The hot topic of this coming weekend into early next week…is Ethereum, the merge,
and the dawn of Ethereum 2.0….but what if I told you Ethereum 2.0 is already here?
Would you believe me??
Well believe it…because it’s time for Chico Crypto!!
Sometime between Tuesday and Thursday of next week…the Ethereum merge officially happens
and Ethereum officially transforms into a proof of stake blockchain, nicknamed Ethereum
2.0…
Although, some will be disappointed…as this initial version of Ethereum 2.0 isn’t going
to bring forward many of the features people expected to go live with the transition.
Many people think Ethereum is going to increase its transactions per second…TPS
Checking out current TPS of Ethereum…it averages about 15.5 TPS on the mainchain…sometimes
it’s higher, pushing up towards 30 TPS, sometimes it’s lower just 5 TPS, but on
average 15 transactions can be pushed through on the mainchain….
Now come next week, the uniformed are expecting Ethereum to scale to something like 100 thousand
TPS…which is exacerbated by media sources claiming this to be the case.
Pymts.com put out this article recently “Ethereum 2.0 Targeted for September with 100,000 TPS
Close at Hand”
Well…Ethereum won’t be at 100,000 TPS next week…The transactions per second may
increase slightly post-merge but it won't be anything dramatic…and if TPS isn’t
dramatically increasing post merge, gas prices will stay the same…many people have thought
ETH gas prices would drop significantly post merge…they will be about the same immediately
after the merge goes live…
Peter, team lead at Ethereum tweeted in May “Yo, The Merge won't make a dent on gas
prices or TPS, just for the memo”
So when is Ethereum going to see 100k TPS and extremely low gas prices?
Well here is Ethereum’s official scaling roadmap, and as we can see after the merge…there
are 4 other big upgrades, the Surge, the verge, the purge, and the splurge…these includes
the introduction of sharding, verkle trees, the elimination of historical data and more…
Once all of this is implemented then Ethereum will be able to process 100 thousand transactions
per second..now the first upgrade after the merge, the surge includes sharding…going
to the Ethereum foundation’s guide on sharding, they say this about the upgrade..”Sharding
should ship sometime in 2023”....so if sharding will only be shipped in 2023,
I would expect the other upgrades to take even longer…I wouldn’t expect the full
Ethereum 2.0 roadmap to be completed until sometime in 2024 or maybe even 2025..it’s
at least 2 years away in my honest opinion…
But remember, I said Ethereum 2.0 is already here…and it comes in the form of another
blockchain…called Polkadot…
Now if you didn’t know, the founder of Polkadot, Gavin Wood was actually one of the original
founders of Ethereum…he is the sole author of Ethereum's technical paper, the yellow
paper…and then going to Gavin’s own personal website it says “I coded the first functional
Ethereum client in January 2014.
. I went on to co-design much of the "1.0" Ethereum protocol including the EVM, gas and
the caller-pays account model.
I also conceived/invented and designed much of what would become the Ethereum technology
stack including the Solidity contract language, the RPC, the Whisper/Swarm protocols and the
Javascript API.”
Gavin was an integral to Ethereum becoming what it is today…and he stayed with Ethereum
all the way up until 2016.
Why did Gavin leave Ethereum?
Well he wanted to scale it…but Ethereum was dragging their feat…let’s listen into
this talk from Gavin
about this…
Gavin wanted to scale, but Ethereum was complacent…so he decided to start the creation of a scalable
Ethereum 2.0…which he termed Polkadot…thus Polkadot and Ethereum share many similarities…which
Gavin Wood has said…let’s listen in…
Polkadot’s version of shards is their parachains and they have had Parachain’s live since
December of 2021…
Now even before parachains were implemented, Gavin Wood said in April of 2020 that the
main relay chain of Polkadot was capable of 1000 transactions per second.
That is just the relay chain…but checking out this comparison of ETH2 and Polkadot,
we can see each parachain built on top of Polkadot is also capable of 1000 TPS…checking
out parachains.info…we can see there are 25 parachains live on polkadot.
That means Polkadot and its ecosystem of parachains is theoretically capable of 25,000 TPS, as
each parachain can process 1000 transactions per second under ideal conditions.
So what about GAS Fees!?
Well Astar, a parachain on Polkadot tweeted this back in April…Transaction cost to deposit
any token on Starlay Finance, a lending protocol on Astar is 0.00036 ASTR or $0.00009 in USD…
Like I said, Ethereum 2.0 is already here in the form of Polkadot…and now I’m going
to dive into some exciting news within the Polkadot ecosystem…but before we get into
that it’s time for a sponsored segment of this video…
But first let’s introduce you to Moxy, a project I’ve been watching closely and this
week’s sponsored segment of this video and like always the details of our agreement can
be found in the description
If you’re a gamer you’re gonna love Moxy.
There’s a lot of buzz about gamefi being the catalyst for the next crypto boom, but
that won’t happen with the current Play2Earn models built around expensive NFTs where early
adopters have all the edge and players aren’t passionate about the games.
They’re just focused on maxing out rewards.
Moxy is disrupting gamefi and creating a new category in the video game industry allowing
blockchain games and any new or existing traditional game titles to include real reward-based competition
and earning.
Say goodbye to Play “to” Earn as we welcome Moxy’s new incentive model Play “&” Earn
- built around a gameplay first mentality with the bonus of earned rewards that increases
the intensity and enhances the fun of gaming.
Gamers can choose to enter paid events where the winners share in the rewards pool.
Moxy also built a Proof-of-Play infrastructure that rewards players for simply playing Moxy
games.
The more you play, the more time you log, the more you earn… never needing to wager
any money, you simply earn rewards for playing the games you love and play already.
This is how gamefi should be
Moxy is built on the Flow blockchain taking advantage of their energy-efficient transactions,
a super important factor for any blockchain gaming platform that desires to be successful
in this ever growing climate conscious world.
Flow also makes it simple for mainstream game publishers to implement P&E capabilities.
No knowledge of blockchain is needed.
Moxy’s simple tech stack allows traditional game devs to take advantage of everything
Moxy has to offer in any way they choose, including adding P&E models to existing titles
you already know and love without interruption to the existing game experience.
And let me tell ya, if you’re gonna make a bet on a video game revolution there is
no team in the blockchain space I’d trust more than the world renown industry vets building
Moxy – who also happen to be the original inventors of the video game industry itself.
We’re talking Nolan Bushnell, creator of Pong and Founder of Atari, along with Larry
Siegel, ex President of Atari and Sega Europe and Stewart Bell founder of MicroProse Games.
They’ve partnered with some of the top blockchain devs and together are creating a new paradigm
in gaming.
The Moxy token is currently in the pre-launch stage meaning you are perfectly positioned
to join them as they grow.
First thing you need to do is go to www.club.moxi.io and join the Moxy Club which allows you to
compete in P&E events and start earning Proof of Play rewards.
The Moxy Club gives users access to their own first-class dashboard portal alongside
Moxy’s top-notch website and the Moxy Marketplace which boasts a healthy game catalog that is
ever growing, creating new blockchain based games and building out partnerships with existing
top game studios to implement P&E rewards for already published games.
And don’t wait for the token launch to join the Moxy Club, get registered now to get access
to special incentives in addition to access to register for their upcoming Super Squad
tourny in October…
rewarding players with huge prizes.
Word on the street is early members also get special NFTs that provide unique perks and
benefits within the Moxyverse ecosystem and will likely prove to be extremely beneficial
in the future.
But you have to register now.
Links to the Moxy Club their Twitter and Discord can be found in the description
So what is this exciting news??
Have you ever heard of Deutsche Telekom?
Well Deutsche Telekom is one of the largest telecommunications enterprises in the world,
with 242 million mobile subscribers, 27 million fixed-network lines, and 22 million broadband
lines…
And there dominance might just be getting bigger…Now I’m sure some of you are like…that
Logo, the T…looks very similar to T-mobile…well Deutsche Telekom is highly connected to T-mobile
here in the US…just last month, it was announced that they were nearing majority ownership
of T-mobile with a 48.4 percent share in the company…
Now back in December of last year…some BIG news was announced.
T-systems, a subsidiary of Deutsche Telekom would be running validator nodes on Polkadot
and acquired a big batch of DOT tokens.
The press release states “Deutsche Telekom subsidiary T-Systems MMS will use its infrastructure
to participate in the public blockchain network Polkadot as a validator.
In addition, T-Systems MMS has acquired DOT tokens, and supports interoperability between
decentralized blockchain networks.”
Well we are now starting to see the fruits of this partnership.
As we can see, T-systems are validating blocks…
And if we check out their validator, we can see they have over 2.2 million dot bonded…worth
over 15 million dollars!!
That is a sizable validator, and shows how much they believe in the DOT ecosystem…
Although now it’s time to dig down the rabbit hole…and make a little prediction….have
you ever heard of KPMG?
Well they are one of the largest accounting firms in the world…and they have announced
they are building a digital identity solution with blockchain technology.
In the solution portion of the description of this solution they say “Together with
its technology partners, KPMG offers the right and comprehensive solution to face the numerous
challenges in implementing a digital identity solution.
The solutions of our partners enable you to easily build and integrate a blockchain network
on your individual IT environments to meet the technological requirements of a digital
identity.”
I wonder who could be a partner??
Well Kilt protocol, and identity solution, their founder Ingo Rube has been on a panel
hosted by KPMG back in February of this year…and I’m not the only one who thinks there could
be a connection.
Tiggah, community lead of Moonsama tweeted this in regards to Ingo on the panel with
KPMG “KPMG has a digital identity solution on blockchain and what makes it interesting
is that it's not their own but made with their "technology partners" Would be fun to see
them being the first ones to adopt $KILT's VCO's that are the biggest thing on it with
Polimec…”
Well viewers, Ethereum 2.0 is already here.
It is Polkadot and it’s ecosystem is growing at a rapid rate…with big partners, even
down to the Parachain level.
Cheers I’ll see you next time!