Ethereum is the ‘new kid’ in the town of smart contracts and decentralized application platforms in the cryptocurrency market. It has surfaced a decade after Bitcoin came into existence in the first month of the year 2009. Bitcoin is a revolutionary discovery as it for the first time showed the world how without any central governing authority governing and without any intrinsic value a currency system can come into existence on the basis of a peer-to-peer interface. Its increasing role in the NFT transactions has also impacted its pricing very favorably.
Ethereum is taking the crypto-revolution further. Fueled mainly by ether, which is utilized to pay transaction fees, Ethereum has an open offer to anybody to write smart contracts and decentralized applications with respective rules of ownership, transaction formats, and state transition functions. Its built-in programming Turing language, value awareness, and blockchain awareness make it a more sophisticated cryptocurrency than Bitcoin. This realization on the part of many has an obvious impact on the pricing of Ethereum. This also raises the possibility of Ethereum miners becoming the most influential traders. The trend reveals that while compared to Bitcoin, Ethereum is much less in the limelight this year has become a landmark in its evolution as a number of developers have opted to enter the ETH ecosystem. By April 2021, according to one report, the number of ‘first star’ ETH developers reached an astonishingly high mark, crossing 11, 630. Incidentally, only in the year 2018, the number of developers was almost the same but that was true for the whole year.
According to the report, the number of unique developers vis-à-vis the Primary Ethereal development tools has crossed 39,000. But the story is not finished yet. It is being predicted with some degree of confidence by the Ethereum analysts that with the strong possibility of the implementation of the ETH 2.0 the miners-cum-holders will have a great leap forward in terms of the Ethereum pricing. The logic behind such optimism about Ethereum becoming more valuable lies in the Proof of Stake (PoS) thesis. The PoS protocol, as analysts explain, enables the stakeholders in the ETH ecosystem to stake the coins and the right to validate the next block at unique intervals. Because the amount of coins one possesses determines the degree of performance they demand for Ethereum becomes very high in the cryptocurrency market. Veteran experts of Ethereum go to the extent of predicting that the cryptocurrency will by the end of October 2021, reach US$6,000 from its current price hovering around US$3,600. It is also being pointed out that with the momentum that Ethereum is acquiring in recent times it can very soon go upwards to reach ATH (an all-time high) of US$10,000 as miners are bent on the accumulation in the cryptocurrency market.
One major development that is awaited by these crypto-miners is the coming of Ethereum 2.0 in the cryptocurrency market. It is being asserted that if it happens it will end the dominance of Bitcoin in the cryptocurrency world and will assure Ethereum the undisputed no.1 slot. As explained by the well-known analyst Andrej Kovačević, Ethereum 2.0 is going to transition its blockchain to a more efficient, proof-of-stake system. In such a system, the node that records each transaction is chosen by an algorithm, with chances of selection increasing with the amount of the currency the node’s owner holds. That makes it possible to dramatically decrease the complexity of the cryptographic work, leading to massive throughput gains for the whole network of crypto-miners. As each node must stake its own currency to participate, it would remain prohibitively expensive for anyone to attack the network of crypto-miners.
We have to wait for some more time to see whether new dawn is there for the Ethereum miners and their dream of being highly influential traders.
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