The Next Era Of Eth Is Here (BIG Gains Ahead) BitBoy Crypto
Welcome to Watch Crypto! In this video, BitBoy talks about how The Next Era Of Ethereum Is Here (BIG Gains Ahead).
You can subscribe to BitBoy here if you have not already!
Name of Organizations/digital currencies/persons/digital platforms/applications used in the video
- London hardfork
- Ethereum mainnet
- Vitalik Buterin
- Raspberry Pi
- ETH 2.0
- the Ethash encryption algorithm
- Graphic Card
- AMD RX 580
- os/2 warp
- gwei range
- RX 580
- ETH Market
- Ethereum Protocol
Be sure to follow @BitBoy_Crypto on Twitter for daily crypto updates.
Tweets by Bitboy_Crypto
Timestamp Details for this Crypto Video:
Summary of Timestamp 1
The London hardfork is happening today on the Ethereum mainnet. The entire cryptoverse is looking to see how this affects not just the price, but the rest of the smart contract ecosystem. It's a pivotal moment in the development of Ethereum that could make or break the smart contract giant.
Summary of Timestamp 2
The video is about breakdown of the latest Ethereum news and what it could mean for the future of smart contracts on the blockchain. Ethereum has turned six years old as of July 30.
Back in 2013, the 20-year-old Vitalik Buterin wrote his Ethereum whitepaper and would later meet the team that would help found Ethereum. Many other similar projects failed.
Summary of Timestamp 3
it's the fundamentals that are keeping the market enthusiastic about its potential. Ethereum broke the 200-day EMA on the 23rd of July and hasn't looked back.
Summary of Timestamp 4
Programmers is going to put a full ETH node on a Raspberry Pi. Maxis have long been butthurt over Ethereum's utility over Bitcoin's store of value and tried to poke holes in its text since its inception.
The hyper nerds at Ethereum on ARM were able to fully validate a node on the most kawaii of all the computers, a Raspberry Pi.
Summary of Timestamp 5
So the next few months for Ethereum are going to be a roller coaster of changes. EIP-1559 has been shouted from the rooftops as a total game changer and it could be.
The real game changer for ETH is when it goes to proof-of-stake or ETH 2.0.
EIP-1559 is really only doing one big thing--- changing the fee market mechanism.
Ethereum is proof-of-work and gets its network consensus via the Ethash encryption algorithm and the algorithm was somewhat ASIC-resistant.
Prices of graphic card are going up due to mining. For instance, the AMD RX 580 graphics card was released in 2017. By the end of 2019, you can pick them up on eBay for around $290.
But as mining became more profitable, the price of all graphic cards found support.
In January of 2021, the price of Ethereum started skyrocketing, and combined with a supply chain disruption due to a certain superbug, the price of the lowly RX 580 shot up to an eye-popping $890 in May of this year.
Reasons of Ethereum skyrocketing
- Ethereum miners are paid out 12,800 in block rewards a day.
- EIP-1559 was proposed.
- EIP-1559 is going to make fees a little better for the overall ETH market, but the real upside will be speed and transparency.
- EIP-1559 will give users more data on what they're paying for, how much they're spending, how high network congestion is and more control over slippage.
- It will also make Ethereum less dependent on external oracles since the base fee is managed by the Ethereum protocol itself.