The New Ethereum Still 6+ Months Away

What has come to be known as Ethereum 2.0 which will be the proof of stake chain has officially updated it's name to Consensus Layer. Not the best or flashy name but it's a name non the less and is aimed to avoid confusion for people later on.

What's going to happen this year or should happen is Ethereum will be moving out of a proof of work blockchain into a full proof of stake blockchain. It's important to note this isn't some new chain it's the same chain updated and revamped as a whole.

The Battle Of Power

Make no mistake about it most people will still follow the news narrative. That narrative right now is that proof of work is dirty, messy and down right just trash. The move to proof of stake for Ethereum not only will be a huge updated change but it's also going to be a new vision for the project. The only real crypto at that point that is proof of work is Bitcoin. What will be interesting to see are the following.

1. What happens to the GPU price will the flood the open markets?
2. Will these GPU miners simply switch on to a new proof of work chain such as bitcoin or even a smaller proof of work chain that could see it's upcoming in value because of this swap. We have seen that price and hash power often directly relate to each other when it comes to mining a proof of stake coin.

NFT Rebrand

At the moment many people are under the conception that a NFT can simply be screenshot or that it's not minted to the blockchain and instead it's just a link to the asset. While this is unfortunately true in many cases it's not true for all. The metadata is what's important and why the open ledger is such a powerful thing. It tracks and gives the information open to the world that this artwork is indeed the single copy. However most people that consume or look at NFTs have gotten into a meme type standing of if I simply screenshot it It's mine compared to you paying 300ETH for yours.

The next steps in NFTs for Ethereum at least should be better validation and proof of ownership that this indeed is from the correct artists and it's clear to see that is the case. Most people have no idea how to sift through all of the ledger and instead sites like OpenSea could start pulling and displaying that information better. We have even started to see the possibility of opening this up on Twitter. While I hate twitter for some reason people are a bit excited about this (which is beyond me why you're parsing a web 2 application that's simply trying to destroy or take over web3 in their own eyes) but this verification system could be a powerful step forward to move value in NFTs.

The Launch date

So far things are looking good for ETH2 (or what I guess I need to start calling the consensus layer). The next step now is to merge that into the current chain and that's expected to happen June this year 2022.

Posted Using LeoFinance ^Beta