ETH Continues To have Setbacks
Ethereum is set or at least was set to have Ethereum 2.0 proof of stake this year. That quickly turned into Q1-Q2 of next year but even that might seem out of the question now as the platform continues to struggle to advance into Ethereum 2.0.
Part of that process is releasing difficultly bombs on the blockchain which make it harder for miners to mine and earn rewards. This was slated for late December to now June of next year! The main goal of these are to make it obsolete and non rewarding to those who are mining Ethereum with the Proof Of Work system.
What this tells us is that Proof Of Work or Ethereum 2.0 is still far off and the delay of the next difficulty bomb now being pushed back as far as June shows us we most likely are looking at Q3-Q4 of 2022 before Ethereum 2.0 is released! This is now the fourth time the difficulty bomb has been delayed.
Now don't get me wrong I love Ethereum and all it's done for the crypto space. What I don't love is we have been hearing this story since 2017! Yes freakin 4 years now and we still have no advancement in scalability of the platform besides layer 2 options.
This is why Polygon still remains a spotlight crypto for me as what I think could be a solid investment.
Polygon is from a former team of devs that helped create Ethereum and they are still on very good terms with Ethereum and the devs/business there. However they offer up a low cost fee type system and faster throughput that helps Ethereum out greatly. In fact they where even adopted by OpenSea as one of the payment options for NFTs compared to all of the others that tried. That should say a lot in itself.
So what are you thoughts when do you think Ethereum 2.0 will release it's Proof of Stake system?
There's going to be a lot of movement come 2022 A LOT since governments laws that passed wont go into effect till 2023 you can bet ya that some huge actions are going to place next year leading up to that. One of the biggest I think we will see is the expansion of the metaverse and real-estate property within it. This large moves might end up leaving Ethereum in the dust if they can't figure their stuff out. Or they remain the same and a layer two such as Polygon takes over and handles the heavy lifting while Ethereum remains on track. Still lots to come and lots of unknowns as we move into the new year.
Normally we saw sell offs at the start of the year however last year saw one of the biggest boons to crypto ever. Going from just $19,000 upwards of $50,000 a 150% increase in the year which is still small potatos compared to other rallies in the past.
Ethereum on the other hand went from a mear $600 to what we see today over $4,000! Putting it at nearly 600% increase in just a years time. So it makes me laugh when people feel the markets are down. We are up 600% IN A YEAR!
*This article is for entertainment purposes only and is not financial advise. Do your own research and take responsibility for your own actions!