Ethereum is seeing mass adoption from various industries, celebrities, and countries. The move towards a more energy-efficient proof-of-stake consensus will reduce energy consumption by 99%, while the London hardfork will standardize toll prices and enable users to easily compare gas fees on various layer 2 solutions. Ethereum’s founder, Vitalik Buterin, claims the network’s energy consumption could decrease significantly by using the proof-of-stake model. In addition, Twitter is planning to roll out a Tip Jar feature which runs on Lightning Network, allowing users to add their Bitcoin and Ethereum addresses to their profiles to receive cryptocurrencies. Finally, Panama has introduced a bill to recognize both Bitcoin and Ethereum as legal tender.
Ethereum: On the Road to Mass Adoption
Ethereum is the common denominator for many well-known brands, including Budweiser, Visa, Twitter, Steph Curry, Dez Bryant, JPEGs of rocks, and even the country of Panama. After six years of constant upgrades, Ethereum feels like it’s evolving into a powerful vehicle accelerating down the autobahn. Although the network recently experienced a flash crash, this article explores the reasons why it will soon reach new all-time highs and enter price discovery mode.
Ethereum’s Latest Developments
Ethereum is changing its ways, moving away from the energy-intensive proof-of-work consensus to the more efficient proof-of-stake consensus. This transition will potentially lower the network’s energy consumption by 99%. The London hardfork adds a few more lanes to what would be the ETH highway and standardizes toll prices. Moreover, the EIP-1559 upgrade adopted 34 times faster than Bitcoin’s SegWit, proving its speed and agility.
Improvements to the London Hardfork
EIP-3198 adds an opcode that extends user experience improvements to smart contracts, while EIP-3529 incentivizes developers to clean-up code, reshape the Ethereum network, and keep gas fees down. EIP-3554 moves the deadline for the difficulty bomb to December 2021, encouraging ETH miners to update their software smoothly to prepare for the switch. Finally, EIP-3541 invalidates legacy smart contracts and sets the groundwork for future growth.
The Flash Crash and Recovery
On September 7, Ethereum experienced a 17.2% correction taking it from $3,912 to the low of $3,239, responsible for $2.7 billion of liquidations in one hour. Corrections are encouraged in a healthy bull run. The recent pullback serves as an opportunity to refuel before continuing to climb the crypto mountain.
Ethereum’s Mass Adoption
Twitter is working on a plan that allows users to add their Bitcoin and Ethereum addresses to their profiles and receive tips in cryptocurrencies. Panama follows El Salvador and has introduced a bill to recognize Bitcoin and Ethereum as legal tender. NBA star Steph Curry and other celebrities joined the trend and aped into the trendy NFT space by purchasing Bored Ape NFTs for thousands of dollars. In addition, Open world game and home of BitBoy Digital City Sandbox purchased the Laser Eyes Bored Ape 3749 for 740 ETH, adding to their growing collection of digital art.
The Future of Ethereum
Ethereum is evolving to become a more eco-friendly blockchain by moving to proof-of-stake, reducing gas fees, and improving the user experience. The network’s continued growth and adoption are proof that cryptocurrency is here to stay, and doubters’ predictions of zero crypto value seem more and more unlikely. As we buckle up and continue the ride, the future looks bright for Ethereum and the crypto community at large.