Ethereum 2.0 Eagerly Awaited as Huge Gas Fees a Significant Problem

Ethereum 2.0 Eagerly Awaited as Huge Gas Fees a Significant Problem

  • This improvement may lower energy usage by at least 99.95 percent.
  • Ethereum has outperformed Bitcoin in the crypto market in recent weeks.

One of Ethereum blockchain’s main issues is the high cost of gas. There was a time when the Ethereum gas charge was $50 per transaction, which sparked a market outcry. Users of Ethereum continue to be dissatisfied with the high cost of gas.

Recently, Ethereum has outperformed Bitcoin in the cryptocurrency market in recent weeks. The second-largest cryptocurrency in the world has grown by roughly 24% since March 11, whereas Bitcoin has only grown by around 16% during the same period.

Planned Update- ETH 2.0

Ethereum’s recent surge may have something to do with a planned update that would make the blockchain “more scalable, more secure, and more sustainable.”

While this improvement has been in the works for a long time, a vital test that concludes immediately before the finish line was completed on March 15, investors are confident that a fresh wave of users will shortly arrive. A researcher at the Ethereum Foundation has claimed that this improvement may lower energy usage by at least 99.95 percent.

Recently Ethereum Co-founder Vitalik Buterin tweeted about fees being a huge problem for Ethereum’s usability. Ethereum will be upgraded to proof-of-stake, allowing users to confirm transactions based on the number donated or staked coins. The more coins a user stakes, the more likely they are to be chosen to verify transactions and get a reward.

Currently, the Ethereum network has two chains operating simultaneously: one for proof of work and one for proof of stake. On the other hand, proof-of-work chains are the only ones that handle user transactions. The Beacon Network, a proof-of-stake network, will replace Ethereum’s blockchain once the integration is complete, removing the need for mining entirely.

The post has appeared first on thenewscrypto.com

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