The next evolution of the internet is here.
And it's called Ethereum 2.0.
On December 1, some major changes are coming to the No. 2 overall cryptocurrency.
This will be the launchpad for Ethereum to achieve their mission of building the Internet of Value.
You're definitely going to want to listen to this one, turkeys.
Let's get it!
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Welcome to BitBoy Crypto!
My name is Ben.
Everyday, I show you how to make money in cryptocurrency.
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@bitboy_crypto
Now, today, guys,
it's Thanksgiving, you turkeys!
So a Happy Thanksgiving!
I'm definitely thankful for a lot of things.
BitSquad is one of them.
So, in today's video, we will be discussing the latest evolution of the internet
and everything you need in order to make it work for you.
Do you remember the sound of the dialing up to AOL?
I know I do.
Remember how futuristic it seemed at the time?
But how archaic it feels now in hindsight.
Crazy to feel so ridiculous.
Technology is kind of funny that way.
It evolves and becomes easier to use over time.
And the more it evolves, the more developers can create complex applications on top of it.
We certainly would not be sacrificing our parents' landline to swipe right on Tinder.
Or maybe you are that sick in the head and you might.
Look though.
I don't judge.
I mean, look at me.
The point is this.
Since the internet became easier to use, we can utilize it to do all sorts of things
and meet all kinds of friends.
However, thinking about the internet that powered Euro Compaq Presario
versus the 5G-connected world we live in now,
it's clear that technology has become easier to use over time.
That's what's happening to Ethereum.
Similar to how AOL changed throughout different network upgrades,
AOL 2.0, 3.0, 10.0,
Ethereum is also upgrading.
The first image on the right here is live, raw footage from a real AOL party.
Currently, the entire world of crypto is anticipating Ethereum 2.0.
The process which is said to have the potential to take up to two years to implement is set to begin December 1st.
However, the price of Ethereum in 2020 has gone up by an astounding 285%.
At the time of this recording, the contract that was required to be filled with 524,288 ETH
for the upgrade to go through
was just reached.
The first phase of Ethereum 2.0 has now come and gone,
known as Phase 0.
The critical mission of this phase was to establish and maintain the Proof of Stake consensus mechanism.
In ETH 1.0,
Ethereum didn't have POS or Proof of Stake.
It had Proof of Work,
the same consensus mechanism that Bitcoin currently uses.
However,
now, Ethereum is validated by miners through the staking process.
For putting up their hard-earned ETH,
validators earn an APY, an annualized return, of 5% to 21% paid every 6 minutes.
However, the more people staking, the lower the yield.
The APY is also affected by downtime, like when your server isn't running.
This is huge!
You want to be sure your server is always running in order to validate.
To become a validator, you need
No. 1: a strong internet connection,
No. 2: a powerful computer,
No. 3: 32 ETH.
Right now, it's worth about $18,000.
Now, when you stake your ETH, it becomes 2.0 ETH.
So, what does that mean exactly?
Well, I'm sorry to say that it means you can't turn 2.0 ETH back into 1.0 ETH.
In other words, you can't take out your ETH for a full 2 years,
after the upgrade is fully complete.
However, now that there is a massive bull run,
would it be better to hold the ETH to stake or sell when the percentage grows past a certain point?
Which of the two is more profitable?
Well, I guess that all depends on how high you think ETH is going to go.
Now, Ethereum has finally evolved past Bitcoin in terms of consensus mechanism.
Obviously, Bitcoin has used a Proof of Work consensus
since it was first conceived by Satoshi
or Satoshis.
If the 2 years of locked ETH seem like a long time to be holding heavy,
then wait until you hear this.
ETH 2.0 has actually been a plan in the works since Ethereum was first founded in 2015.
At the time, the update was referred to as Serenity.
Now, 5 years after that initial inception point,
but 2 years before the actual ETH 2.0 upgrade is complete,
members of the Ethereum ecosystem have a very serious decision to make.
Will Ethereum 2.0 be that much better than Ethereum?
One of the largest points of consideration that will be improved is the scalability of Ethereum.
As it currently stands, 15 transactions can occur on the Ethereum network per second.
However, with this ETH 2.0 upgrade,
sharding is set to enhance the speed of the network.
What is sharding?
Well, think of a light bulb.
When a light bulb breaks,
it breaks down into hundreds or thousands of shards.
Similarly, the Ethereum network can be broken down into shards as well.
That way DeFi exchanges can have their own shard,
and protocols can have their own shard as well.
The sidechains operate in parallel without drawing energy from the mainnet.
And this will help Ethereum improve into executing tens of thousands of transactions per second.
Ethereum, in its current state, is so slow
because every single full node
must validate all Ethereum transactions
and then store the entire state of Ethereum.
A main goal of Ethereum is to host all economic activity worldwide.
So, a global financial platform like that cannot be weighed down.
However, that has been the case these last few years.
For example,
one of the largest culprits ever of weighing down the Ethereum network
was the non-fungible token game
CryptoKitties.
This kitten breeding game
that the crypto universe fell in love with circa 2017
was a downfall to the network.
Network congestion is probably the largest factor that is impeding Ethereum's growth right now.
That being said,
if ETH 2.0 can step up and deliver as much as the hype train is saying,
then who knows?
Maybe it is worth it to have $18K locked up
for a fifth of a decade.
Yes,
a fifth of a decade. I said it.
It's a long time.
Think about it.
So, what do you guys think?
Will you ante up the $18K and become an ETH 2.0 validator?
Or is it better to just sell the ETH now during the current bull run if you got the skrilla?
Drop me a comment below
to tell me what the move is.
I understand for a lot of you guys this will be a very serious decision,
and on this channel,
we specialize in seriousness.
That's all I got.
Be blessed.
BitBoy out.