On the road to mass adoption,
Budweiser, Visa, Twitter, Steph Curry, Dez Bryant,
JPEGs of rocks and the country of Panama
all have one common denominator---
Ethereum.
It feels like ETH started out in a ragged 98 Honda Civic stuck in traffic on the 405,
but after six years of constant upgrades
and gaining attention from the masses and celebrities alike,
ETH now feels like it’s evolving into an Aventador accelerating down the autobahn.
At the moment, we might be sitting at the red light of yesterday's flash crash,
but once the light turns green,
these are the reasons we will be pedal to the metal racing against previous all-time highs
and back into price discovery.
Buckle up.
Let's get it!
Welcome to BitBoy Crypto!
Home of the BitSquad
The largest crypto community in all the Interwebs
My name is Ben.
Everyday on this channel, I show you how to make money in crypto.
If you like money and crypto, then make sure to hit that subscribe button.
In this video, we will dig into the latest developments on the Ethereum network.
In today's eco-friendly world,
reducing emissions, recycling and saving energy are the priorities for tomorrow's greener Earth.
Even Ethereum is changing its ways,
moving away from the energy-intensive proof-of-work consensus
to the more efficient proof-of-stake consensus.
This requires users to leverage their existing ETH as means to verify transactions and mint new tokens.
Ethereum's founder, Vitalik Buterin, claims
transition to proof-of-stake model will potentially lower the network's energy consumption by 99%.
Once the protocol migrates to proof-of-stake,
the entire industry around Ethereum mining as it exists today will no longer be relevant.
If ETH was a highway,
the London hardfork adds a few more lanes and standardizes toll prices.
No one likes paying exorbitant gas prices for their cars or on Ethereum fees.
This is why Reddit user David Mihal built a website called l2fees.info
in order to easily compare gas fees on various layer 2 solutions
as well as gas fees on Ethereum layer 1.
According to Evan Van Ness on Twitter,
there are already more daily transactions on Ethereum's layer 2 than on Bitcoin.
According to Martin Young from beincrypto.com,
the Ethereum EIP-1559 upgrade adopted 34 times faster than Bitcoin's SegWit,
proving that this racecar has some serious pickup.
Martin also claimed that the NFT mania, more on that in a minute,
is set to cool off for the rest of the year after reaching a fever pitch in late August.
We're all familiar with EIP-1559 because it is the most vital EIP of the update.
But what do the other four improvement proposals in the London hardfork entail?
EIP-3198 adds an opcode that will extend user experience improvements to smart contracts.
This improvement normalizes smart-contract-based fees.
According to ethereum.org,
EIP-3198 gives the Ethereum Virtual Machine access to the block's base fee.
EIP-3529,
there are incentives for developers to clean up code by deleting smart contracts and unused functions.
Doing so results in decongesting the network,
and in return, the developers would get refunded gas fees.
The refunds were aimed to enable developers to transfer ETH
when an emergency situation arises.
This feature was taken advantage of by hackers who would create contracts just to clean them up
and reap the rewards of the refunded gas.
This EIP lowered that refunded gas
so it wouldn't be viable for anyone to continue to exploit the function.
What EIP-3554 does is move the deadline from summer 2022 to this December
to encourage ETH miners to update their software to prepare for the switch.
The difficulty bomb freezes mining as the network transitions from proof-of-work to proof-of-stake.
Proof-of-stake is already active on Beacon Chain,
but it's not yet processing transactions, only creating blocks.
When the merge to ETH 2.0 takes place,
proof-of-work will be removed,
and transactions will be processed on the Beacon Chain.
That means that transaction fees that aren't burned will be divided among the validators.
Once ETH 2.0 officially releases,
mining will be gone.
We also would like to remind the BitSquad that when ETH merges to ETH 2.0
that you won't have to do a token swap with your existing Ethereum or anything like that.
It will happen automatically.
EIP-3541,
the least prevalent of the EIPs in London hardfork,
simply invalidates older types of smart contracts in order to prepare the network for the new format.
This sets the blueprint for future growth
and disallows new contracts, starting with the 0xEF byte,
so the Ethereum Virtual Machine can easily identify contracts that comply with EIP-3540 groundwork.
Not boring stuff at all.
In our last Ethereum update video,
I said there would likely be a slight pullback after reaching the psychological $4,000 level
before continuing on towards new all-time highs.
That correction happened following a blood diamond on the 2-hour chart
in the early morning of September 7 on Market Cipher.
ETH experienced a 17.2% correction,
taking it from $3,912 to the low of $3,239.
Since then, ETH has recovered somewhat.
According to captain_sparrow on Twitter,
the flash crash on 9/7 is responsible for $2.7 billion of liquidations in one hour.
Corrections are encouraged in a healthy bull run.
We can't go up and up forever.
Sometimes you have to stop to change your oil, put air in your tires and fuel up
before you continue to drive up the mountain.
If you want to stand on a mountain peak and survey your crypto gains,
smash that like and subscribe button.
It puts you in the BitSquad and keeps this channel growing,
which makes Gary Gensler very annoyed.
In other news that contributes to Ethereum's mass adoption,
Pawan Nahar from ETMarkets.com reports that Twitter is working on a plan
that allows users to add their Bitcoin and Ethereum addresses to their profiles
to receive tips in cryptocurrencies.
Twitter developer Kayvon Beykpour recently used the 'soon' emoji
hinting that the new Tip Jar feature which runs on Lightning Network
will roll out sooner than people think.
Initially, it may only be rolled out for limited geographies.
Nevertheless, the successful launch of this feature will mark the latest addition by Twitter
in a series of moves designed to help creators on the platform find a source of income.
Speaking of Twitter,
there's a new Ethereum dApp for minting NFTs of your tweets.
It's called Valuables by a company called Cent.
If you want a piece of internet history, you can also bid and purchase these NFTweets
on the v.cent.co website.
According to Blockworks on Twitter,
Panama is following in the footsteps of El Salvador
and have introduced a bill to recognize Bitcoin as legal tender.
But not just Bitcoin, Ethereum too.
That's a much smarter play than just having Bitcoin as currency, which it isn't,
and using Ethereum with its dozens of currency ERC-20 tokens is going to be a much bigger deal.
With more and more countries recognizing blockchain technology
as a viable source of currency and store of value,
it's hard for me not to laugh when the doubters say all crypto will go to zero one day.
I mean, I can't do it without laughing.
Never going to happen.
But let's change lanes.
Ethereum-based NFTs have been speeding up the past few weeks,
getting ETH some serious attention.
NBA star Steph Curry, who also signed a partnership with FTX,
aped into the trendy NFT space by purchasing a Bored Ape for $180,000 worth of Ethereum.
The Ape is now his profile picture on Twitter.
According to Andrew Hayward from decrypt.co,
the Bored Ape Yacht Club builds itself as an exclusive membership club.
Its limited set of 10,000 unique Ape NFTs do not come cheap.
A single Bored Ape NFT is over $2.25 million worth of ETH according to CryptoSlam.
The cheapest one you can buy right now in the NFT marketplace OpenSea
costs more than $157,000 in ETH.
Other notable celebrities that aped in include Josh Hart, LaMelo Ball, Tyrese Haliburton,
Dez Bryant and Old Spice spokesman Von Miller.
Open world game and home of BitBoy Digital City
Sandbox also aped into the ETH NFT market craze and purchased the Laser Eyes Bored Ape 3749
for 740 ETH.
This adds to their already growing collection of digital art
which includes some VeeFriends, Axies, and even NFT music.
Budweiser also jumped into the NFT marketplace by purchasing a Budweiser-branded rocket ship
made of three beer cans from the OpenSea marketplace
for 8 ETH or about $25K.
Late last month,
in addition to the NFT,
Budweiser also purchased the domain name 'beer.eth'
through Ethereum Name Service on OpenSea for 30 ETH,
more than $96,000 at the time of the purchase.
With the merge to ETH 2.0 only a few X's off the highway
switching to the faster and energy-efficient proof-of-stake consensus
along with the help of celebrities and billion dollar corporations joining the ETH NFT craze,
it's only a matter of time until we cash in our moon bags
and drive off into the sunset.
That's all I got.
Be blessed.
BitBoy out.