The Ethereum (ETH) network has been growing in popularity over the years due to its potential as a decentralized platform for the execution of smart contacts and decentralized applications (dApps) that has attracted troves of users and developers. The ETH blockchain is in the process of being upgraded which would alleviate many of the shortcomings and bring much-needed improvement with the Ethereum Shanghai upgrade.
To be clear the Shanghai upgrade is a series of upgrades that will be rolled out in 4 phases.
1. Phase 0: Beacon Chain was launched in December 2020 and operates under the Proof of Stake (PoS) mechanism as compared to the previous Proof of Work (PoW) consensus. Under the current PoW consensus mechanism, miners were able to compete to solve complex mathematical problems via Graphic Processing Units (GPU or Graphic Cards). The PoW framework was ineffective due to the energy-intensive process which also required a large amount of computation power. PoS will allow network participants to validate transactions by staking their ETH holdings as collateral, this incentivizes them to then maintain network security.
2. Phase 1: Shard Chains are smaller chains that will run in parallel to the main Ethereum chain. This will enable the blockchain to process more transactions at a given time.
3. Phase 1.5: The Merge will then merge the existing Ethereum mainnet with the Ethereum 2.0 Beacon Chain which will transition the network to the PoS consensus. This would be considered a critical upgrade for the network as it drastically improves the energy efficiency of the blockchain.
4. Phase 2: State Execution will allow smart contracts to be executed on the Shard Chains.
The goal of Ethereum 2.0 (ETH 2.0) is to make it easier for users to access and manage their accounts and assets. New features such as the unified account system will be introduced. The unified account system will allow users to access their accounts on different devices with a single login.
Asset management will also be introduced which will enable multi-account support that will allow users to manage multiple accounts from within a single wallet. The user interface will also be improved resulting in a more user-friendly experience.
The most important of all updates is the improvement of the speed and efficiency of the network. These performance improvements would also help with scalability which in turn would make it a more attractive platform for both developers and users.
Big Eyes Coin (BIG) the big eyes cute cat-themed meme crypto which is currently in its presale stage has managed to raise almost $33 million during its presale. BIG has actually started the sales of its NFT via opensea.io and has allowed investors to start minting the NFTs that were rewarded to them via loot boxes.
The community presence of BIG is quite large at this time and Big Eyes will be hosting an "Ask Me Anything" this Thursday, April 6th via their telegram channel. This is the opportunity that many investors who have been hesitant to invest have been waiting for.
Presale: https://buy.bigeyes.space/
Website: https://bigeyes.space/
Telegram: https://t.me/BIGEYESOFFICIAL
Join our WhatsApp Channel to get the latest news, exclusives and videos on WhatsApp
_____________
Disclaimer: Analytics Insight does not provide financial advice or guidance. Also note that the cryptocurrencies mentioned/listed on the website could potentially be scams, i.e. designed to induce you to invest financial resources that may be lost forever and not be recoverable once investments are made. You are responsible for conducting your own research (DYOR) before making any investments. Read more here.