Oh Ethereum, you are the way!
Smart Contracts, tokens, dapps, Staking, DeFi, NFTs...
This is the way of the etherean!!
Like a lone Mandolorian, you have the power of blockchain at your fingertips, yet feel
alone with rivals claiming greater power.
Their power is not, this is the way.
Because it’s tiem for Chico Crypto!
What a next couple of months this is going to be for Ethereum.
Vitalik just came out on a podcast and put fear in Ethereum competitors eyes.
Let’s hear what he had to say on
the Tim Ferriss Show….
Ole Buterin thinks 100x scaling with rollups will be here in the next couple of months.
Ok, Ok that is great & all but you have to have more for us Chico.
We knew Optimism & Arbitrum’s rollups were close.
What else do you got!?
Well, what about Berlin?
No not the city in Germany, but the upgrade coming for Ethereum.
Tim Beiko, Ethereum core developer posted a blog March 8th titled “Ethereum Berlin
Upgrade Announcement”.
In it he said “Berlin is ready to be deployed!
We’re moving fast: the first testnet to upgrade, Ropsten, is scheduled to upgrade
on March 10th.
Mainnet is scheduled for April 14th.
So, they predicted the Ropsten testnet upgrade to happen on March 10th...did Ethereum succeed?
On March 10th, Core Dev Peter tweeted “The Ropsten Ethereum testnet seems to have forked
into Berlin without issues across all clients.
If you want to help battle-test it, now's a very good time to play with the new features
and try to break things!”
Yes, they did!
Which is a great sign for Mainnet going on schedule for April 14th.
But what comes with the mainnet??
Lots of improvements to GAS, lowering the costs for certain things, and upping the costs
for certain things which are being abused to spam.
They are also introducing two new transaction types.
One that works as an envelope, holding multiple transactions in one.
And the second, is a transaction type with a list of addresses and storage keys that
the transaction plans to access.
Saving Gas once again.
A smooth gas saving Berlin upgrade & rollups on the mainnet coming just before, or just
after.
That’s a solid 1-2 punch for Ether on the ETH-1 proof of work mainnet.
But what about that stackable chain running in parallel?
The ETH-2 proof of stake mainnet?
Could it be getting a BIG upgrade around the same time too??
Well within the github for ETH2.0 specifically in specs, they have contractual control version
1.0.1 as a release and this “adds support for the 0x01 withdrawal prefix..specifically
the “ETH1 ADDRESS WITHDRAWAL PREFIX” that sounds like it could relate to a project waiting
on just that.
Withdrawals from the beacon chain.
Rocketpool…
Rocketpool and its code is actually in Audit right now.
David Rugendyke founder and CTO of rocketpool said this in their Discord March 8th.
He is Darcius “I've got a laundry list of things today to do.
But had a great chat to ConsenSys Diligence auditors last night, who just spent their
first day wrapping their heads around RP.
Yes, the leading smart contract auditor from Consensys has now spent 4 days doing their
due diligence of auditing their code.
Audits usually take at least a couple of weeks.
After the audit news, Rocketpools has one more beta which should last a couple of weeks
two.
Which means Rocketpool could be launching in April too!
And too back this theory up, let’s just go see what Superphiz said, Eth staker community
member who is more involved than I with both ETH2 and rocketpool.
He said this on the ethtrader reddit just a couple days ago.
Recommending against Lido & stating the requirements for a good staking pool.
He then says “There is currently one project that meets all of these criteria, they're
slated to launch in early April - Rocket Pool.
Please wait until they've had some time to run live on mainnet before sending your funds,
but they look like an excellent offering”
Launch in early April!
And another great sign is from a reddit post in the ethstaker subreddit on the upgraded
ETH2 spec.
A CryptoWocurrency asked “Next step is to be implemented in beacon chain clients?”
And a lifesmage answered “ Rocket Pool may actually launch with support of 4 ETH2 clients
(Lighthouse, Prysm, Teku, and Nimbus).
thanks to the help of jcrtp (a community member)....
Thus when I compare the market cap to its centralized competitor Lido, who is close
to double...i think there may be more room to grow for RPL up into the month of April
and beyond…
But I wish, everything was green grass and blue skies for Ethereum in April.
Not gonna sugarcoat it...it won’t be.
There is another Ethereum upgrade, not coming with Berlin, but after and is planned for
this year.
EIP 1559, which is looking like it will happen, before the switch to pure proof of stake with
eth 2.0.
And this leaves the Ethereum proof of work miners with a big ole question mark over their
head!
Why?
Well if you don’t know what this is, EIP1559 is an upgrade to Ethereum’s fee Model that
does a certain something the Miners won’t necessarily like.
It splits their miner fees, into a base fee & miner tip, and that base fee is burned.
Ether destroyed forever!!
Of course the Miners don’t like this, nor do they like the eventual switch to proof
of stake.
Their whole business gets hit with eip1559, and then goes out the window with ETH2.
Well this EIP is coming sooner than the miners thought.
Tim Beiko posted this March 5th, a schedule for a talk they were having, and included
in the next update, London, possibly would be 1559.
Well Tim posted updated and said this “We're in agreement about 1559 and a difficulty bomb
pushback going into London”
This has ticked off a subset of Miners, and they are planning a show of force in Early
April.
Red Panda Mining tweeted this 2 days after that Tweet by Tim.
“For educational purposes, let's collectively move our hash to ethermine April 1st for 51
hours.
Tagging big mining forces in the call.
So why is this important?
Well Ethermine has publicly stated they are against EIP 1559 on Twitter, they are the
face of anti-1559.
And looking at poolwatch, Ethermine already controls over 20 percent of the hashrate.
They just need 31 percent more to perform a 51 percent attack.
That is what this April fools day show of force is all about.
Do they actually have the support of the miners?
Well there is a good place to see this.
It’s called stopeip1559.org and it splits the mining pools into those who oppose the
upgrade and those who support it.
As you can see spark pool opposes like ethermine.
According to poolwatch.io, they control the most hashrate, 23.1.
Just between ethermine and sparkpool.
It’s close, but with the others who oppose added, it definitely pushes over 51 percent
based on hash rates right now!
So is it going to happen, will the show of force work?
Will miners stick with the pools if they support this show of force?
Or will they switch the other pools who don’t??
Will they cross 51 percent??
Well for you newbies, who’ve came in recently, this is the first time you have experienced
a crypto miner fight.
Bitcoin went through it last cycle, reaching it’s peak of possible splits in 2017 with
Bitcoin Cash.
What happened?
Bitcoin survived and Ethereum has actually had a miner split once before, Ethereum classic
ring a bell?
Ethereum survived once it will survive again.
But I’m a realist, I know what’s coming and so should you.
At the very least, there will be one proof of work split, pre or post ETH2.
And I already see it coming, there are talks of a split, pre-split fight in Ethereum...with
the coin that already split from Ethereum….
Ethereum Classic.
I’m telling you, one of these or if they stay one, and stay proof of work will be the
FORK for proof of work.
They will attempt to hash power, the writing is on the wall.
Remember Bitcoin in 2017, split more than a few times.
Cash, SV, and even GOLD.
Ethereum Cash Classic, Eretherum Ultimate Boogey Jam?
It’s all hogwash and noise.
I’m a etherean...stick a fork in it.
This is the way.
Cheers I’ll see you next time!