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Bittime - Ethereumhas just undergone a major update that will affect how its network works.
This update is referred to as Shanghai, or Shapella, and is part of Ethereum's long-term plan to switch from a proof-of-work (PoW) to proof-of-stake (PoS) consensus mechanism.
What is PoW and PoS?
PoW is the consensus mechanism used by Bitcoin and Ethereum today. This consensus is useful for miners using powerful computers to solve complex mathematical puzzles to validate transactions and create new blocks.
PoS is an alternative consensus mechanism used by some other blockchain projects, where validators use a certain amount of coins they own to bet on blocks they deem valid. PoS is considered more environmentally friendly, cost-effective, and efficient than PoW.
Shanghai is an important step for Ethereum towards PoS , which is expected to improve the scalability, security and decentralization of its network. Shanghai will also bring several significant changes for Ethereum users and developers, including:
Reduced gas fees
Gas fee is a unit used to measure the amount of computing required to perform a transaction or run a smart contract on Ethereum.
Gas fees are determined by supply and demand in the market, and can often be very high when the network is busy.
Shanghai will implement a new mechanism called EIP-1559, which will make gas fees more stable and transparent.
EIP-1559 will also burn a portion of the gas fees paid by users, which means reducing the number of coins in circulation and increasing the value of existing coins.
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Increased transaction speed
Shanghai will also implement a new mechanism called EIP-3074. This will allow users to give permission to third parties to pay gas fees on their behalf.
This will make it easier for users to interact with decentralized applications (dapps) running on Ethereum, without having to worry about varying gas fees.
EIP-3074 will also improve network efficiency, as it reduces the number of transactions that need to be processed by miners or validators.
Compatibility improvements
Shanghai will also implement a new mechanism called EIP-3675.
This will prepare the Ethereum network to merge with the Beacon network, which is a PoS network that has been running in parallel with the PoW network since December 2020.
EIP-3675 will make the Ethereum network easier to sync with the Beacon network, and enable a smooth transition from PoW to PoS. This merger is expected to occur in late 2022 or early 2023.
Shanghai is the biggest update made by Ethereum since the Merge, which was a complete transition process from PoW to PoS.
Shanghai shows Ethereum's commitment and progress in realizing its vision as a next-generation blockchain platform that can support a wide range of decentralized applications and services.
Shanghai also shows the potential and attractiveness of Ethereum as a digital asset, which can provide benefits to users, developers and investors.
Also Read: Dencun Ethereum Upgrade Has the Potential to Reduce Ether Burning
What is Ethereum?
Ethereum is an open blockchain platform that has its own cryptocurrency, namely Ether ( ETH ). ETH is the second largest cryptocurrency in the world after Bitcoin, with a market capitalization of around 5,000 trillion rupiah.
Ethereum is also a platform for various cryptocurrencies and other applications, which use smart contracts to execute programmed logic.
Ethereum was founded in 2013 by Vitalik Buterin, a Russian-Canadian programmer, along with seven other people.
Ethereum was officially launched in 2015, and since then has undergone several updates to improve its performance and functionality.
How to Buy Ethereum on Bittime
You can buy and sell ETH in an easy and safe way via Bittime. Bittime is one of the best crypto applications in Indonesia which is officially registered with Bappebti. ETH is available on Bittime with ETH to IDR pairing.
To be able to buy ETH/IDR tokens on Bittime, make sure you have registered and completed identity verification.
Apart from that, also make sure that you have sufficient balance by depositing some funds into your wallet. For your information, the minimum purchase of Bittime assets is IDR 10,000. After that, you can make Ethereum purchases in the application. More Complete Guide How to Buy Ethereum on Bittime
Monitor price chart movements of Bitcoin (BTC), Ethereum (ETH), Solana (SOL) and other cryptos to find out today's crypto market trends in real-time on Bittime.
Also read:
Ethereum (ETH) Review: A Complete Guide 2024
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DISCLAIMER : This article is informational in nature and is not an offer or invitation to sell or buy any crypto assets. Trading crypto assets is a high-risk activity. Crypto asset prices are volatile, where prices can change significantly from time to time and Bittime is not responsible for changes in fluctuations in crypto asset exchange rates.
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