Ethereum Reborn
Misguided Perspectives on Ethereum
Say goodbye to the old Ethereum, because it's time to meet the new and improved version! Paul Brody, EY's Global Blockchain Leader, sets the record straight on the misunderstood giant in the crypto world. Despite the endless chatter about Ethereum being "dead" or "pivoting", the truth is Ethereum is stronger than ever!
As of the early days of its inception, Ethereum was already starting to make major waves in the blockchain scene. However, in 2020, Ethereum underwent a massive transformation as it bade adieu to the outdated proof-of-work system and welcomed the more sustainable and eco-friendly proof-of-stake. This change dramatically increased the network's capacity, allowing it to process up to 250-450 million transactions per year, making it the go-to destination for digital asset investors, banks, and startups.
With over 100 corporations building expansions on top of Ethereum (known as Layer 2 networks), the network is experiencing another revolution. Fees on these networks now rest comfortably within the range of $0.01 - $0.10, a far cry from the absurd $50 fees that once plagued the network during congestion.
For those expecting Ethereum to soar in price, the lower transaction fees might seem disappointing. But for those who see Ethereum as a computing platform, the network's transformation has been a resounding success. The million-strong staker community and the massive network of over 10,000 active nodes guarantee the network's reliability, ensuring it remains the preferred destination for builders who envision the future of finance on the Ethereum platform.
The real builders, from governments to corporations, might not be as focused on quick profits, but they see potential in Ethereum's long-term value. More than 85% of the "real-world" digital assets and over 50% of stablecoin value reside on Ethereum, cementing its position as the go-to blockchain for developers and businesses alike.
While Ethereum's price might not soar as dramatically as some investors would like, its continued growth in transaction volumes and developer support ensure a bright future for this remarkable platform. So, put down your pitchforks and give Ethereum a chance to shine!
After all, it's not just a blockchain; it's the future of finance!
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- The proof-of-stake system, adopted by Ethereum in 2020, has significantly increased its network's capacity to process up to 250-450 million transactions per year.
- Paul Brody, EY's Global Blockchain Leader, highlights that Ethereum is stronger than ever, contrary to persistent rumors of its demise or pivot.
- Ethereum's shift from proof-of-work to proof-of-stake was a pivotal moment in its history, making it more sustainable and eco-friendly.
- With over 100 corporations building expansions on Ethereum, commonly known as Layer 2 networks, the network is undergoing another revolution.
- The million-strong staker community and the massive network of over 10,000 active nodes ensures Ethereum's reliability, making it the preferred destination for developers and businesses.
- More than 85% of real-world digital assets and over 50% of stablecoin value reside on Ethereum, strengthening its position as the go-to blockchain for the crypto ecosystem.
- Despite Ethereum's lower transaction fees, its continued growth in transaction volumes and developer support points towards a bright future for this technology-driven platform, solidifying its role as the future of finance.
