The birth of ‘Ethereum Killers,’ can they take Ethereum’s throne?
Ethereum has proven to be a formidable force. While its major issues have spawned other coins aimed at addressing them, Ethereum looks to shed its old skin with the release of Ethereum 2.0.
Despite the fact that Ethereum was created six years after Bitcoin (BTC) and the introduction of blockchain technology, the digital asset Ether (ETH) has grown to be the second most valuable cryptocurrency in terms of market capitalization, surpassing coins such as Litecoin (LTC), Ripple (XRP), Dash (DASH) and Monero (XMR), which were launched before it.
The technology behind the Ethereum blockchain is the primary reason for its meteoric rise.
Vitalik Buterin, the Canadian-Russian programmer and co-founder of Ethereum, explained to Business Insider that the Ethereum blockchain is intended to address Bitcoin’s “limited functionality.”
The Ethereum blockchain seeks to foster innovation by enabling the development of decentralized applications (DApps). This is the foundation of nonfungible tokens (NFTs) and the Metaverse concept.
While Ethereum has solved the problem of limited functionality, it hasn’t addressed some of the major concerns associated with Bitcoin and most blockchains because it relies heavily on the proof-of-work (PoW) consensus.
Low scalability, network congestion, high gas fees and environmental concerns are some of the major issues, all of which are related to the PoW consensus mechanism used by Bitcoin and Ethereum.
As a result, Ethereum has been making preparations to transition to proof-of-stake (PoS) for some time now in the soon-to-be-launched Ethereum 2.0.
The network verifies transactions on a blockchain using a consensus mechanism, which helps to ensure that no one spends the same money twice. The consensus mechanism
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