Will Ethereum Dethrone Bitcoin To Become The Reigning Cryptocurrency? – Tech Tribune France

The buzz surrounding the release of the latest Ethereum (ETH) Blockchain software update, Ethereum Merge, seems to be fading at present. While Ethereum prices increased by around 50% at the end of July, when the developers revealed September 19, 2022 as the tentative release date for Ethereum Merge, prices have been subdued in recent days.

As of August 3, 2022, Ethereum was trading at $1,609.44 as of 8:00 AM IST, down 0.04%, according to data from Coinmarketcap.

Although several enthusiasts are now raising questions about the effectiveness of the merger, some believe the new update may lead to Ethereum, the second-largest cryptocurrency by market capitalization, posing massive competition to market leader Bitcoin. (BTC).

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What is Merger?

The current Ethereum mainnet will soon merge with the Beacon Chain proof-of-stake system, according to information on the Ethereum website. This will mark the end of proof of work for Ethereum.

“The merger is the biggest upgrade in Ethereum history. Extensive testing and bug bounty has been undertaken to ensure a safe transition to proof of stake,” the website states.

Recent Concerns

Despite the enthusiasm, there are now concerns in some sections about the merger.

“There are a lot of potential risks with ETH Merge,” Evgeny Gaevoy, CEO of Wintermute, tweeted. “Just because people have been working on it for years doesn’t mean it’s going to work perfectly.”

The expected advantage of Ethereum over Bitcoin.

Ethereum, by default, has an advantage over Bitcoin.

Edge of the blockchain: The Ethereum blockchain is fundamentally different from the Bitcoin (BTC) blockchain, as Ethereum has made it possible to build and run the deployment of smart contracts and decentralized applications (dApps) without any fraud, scrutiny, or interference from a third party. third.

The most significant difference is the blocking time. The ETH Blockchain can validate a transaction in seconds compared to the minutes taken by the Bitcoin Blockchain.

Currently, both Blockchains use the proof-of-work system to create a block and validate a transaction, but soon (maybe from September 19, 2022) the Ethereum mainnet will merge with the proof-of-work system. Beacon Chain participation. The Beacon chain was created on December 1, 2020. In this Blockchain, Proof of Stake validators will take all the responsibility to process the validity of transactions and come up with new blocks.

Edge of environmental impact: The merger is expected to reduce Ethereum’s power consumption by approximately 95.95%. This will also mark ETH as an eco-friendly Blockchain. Currently, an ETH transaction produces 105.98 kg of CO2 and Ethereum’s annual carbon footprint is 47.43 Mt of CO2 according to Digiconomist (

Supply edge: At the end of the BTC roadmap, there will be no Bitcoin left for mining. Currently, 19 million BTC have been mined and only two million remain, which means that in the future, Bitcoin may become a scarce commodity. On the other hand, there is no limit to the number of ETH that can be mined over time. Recently, Vitallik pointed out that “eventually, Ethereum will be able to process 100,000 transactions per second”.

Will ETH overtake Bitcoin?

This has been on the minds of almost every crypto enthusiast ever since news of the merger started floating around. Now, according to some industry experts, it could well happen, at least, in the medium term.

Vikram Subburaj, CEO of Giottos Crypto Platform, says, “There is a strong likelihood that Ethereum (ETH) will become the largest cryptocurrency in the medium term, with the merger being a key catalyst. The ecosystem must fulfill other promises of the roadmap to continue its ascent.

He adds, “ETH has shown relative strength against Bitcoin (BTC) over the past 2-3 weeks, raising hopes among ETH maximalists of an impending “reversal”. The term “reversal,” coined in 2017, indicates when the market capitalization of ETH is likely to overtake BTC, making it the largest cryptocurrency. It should be noted that the ETH/BTC ratio must cross 0.15 for the reversal to occur (around 120% growth from the current rate). Since BTC tends to outperform ETH towards the end of the year, we expect BTC to regain strength before Q4 2022. Taking a sports analogy, ETH and BTC are like Virat Kohli and Rohit Sharma. Both have their own fan base and such a rivalry, as a whole, is good for the crypto ecosystem.

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Will Ethereum Dethrone Bitcoin To Become The Reigning Cryptocurrency? – Tech Tribune France


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