Ethereum has been on an incredible journey since it was first introduced many years ago. With a multi-billion dollar market cap, Ethereum is currently the 2nd most valuable coin in the crypto-space. Ethereum has seen incredible adoption, and promises much for the years to come. However, Ethereum has its challenges. One of the biggest challenges is that Ethereum is currently not very user friendly. This can come into play when you are trying to make a transaction.
I love Ethereum. I know what you might be thinking by the use of the past tense, or by the use of the word love. Yes, I do. But I’m going to use this space to share a few words about how I feel about it. Ethereum has brought us the first decentralized rich media platform. That was the name of the project that was finally picked for the Ethereum name. For now, it will be called the Dapp. It’s similar to the white paper that spawned Bitcoin, and it makes that white paper even more important. It’s the beginning of a new era of innovation.Ethereum (ETH) is currently experiencing several positive developments. We explain how all the test networks have successfully switched to London, how gas prices have fallen to March 2020 prices, and how various reports demonstrate the potential of this blockchain network.
Positive things are happening on Ethereum
The Ethereum ecosystem continues to grow and evolve. This is reflected in the various activities that take place in this network and in the way developers and users see the opportunities to introduce new solutions and services. There are, however, a few points we would like to make.
Ethereum’s EIP-1559 has been rolled out on alltest networks.
According to Tim Bako, the three test networks have already switched to the London version EIP-1559 recently unveiled by the developers. This hard fork for the Ethereum network could happen on the 4th. Early August.
This proposed Ethereum upgrade will change the network’s billing model, and the digital currency will also become a deflationary asset. Instead of being a first-price auction-fee network, Ethereum will now use a base-fee model.
Ethereum price reaches lowest level since March 2020
Contrary to what is happening in the gas market worldwide, the price of Ethereum gas has fallen to its lowest price since March 2020. This is due to the fact that the network congestion, which Etheruem has suffered from in recent years, has been reduced.
At the same time, with the expansion of other blockchain networks like Binance Smart Chain (BSC) or Polygon, it will become easier for DeFi users to find the platform they want. Moreover, the interest in virtual currencies has decreased in recent months, which could also have a positive effect on the price of Ethereum.
Can Ethereum surpass Bitcoin?
With all these positive developments in Ethereum, the big question is whether the second largest virtual currency can overtake Bitcoin. According to a recent message to clients, Goldman Sachs thinks Etherium could overtake Bitcoin as its usage increases.
The report states:
Ether seems to be the cryptocurrency with the most potential in the real world because Ethereum, the platform on which it is its own digital currency, is the most popular for developing smart contracts.
Indeed, Ethereum has become popular for its ability to offer smart contracts to developers and the cryptocurrency community at large. At the time of writing, Ethereum is valued at $260 billion, while Bitcoin has a market capitalization of $624 billion.
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