Ether being second in line at almost every avenue in correspondence with Bitcoin has taken the market by storm. The crypto market has remained under the shadow of an extensive bear market and corrections that didn’t seem to be going anywhere else let alone fade away but now things are finally beginning to turn up the right way.
It has been pretty silent for the crypto market these recent few weeks, the price momentum has been slow and the signs of reversal were nowhere to be found. But the new update coming for Ether by the name of Merge has changed it and more.
Ethereum’s Blockchain will Shift to Proof of Stake Mechanism
Merge is the latest update that will go live for Ether in the coming days and it is the merge of the previous consensus protocol for the platform that was proof of work with the second layer of the platform that will be governed by the proof of stake. It is completely going to change the dynamics of the market for good, what is going to happen here is that all the miners who were earlier validating transactions for the network via proof of work would have to do so with proof of stake.
This eradicates the need for miners altogether, simple users having Ether tokens on them would be able to validate the transactions by staking away a dedicated margin of the tokens into a mining pool. It simply means that anyone can become a miner if they have a proportionate amount of Ether tokens on them allowing them to validate transactions in real-
Ether has jumped all the way to $2k given the news of this massive update coming nearer and nearer as the time passes. It is also being said that updates will be able to truly unlock the momentum of Ether blockchain and will diversify its offerings to the final user. As a matter of fact, Ether will become the top-notch cryptocurrency surpassing even Bitcoin in terms of the value that it provides via its offerings but to surpass Bitcoin as a store of value, Ether still has a long road ahead.