Ethereum is the most popular blockchain for buying, selling and owning NFTs (non-fungible tokens in French) and in June, total NFT sales exceeded $ 27.5 billion.
This was stated by the co-founder of Ethereum (ETH), Vitalik Buterinhas updated its blockchain called “The Merge”, it should not play a decisive role in the price of ETH. However, after several years of waiting, the markets do not necessarily agree: investors will be able to observe The price of Ethereum has risen nearly 14% in the past few months.
Vitalik says the update shouldn’t be just a price increase announcement; but in reality it is a necessary change for the blockchain to remain efficient and competitive in the long run. At the same time, a well-known investor announced his intention to fork Ethereum. We remind you that a fork means a modification of the blockchain protocol initiated by the community, or a modification of the basic rules of the blockchain.
July 28 at 2:30 pm (GMT + 2) Ethereum is currently trading at € 1586.01. and received nearly 9.33% gain over the previous day.
How does the merger represent a sea change for Ethereum?
The upgrade to the Ethereum blockchain, which markets are currently eagerly awaiting, will fundamentally change how it works. The current sanity control system, which asks children to solve a complex math problem that requires considerable computing power, is energy-intensive and very polluting.
This has been replaced by the Proof of Stake system. (Proof of Stake), a method in which the blockchain asks the user to prove ownership of a certain amount of cryptocurrency in order to confirm the next block and thus receive a possible reward. According to Tim Beiko, the expected date for the application of this update is September 19th. one of the leading developers of the Ethereum blockchain, who said that the latest PoS-Tesnet transition will take place on Goerli’s testnet.
Ethereum is facing a rise in its competitors, the most notable of which is Solana at the moment, and is in dire need of an upgrade to remain competitive in the crypto ecosystem. Solana is also the third blockchain in terms of NFT sales with around $ 2.48 billion in total. Ethereum still holds its top position with a total volume of over $ 25 billion. And then In August 2021 alone, Ethereum NFT revenue was $ 3.75 billion. that is, a higher score than the Solana blockchain during the latter’s existence.
The union update is one of the most important changes for Ethereum since its inception, but the elders remember that this update should have taken place a long time ago but has been delayed many times due to a number of technical issues. Note that famed investor and entrepreneur Chandler Guo, the man behind the previous fork of Ethereum in 2016 which later led to the creation of the classic Ethereum blockchain, has announced that he wants to replicate the process with a fork that aims to keep the Ethereum blockchain in the proof-of-work system.
Risk of loss of capital.