This improvement may lower energy usage by at least 99.95 percent.
Ethereum has outperformed Bitcoin in the crypto market in recent weeks.
One of Ethereum blockchain’s main issues is the high cost of gas. There was a time when the Ethereum gas charge was $50 per transaction, which sparked a market outcry. Users of Ethereum continue to be dissatisfied with the high cost of gas.
Recently, Ethereum has outperformed Bitcoin in the cryptocurrency market in recent weeks. The second-largest cryptocurrency in the world has grown by roughly 24% since March 11, whereas Bitcoin has only grown by around 16% during the same period.
Planned Update- ETH 2.0
Ethereum’s recent surge may have something to do with a planned update that would make the blockchain “more scalable, more secure, and more sustainable.”
While this improvement has been in the works for a long time, a vital test that concludes immediately before the finish line was completed on March 15, investors are confident that a fresh wave of users will shortly arrive. A researcher at the Ethereum Foundation has claimed that this improvement may lower energy usage by at least 99.95 percent.
Recently Ethereum Co-founder Vitalik Buterin tweeted about fees being a huge problem for Ethereum’s usability. Ethereum will be upgraded to proof-of-stake, allowing users to confirm transactions based on the number donated or staked coins. The more coins a user stakes, the more likely they are to be chosen to verify transactions and get a reward.
Currently, the Ethereum network has two chains operating simultaneously: one for proof of work and one for proof of stake. On the other hand, proof-of-work chains are the only ones that handle user transactions. The Beacon Network, a proof-of-stake network, will replace Ethereum’s blockchain once the integration is complete, removing the need for mining entirely.