 2.0
Like Bitcoin, Ethereum currently uses an energy-intensive process called “mining” to create and distribute new cryptocurrencies. It presently uses the PoW algorithm which puts the bulk of the work of maintaining the platform and adding new blocks to the blockchain on miners. On the other hand, miners across the globe (thousands of them) operate millions of dollars worth of machinery in a race to resolve computational problems and earn ETH, the network’s native cryptocurrency.
But the new Ethereum upgrade proposed to fundamentally change the way the Ethereum network operates and how new ETH is created. The system will switch from PoW to PoS which will definitely make Ethereum mining a thing of the past. Therefore, one of the several questions in the mind of curious crypto enthusiasts is “what will happen to Ethereum miners after Ethereum 2.0?”
Well, the deal is that some crypto experts still believe mining will be very much around even after the merge, which is the final stage of the Ethereum 2.0 upgrade. Michael Carter, a prominent crypto miner, and host of the YouTube channel BitsBeTrippin said that instead of miners to completely go off, many of them will likely switch their mining resources to another chain that seems to be more profitable.
He believes that when the upgrade is finally complete, miners will likely be left with two options; Ravecoin and Ethereum Classic. Although these two are presently not as widely accepted or as profitable as the Ethereum blockchain, they will still be a good alternative to mine with graphic processing units (GPUs).
With a market cap of $4.7 billion, Ethereum Classic is one of the most successful cryptocurrencies that have ever emerged from Ethereum. The token was created following the hard fork that happened to EThereum in 2016. On the other hand, Ravecoin is the native asset of a network used for transferring both tangible and digital assets. Ravecoin presently has a market cap of $436 million and sells at $0.05.
“What this means is that for GPU miners, they already have an exit strategy unlike ASIC miners that are likely going to lose everything because they really don’t have anywhere to go,” says Carter.
eWASM to Replace EVM
Ethereum Virtual Machine has been one of the key features of Ethereum, making it a viable platform and a worthy challenger for the number one cryptocurrency – Bitcoin. EVM is an execution environment that is used to facilitate the use of smart contracts across a wide range of platforms. If there is anything that has contributed immensely to the global acceptance of Ethereum as a computational device rather than just a mere financial system, it will be the smart contracts.
Smart contracts on the EVM can run games, operate social networks, and even execute complex financial transactions. However, as widely used as EVM is, it is not something that is easy to use – even for people with a high degree of programming skill. But in Ethereum 2.0, Ethereum has made a provision to create a better alternative for EVM. The newest upgrade will use web assembly language, in a system called eWASM. This will make it possible to run EThereum app code right in today’s web browsers. Of course, this will come as a massive improvement over the EVM.
eWASM will also provide programmers with the privilege to choose from several programming languages, such as C++, C, and Rust when writing code that will run on the blockchain. That means eWASM is likely going to increase the number of potential programmers for the ecosystem.
Expect a Better Ethereum Network
With the new upgrade, Ethereum users are expected to look forward to a smarter and better network. The transition from PoW to PoS will come with lots of perks, including faster transactions, lower transaction fees, more sustainability as energy consumption drops significantly, and a more secure platform. Anyone thinking of how to join the crypto craze now will do well to buy Ethereum now before the upgrade finally arrives.
If you have been considering adding Ethereum to your portfolio, head on to AnycoinDirect.eu to get started on your investment journey. By the time Ethereum 2.0 is fully launched, many crypto investors and enthusiasts may wish they had invested in Ethereum earlier. Don’t be left out, take action now!