Ethereums BEST Upgrades (Ultra Sound Money in Crypto)
Ethereum feels like eats started out in a ragged 98 honda, civic stuck in traffic on the 405. But after six years of constant upgrades and gaining attention from the masses and celebrities alike, ethan now feels like its evolving into an aventador accelerating down the autobahn. At the moment, we might be sitting at the red light of yesterdays flash crash, but once the light turns green, these are the reasons we will be pedaled to the metal racing against previous all time highs and back into price discovery buckle up lets get it welcome To bitboy crypto home of the bit squad, the largest crypto community on all the interwebs, my name is ben. Every day on this channel. I show you how to make money in crypto if you like money in crypto, then make sure to hit that subscribe button in this video, we will dig into the latest developments on the ethereum network. Todays eco friendly world, reducing emissions, recycling and saving energy are the priorities for tomorrows greener earth. Even ethereum is changing its ways. Moving away from the energy intensive proof of work, consensus to the more efficient proof of stake consensus. This requires users to leverage their existing ease. As means to verify transactions and meet new tokens, deriums founder vitalik buterin claims, transition to proof of stake model will potentially lower the networks energy consumption by 99. Once the protocol migrates to proof of stake, the entire industry around ethereum mining as it exists today, will no longer be relevant if either was a highway.
The london hard fork adds a few more lanes. Standardizes toll prices, no one likes paying absorbent gas prices for their cars or on ethereum fees. This is why reddit user david mahal built a website called l2 fees dot info in order to easily compare gases on various layer, 2 solutions, as well as gas teas on ethereum layer 1.. According to evan van ness on twitter, there are already more daily transactions on ethereums layer 2 than on bitcoin. According to martin young from bncrypto.com, the ethereum eip1559 upgrade adopted 34 times faster than bitcoin segwit, proving that this race car has some serious pickup. Martin also claims that the nfc mania more on that in a minute is set to cool off for the rest of the year. After reaching a fever pitch in late august were all familiar with the ip1559, because it is the most vital eip of the update. But what do the other four improvement proposals in the london hard fork entail? Eip 3198 adds an opcode that will extend user experience, improvements to smart contracts. This improvement, normalizes smart contract based fees according to ethereum.org eip3198, gives the ethereum virtual machine access to the blocks base fee eip3529. There are incentive developers to clean up code by deleting smart contracts and unused functions, doing so results in decongesting the network and in return the developers would get refunded gas fees. The refunds were aimed to enable developers transfer eth when an emergency situation arises.
This feature was taken advantage of by hackers who would create contracts just to clean them up and the rewards of the refund of gas, the zip lowered that refund and gas, so it wouldnt be viable for anyone to continue to exploit the function. What eip 3554 does is move the deadline from summer 2022 to this december to encourage each miners to update their software to prepare for the switch the difficulty bomb freezes mining as the network transitions from proof of work to proof of stake. Proof of stake is already active on beacon chain, but its not yet processing transactions only creating blocks when the merge to e 2.0 takes place, proof of work will be removed and transactions will be processed on the beacon chain. That means that transaction fees that arent burned will be divided among the validators one z, 2.0. Officially releases money will be gone. We also would like to remind the bit squad that, when e emerges to e 2.0, that you wont have to do a token swap with your existing ethereum or anything like that, it will happen automatically eip 3541. The least prevalent of the eips in london hartford simply invalidates older types of smart contracts in order to prepare the network for the new format. This sets the blueprint for future growth, and this allows new contracts, starting with the xerox ef byte. So the ethereum virtual machine can easily identify contracts that comply with eip 3540 groundwork, not boring stuff at all.
In our last ethereum update video, i said there would likely be a slight pullback after reaching the psychological, 4 000 level before continuing on towards new. All time highs that correction happened following a blood diamond on the two hour chart in the early morning of september, 7th on market cipher ether experienced a 17.2 percent correction, taking it from ‘.12 to the low of 32.’. Since then, ethan has recovered somewhat. According to captain sparrow on twitter, a flash crash on 97 is responsible for 2.7 billion dollars of liquidations. In one hour, corrections are encouraged in a healthy bull run. We cant go up and up forever. Sometimes you have to stop to change your oil put air in your tires and fuel up before you continue to drive up the mountain. If you want to stand on a mountain peak and survey, your crypto gains smash that like and subscribe button puts you in the bit squad and keeps this channel growing, which makes gary ginsler very annoyed. In other news that contributes to ethereums mass adoption, pawn nahar from et marcus.com reports that twitter is working on a plan that allows users to add their bitcoin and ethereum addresses to their profiles to receive tips and cryptocurrencies twitter developer. K von bakepour recently used the soon emoji hinting that the new tip jar feature which runs on lightning network, will roll out sooner than people think initially it may only be rolled out for limited geographies, but nevertheless the successful launch of this feature will mark the latest Edition by twitter, in a series of moves designed to help creators on the platform find a source of income.
Speaking of twitter theres, a new ethereum dap for minting nfts of your tweets, its called valuables by a company called sent. If you want a piece of internet history, you can also bid and purchase these nf tweets on the v.sent.co website. According to blockworks on twitter, panama is following in the footsteps of el salvador and have introduced a bill to recognize bitcoins legal tender, but not just bitcoin. Ethereum two thats a much smarter play than just having bitcoin as currency, which it isnt and using ethereum with its dozens of currency. Erc20 tokens is going to be a much bigger deal with more and more countries recognizing blockchain technology as a viable source of currency and store of value its hard for me not to laugh when the doubters say all crypto will go to zero. One day i mean i, i cant: do it without laughing, never gon na happen, but lets change. Lanes. Ethereum based nfts have been speeding up the past few weeks, getting east some serious attention: nba star, steph curry, who also signed a partnership with ftx ape into the trendy nft space by purchasing a board ape for a hundred and eighty thousand dollars worth of ethereum. The ape is now his profile picture on twitter. According to andrew hayward, from decrypt.com, the board ape yacht club builds itself as an exclusive membership club. Its limited set of ten thousand unique eight nfts do not come cheap. A single board ape and ft is over 2.
25 million dollars worth of eat according to crypto slam cheapest one you can buy right now in the nft marketplace. Open c costs more than 157 thousand dollars in east other notable celebrities. That aped in include josh, hart lamela ball, tyrese, halliburton, dez, bryant and old, spice, spokesman von miller, open world game and home of bit boy digital city sandbox, also aped into the ethernet market, craze and purchased the laser eyes board: 8 3748 for 740 east. This adds to their already growing collection of digital art, which includes some v friends axes and even in ft, music budweiser also jumped into the nft marketplace. By purchasing a budweiser branded rocket ship made out three beer cans from the open sea marketplace for eight east ether. About 25k late last month, in addition to the nft, budweiser, also purchased the domain name beer.eth through ethereum name service on openc for 30 east, more than 96 thousand dollars. At the time of the purchase with emergency 2.0, only a few eggs is off the highway. Switching to the faster and energy efficient proof of state consensus, along with the help of celebrities and billion dollar corporations joining the ethan ft craze its only a matter of time until we cash in and our moon bags drive off into the sunset thats.