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2023 it's the Ethereum year!

By Crypto4you23 | Cryptoanswers22 | 23 Jan 2023


Introduction:

 

Ethereum is a decentralized, blockchain-based platform that facilitates the creation and deployment of smart contracts and decentralized applications (dApps).

It was initially proposed in 2013 by Vitalik Buterin, a programmer and researcher in the field of cryptocurrency, as a way to enhance the functionality of the Bitcoin blockchain.

Ethereum has its own digital currency, named Ether (ETH), which is used to pay for transactions and computational services on the network.

Unlike Bitcoin, which mainly serves as a digital currency, Ethereum is intended to be a platform for building decentralized applications and executing smart contracts. Smart contracts are self-executing agreements with the terms of the deal between buyer and seller encoded directly into the code.

In this text I will explaing to you everything that it will happen on the Ethereum blockchain, including The Merge.

 

What is happening?

 

Currently, Ethereum has a 3D rendering system.

After joining The Merge, Ethereum is looking for fresh approaches to maintain its innovativeness in the current financial sector.

For those who are unaware,

The forthcoming event known as "The Merge" denotes the moment when Ethereum 2.0 and Ethereum 1.0 will be combined, integrating the two networks into one and replacing the existing Ethereum 1.0 network with the new Ethereum 2.0 network that is presently being created.

The main distinction between the two networks is that Ethereum 2.0 utilizes a consensus mechanism known as "Proof of Stake" instead of "Proof of Work" like Ethereum 1.0.

This means that instead of miners utilizing processing power to validate transactions and keep the network secure, users who hold the cryptocurrency on the network are responsible for validating transactions and maintaining network security.

Furthermore, Ethereum 2.0 also offers improved scalability and security for the network. The Merge aims to increase the network's capacity and enhance security, as well as making the network more energy efficient.

Developments in such experimentation appear to continue and although this is an application of technology from the 1970s, it is presumably through this application that we can discover exactly what Ethereum is capable of and exactly what code ownership means.

Ethereum is "Turing-complete," which essentially means you can write programs (contracts) that can (for the most part) solve any reasonable computational problem and, to prove this, a team has built an entire 3D rendering mechanism, all on-chain and based exclusively on smart contracts. Alan Turing was a mathematician who essentially invented the computer - without building one - in the 1930s, the so-called Turing machine.

It was a mathematical concept of a machine that could calculate anything as long as you have unlimited memory available. What does it mean for a token to be linked to some code? Well, as Ethereum is Turing complete, it can mean what the coder wants, including in theory that the token grants access to some other code that has hidden art, even if it is hidden from view of everyone.

Therefore, developments in such experimentation appear to continue and although this is an application of technology from the 1970s, it is presumably through this application that we can discover exactly what Ethereum is capable of and exactly what code ownership means.

 

What's more?

 

With Ethereum's recent successful merge upgrade in September, attention has shifted to the network as it prepares for its next major update, known as Shanghai. This update is eagerly anticipated by Ethereum users as it will allow them to retrieve the $25 billion worth of ETH they have committed to the network through the staking program.

However, the Ethereum core developers, who are responsible for making changes to the network, are currently disagreeing on how and when the upgrade should be implemented.

Ethereum moved to a proof-of-stake system through the merge upgrade, an event that combined the Ethereum mainnet with the Beacon Chain, a preliminary proof-of-stake version of Ethereum that was launched in December 2020.

In proof-of-stake networks, users can deposit funds to become validators and help authenticate on-chain transactions, and in return, they receive rewards in the form of newly generated tokens. Since December 2020, users have been able to stake their ETH and earn rewards. With the Shanghai update, users will finally be able to access those rewards, as well as their original ETH deposits.

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