The year 2022 is a year with a lot of twos. And also for Ethereum (ETH) that figure will be important in the new year. Why do you read in this preview where we look at what lies ahead for Ethereum!
Ethereum 2.0
There are many groups eagerly awaiting the big ETH 2.0 update. People who have ETH in their portfolio, for example in their Battle account, will hope for nice price increases while people using the network will look forward to lower transaction costs. However, the switch to this network is quite a big step and cannot be done overnight.
An important first step was already taken in 2020. In December of that year, the Beacon Chain launched. With this, ETH 2.0 was officially born, but we can’t use it yet. The Beacon Chain currently only exists parallel to the current network.
Men kan al wel to strike, the important part of the new network. ETH 2.0 will be a proof-of-stake (PoS) network on which ETH owners can lock their crypto to contribute to the security of the network. In return they receive a reward in the form of ether. A lot of investors are already doing this, which reflects confidence in the new network.
ETH 2.0 in 2022
And what can we expect in 2022? The Beacon Chain has therefore already been launched and the next big step is expected in 2022. Then it will The Merge take place. “To merge” is English for merge and that probably tells you what it means. At that point, the ETH 1.0 will be merged with ETH 2.0.
From that moment on, Ethereum will officially continue on the new network and the Ethereum miners pull the plug on their mining machines. The merge then opens the doors for the big update, Sharding. However, that is only planned for 2023. So a lot of interesting things are happening for the largest altcoin on the market! Read more about ETH 2.0 you do here.
Will ETH 2.0 make projects like Polygon obsolete? Polygon is a scaling solution built on Ethereum that actually takes advantage of the current problems. In a recent interview the founder of Polygon let it be known that his project still has a role even after this major update.
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