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Author Topic: Ethereum 2.0 what to expect  (Read 510 times)
RussianEnglishTranslation
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August 06, 2021, 06:37:26 AM
 #21

As developers keep improving the ethereum blockchain, even though previous ethereum hard forks failed to solve the problem of high fees in the ethereum blockchain.

But with the new London fork proposal 1559 which will offer a new fee system that burned all transactions fees instead of miners determining the fees, this will remove more ethereum from circulation causing demand to rise because of scarcity which will ultimately lead to an increase in price and fewer transactions on the ethereum network.

What are your expectations from this and how it will affect the overall ethereum ecosystem?
1559 is not Ethereum 2.0. Ethereum 2.0 is POS on a beacon chain. Regardless, Aurora on NEAR protocol scales Ethereum now with sharding.
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August 06, 2021, 06:52:01 AM
 #22

I believe there will be a good improvement of ethereum in the market due to this update or event,  infact when there's always an upgrade ethereum it always looks very promising. So this time it will be the same as usual which is reason the growth rate is still steady at this moment. As the matter of fact it's been how many months ethereum becomes not interesting due to the fees.. So this is definitely a big event to happen this month of August..
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August 06, 2021, 08:37:01 AM
 #23

I don't want to expect much to avoid being hurt in the end. But, I want to stay positive about it.
If the value will be stagnant for a long time, or worse going downward I want to be one of those strong enough to keep it.
Bitcoin started with that. Supporters had the courage to patiently wait for the value to be strong and it did.
Burning the tx fees is a good idea. No more picky miners. I am not against them but if its for a good larger picture then I am in.

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August 06, 2021, 08:45:45 AM
 #24

The most important thing I'm anticipating is reduction in gas fee I don't know much about the technical aspects of the whole coding as I'm just limited to trading HODLing and sending. It is a known fact that the ETH 2.0 will be a better upgrade to the current mechanism of the Ethereum network. Eliminating the irrelevant fees imposed on us by miners is great.
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August 06, 2021, 08:51:01 AM
Last edit: August 07, 2021, 04:15:50 PM by Koro-Sensei
 #25

As developers keep improving the ethereum blockchain, even though previous ethereum hard forks failed to solve the problem of high fees in the ethereum blockchain.

But with the new London fork proposal 1559 which will offer a new fee system that burned all transactions fees instead of miners determining the fees, this will remove more ethereum from circulation causing demand to rise because of scarcity which will ultimately lead to an increase in price and fewer transactions on the ethereum network.

What are your expectations from this and how it will affect the overall ethereum ecosystem?
It was a good move by the Vitalik and his developers specially that price of transaction fee in ETH network is very much up there.
It could possibly compete with BSC tx fee now. I see a very good future here for ETH and its holders, I expect a new ATH within a year or so.
UNISWAP traders will also be glad to hear this specially that for every transaction, you pay almost a 100$ for fees. Moreover, I think ETH is now undervalued probably good time to have more.

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August 06, 2021, 09:01:05 AM
 #26

I think the Ethereum London hard fork is quite different from the forthcoming Ethereum 2.0, I stand to be corrected though. The London hard fork was done to implement some sort of deflationary feature in Ethereum that is coin burn taking place on every transaction and it looks like it has achieved that because I came across a post on the number of Ethereum burned so far after the London hard fork was implemented, however this doesn't go a long way in solving the gas fee issues although it kind of helped.
On the other hand, what I think we should expect in the forthcoming Ethereum 2.0 is the reduction of gas fees and more scalability, and maybe that is why it is taking time to come to effect, but I know it will be worth it at the end.
So, as you can see, both updates are two different things, where one is already in effect and more time needed to see how effective and efficient it is, the other Ethereum 2.0 is yet to be launched but we can just anticipate what to expect. Therefore, I would say it is a good one for the Ethereum ecosystem, as there is more to expect.
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August 06, 2021, 09:08:38 AM
 #27

What are your expectations from this and how it will affect the overall ethereum ecosystem?

Unfortunately, I'm not technically deep enough to really say whether the planned changes will really lead to a reduction in fees. What I have read suggests that the fees can really drop significantly in times when the network has normal traffic rates.
But if there is hype again (cryptokitties or NFT for instance), then fees will increase massively again. Whether as strong as before the change remains to be seen. I hope that Ethereum gets this problem under control, even if I am not particularly positive. It would definitely be a gamechanger.

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August 06, 2021, 09:40:05 AM
 #28

As developers keep improving the ethereum blockchain, even though previous ethereum hard forks failed to solve the problem of high fees in the ethereum blockchain.

But with the new London fork proposal 1559 which will offer a new fee system that burned all transactions fees instead of miners determining the fees, this will remove more ethereum from circulation causing demand to rise because of scarcity which will ultimately lead to an increase in price and fewer transactions on the ethereum network.

What are your expectations from this and how it will affect the overall ethereum ecosystem?

I like this, if ethereum can offer a low cost system on the blockchain, then the opportunity for ethereum to defend itself is very open, this is evidenced by ethereum's current position in the marketcap.

People tend to use something for reasons of low cost, without thinking about other advantages or benefits, ethereum itself is not so easy to lose for now, considering almost everyone prefers to use their services.

However, I hope that, in the future, Ethereuem can improve gas costs that are less/smaller and improve the current shortcomings, so that people's satisfaction in using its services is much more acceptable and satisfied.

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August 06, 2021, 09:43:55 AM
 #29

As developers keep improving the ethereum blockchain, even though previous ethereum hard forks failed to solve the problem of high fees in the ethereum blockchain.

But with the new London fork proposal 1559 which will offer a new fee system that burned all transactions fees instead of miners determining the fees, this will remove more ethereum from circulation causing demand to rise because of scarcity which will ultimately lead to an increase in price and fewer transactions on the ethereum network.

What are your expectations from this and how it will affect the overall ethereum ecosystem?
it is too early to conclude mate because we know the power of miners , they are one of the most important factor of every currency and taking their profit that high will bring bad reaction from mining community .

though ethereum 2.0 seems to be a complete package and will support users, company and the miners yet this is very early to tell.
The most important thing I'm anticipating is reduction in gas fee I don't know much about the technical aspects of the whole coding as I'm just limited to trading HODLing and sending. It is a known fact that the ETH 2.0 will be a better upgrade to the current mechanism of the Ethereum network. Eliminating the irrelevant fees imposed on us by miners is great.
all of us are seeking this mate, because we don't want to happen what had happened early this year when the gas fee of ethereum is almost or more than the fee of bitcoin transactions .

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August 06, 2021, 10:40:02 AM
 #30

I look forward to the integration of the Polygon network (Matic), Chainlink and many other technologies into Ethereum. The burning of fees is making miners less profitable and increasing the scarcity of Ethereum over time. This only increases transaction costs with the increase in the price of ETH.
I believe that Ethereum will have a way to overcome the above problem because if the Ethereum network works out this way, it will only benefit miners and holders. That hinders regular engagement and user experience.

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August 06, 2021, 11:05:17 AM
 #31

EIP-1559 aims to reduce the volatility of Ethereum fees by introducing a mechanism to eliminate some of those transaction fees, which should slow down token issuance. The impact on the price of Ethereum could be similar to a Bitcoin halving event, where adjustments cut the supply of bitcoin and push its price to record highs. There are a lot of numbers floating around in the market about the potential impact that has a halving magnitude with Bitcoin, they are all pretty positive drivers that I think have seen a pretty strong revaluation.

The more transactions are carried out on the Ethereum network, the more ETH coins will be burned. Over the past day, more than 4 thousand coins were burned. And when the number of coins burned becomes large, this will necessarily lead to a shortage and, as a result, to a further increase in the price. Here you can see how much ether was burned in the last hour and for the entire period. https://ethburned.info/

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August 06, 2021, 11:39:12 AM
 #32

As developers keep improving the ethereum blockchain, even though previous ethereum hard forks failed to solve the problem of high fees in the ethereum blockchain.

But with the new London fork proposal 1559 which will offer a new fee system that burned all transactions fees instead of miners determining the fees, this will remove more ethereum from circulation causing demand to rise because of scarcity which will ultimately lead to an increase in price and fewer transactions on the ethereum network.

What are your expectations from this and how it will affect the overall ethereum ecosystem?

Yeah, the London Hard Fork with Ethereum Improvement Proposal (EIP) 1559 will be taking the whole rewarding system to another level. It's good to know that they are thinking about the miners in some other ways to reward but its possible that many of them will be very very sad.

Specially those who had invested in the ASICS equipment as they won't be able to mine ETC or RVN which is the next preferred coin after ETH changes to the PoW.

There is amazing article about the OP, I think you should read it here: What Will Happen to Ethereum Miners After ETH 2.0?

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August 06, 2021, 12:04:45 PM
 #33

If the update can bring a new thing for ethereum in lowering the fee, it will make the investors who already move from ethereum back to use ethereum or invest more in ethereum. In this way, that can lift the price to increase because the demand from the investor will be bigger but I do not think that will happen so soon because the investor will see what will happen with the latest update.

The market position will gives ethereum a stronger position to lead the altcoin and still behind bitcoin and maybe BNB will lose the competition for a while until BNB can announce the next update. But ethereum can still defend its position in the market.


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August 06, 2021, 10:26:59 PM
 #34

You know what’s crazy about ETH 2.0, NEAR has already done everything that ETH 2.0 promises to do. Now obviously ETH is here to stay and ETH 2.0 is going to be huge but on the other side of that it’s crazy that NEAR, not a very mainstream project has already done what ETH, the second biggest project has been promising to do. It just shows how there are so many coins that will blow up, they just have to be found.
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August 06, 2021, 10:33:33 PM
 #35

If the update can bring a new thing for ethereum in lowering the fee, it will make the investors who already move from ethereum back to use ethereum or invest more in ethereum. In this way, that can lift the price to increase because the demand from the investor will be bigger but I do not think that will happen so soon because the investor will see what will happen with the latest update.

The market position will gives ethereum a stronger position to lead the altcoin and still behind bitcoin and maybe BNB will lose the competition for a while until BNB can announce the next update. But ethereum can still defend its position in the market.

upon checking the eth gas tracker today -


it seems the fees are still high, maybe, we will see the reduction of fees later on. but the market is showing very positive movement, not only eth, but btc - as we are above 42k level again. for most of us, this hard fork should lower the fees in eth platform. it may take some time before we see it working.


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August 07, 2021, 04:13:30 AM
 #36

If the update can bring a new thing for ethereum in lowering the fee, it will make the investors who already move from ethereum back to use ethereum or invest more in ethereum. In this way, that can lift the price to increase because the demand from the investor will be bigger but I do not think that will happen so soon because the investor will see what will happen with the latest update.

The market position will gives ethereum a stronger position to lead the altcoin and still behind bitcoin and maybe BNB will lose the competition for a while until BNB can announce the next update. But ethereum can still defend its position in the market.

upon checking the eth gas tracker today -


it seems the fees are still high, maybe, we will see the reduction of fees later on. but the market is showing very positive movement, not only eth, but btc - as we are above 42k level again. for most of us, this hard fork should lower the fees in eth platform. it may take some time before we see it working.
I think the impact will not happen in a short time as it needs to change slowly. But yes, ethereum gives a positive movement right now, and I think the price will be back to $3,000 as the price now is at $2,900. So it needs $100 more to reach $3,000, which could reach on this day or tomorrow.

Bitcoin shows positive movements as now the price can break $43,000, which can still rise to $44,000. Hopefully, this month can bring new hope for us to see crypto can grow again.


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August 07, 2021, 04:39:02 AM
 #37

The interesting part of ethereum London fork for me is the burning mechanism,  the fact that there will be lesser and lesser ether as transaction occur on ethereum network  will help with inflation,  the fear of unlimited supply and demand!  The miner have held users at the jugular for some time as a result of high fee.  Transaction fee on ethereum should be predictable now and the network should be more decentralised!

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August 07, 2021, 06:37:03 AM
 #38

As developers keep improving the ethereum blockchain, even though previous ethereum hard forks failed to solve the problem of high fees in the ethereum blockchain.

But with the new London fork proposal 1559 which will offer a new fee system that burned all transactions fees instead of miners determining the fees, this will remove more ethereum from circulation causing demand to rise because of scarcity which will ultimately lead to an increase in price and fewer transactions on the ethereum network.

What are your expectations from this and how it will affect the overall ethereum ecosystem?
Ethereum is a very complex system with many moving parts, which is being worked on by independent development teams. Coordinating their efforts and making sure that everything works flawlessly is not an easy task. When the security of a huge amount of money is at stake, haste will only harm, because a full transition to PoS takes so much time. But the output will be a bulletproof system, where even the failure of one or more clients will not affect the performance of the network.
 
I expect that with the launch of Ethereum 2.0. this system will be much more scalable, it means faster and cheaper.

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August 07, 2021, 08:30:24 AM
 #39

As developers keep improving the ethereum blockchain, even though previous ethereum hard forks failed to solve the problem of high fees in the ethereum blockchain.

But with the new London fork proposal 1559 which will offer a new fee system that burned all transactions fees instead of miners determining the fees, this will remove more ethereum from circulation causing demand to rise because of scarcity which will ultimately lead to an increase in price and fewer transactions on the ethereum network.

What are your expectations from this and how it will affect the overall ethereum ecosystem?

People's expectations are actually very simple, everyone wants ethereum to solve such a high gas problem, to be able to adapt to today's demand, this factor is inseparable from the main problem we often hear.

However, ethereum is very unlikely to not use people to transact at this time, moreover the demand for ethereum is increasing and causing shortages, so that price increases are the next option that makes people think more about using transactions.

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August 07, 2021, 09:44:18 AM
 #40

People's expectations are actually very simple, everyone wants ethereum to solve such a high gas problem, to be able to adapt to today's demand, this factor is inseparable from the main problem we often hear.

However, ethereum is very unlikely to not use people to transact at this time, moreover the demand for ethereum is increasing and causing shortages, so that price increases are the next option that makes people think more about using transactions.
the gas price is too high and it's not affordable for most of people, that's why using bsc is more suitable at this time, but if ethereum price is also increasing in the future, then the eth needed to make erc20 transaction will become more unbearable, it's a lot better if eth could make its fee like bsc, but i wonder if that could happen or not. after all eth has been having high gas fee for a long time.


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