The TRUTH about ETH 2.0....
Updated: Nov 4, 2022
ETH 2.0 vs Pulsechain
The current state of Ethereum
Currently, the Ethereum ecosystem is suffering from major issues from a user perspective: High gas fees, Power consumption, and Network Congestion to name a few. Users are often having to wait for hours before getting a low enough cost for gas fees to make a transaction. Often, users avoid the swap entirely and move to different networks.
Ethereum also requires a high rate of power consumption for Proof of Work to function and validate blocks. As nodes all put in computational “Work” in order to validate a block and get the reward, only one Node will solve the computation. This means that every node that did not solve the puzzle wasted all the electricity required to attempt to solve the “puzzle”, thus making Proof of Work a very wasteful protocol energetically and consequently causing more environmental burden than required to do the work.
If both Ethereum and Bitcoin were a country, its C02 Emissions would have it placed 14th in the world for most emissions per year by country; Barely behind Saudi Arabia. The carbon footprint of one single Ethereum transactions is equivalent to 265,806 Visa transactions or 19,988 hours of watching Youtube. The power consumption of one transaction is equivalent to 7.27 days of consumption from the average US household. This is all due to the Proof of Work Consensus that Ethereum uses to mine blocks and validate transactions on the network.
What is ETH 2.0? ETH 2.0 is (hopefully) the soon to be released solution to many of these problems. It is the merging of the current Ethereum Blockchain with the new Proof of Stake consensus Beacon chain, which will eventually add 63 “shards” for a total of 64, including the original chain being developed on. The upgrades allow for upwards of 1000TX/s and may someday be able to process upwards of 100,000TX/s with the use of Rollups.
There will be 4 main phases of launch, meaning the upgrades will take time to be implemented even after the Shard chains have been installed and the consensus has moved to Proof of Stake in Phase 1:
• Phase 0: the beacon chain. Launched on 1 December 2020. This is the core chain that makes sure the shards across the network are kept in sync. It achieves this using validators.
• Phase 1: the Merge to Proof of Stake. Ethereum’s data and transactions will be run on shard chains. These are proof-of-stake blockchains that use validators to confirm transactions, create blocks and communicate with the beacon chain. It is expected that Ethereum 2 will begin with 64 shards. At this point, they will not be supporting smart contracts or accounts.
• Phase 1.5: the legacy Ethereum chain becomes a shard on the new Ethereum blockchain. In this phase, the legacy Ethereum network will transition to a proof-of-stake network and be connected to the main Ethereum 2 chain.
• Phase 2: shards fully functioning. The shard chains will be fully functioning and able to communicate with each other and run smart contracts.
Here is the unfortunate truth about ETH 2.0 – It will not reduce Gas fees until much further down the road once the Rollups and L2 implementation occur alongside the SHARDing.
Here is a clip of Tim Beiko from the Ethereum Foundation talking about the misconception:
So what exactly is there to be excited about with ETH 2.0? Initially, it will be a move to a more eco friendly Consensus. Nothing that any users of the network will see a major benefit from.
Fortunately though, not all hope is lost for Ethereum users – There is a solution that increases the Transactions per second and most important for all of us, Gas fees that are going to be a fraction of a penny.
Am I talking about Binance Smart chain, Solona, or any Blockchain currently in existence? Sort of. This incoming tech solves many issues that Ethereum users currently have PLUS it brings over ALL of the tokens that Ethereum users currently hold and gives every user a free copy of all of their tokens on the new network in the “World’s Largest Airdrop”. All other blockchains or attempts to build a blockchain that solves the issues outlined in the beginning of the video, have failed to do this.
So what is this new blockchain? It’s called Pulsechain.
Pulsechain is a Proof of Stake Fork of the Ethereum code that utilizes the most tested and smart contract enabled blockchain technology, with little bits of tech stolen from the Binance Code to really ramp things up.
It is a faster, cheaper, and more eco-friendly version of Ethereum that gives YOU all the tokens you owned on Ethereum as ERC tokens which will be called PRC tokens.
All ERC tokens will be copied, from ERC20 (Standard token) to ERC721 (NFT’s) and beyond, you will get a copy when it goes live. All you have to do is change your network settings in your wallet to get your tokens. It costs you nothing.
Best of all, even on top of the fact that you will get a duplicate of your existing tokens for FREE, you will have the opportunity to get in early on two NEW tokens that are native to the Pulsechain ecosystem: Pulse and PLSX – which you could think of as the Ether and Uni tokens of Pulsechain. This is an opportunity to potentially experience what that majority of us all missed out on when Ethereum first launched.
In addition to being able to get another shot at being in early on a potentially hyper successful L1 Blockchain, you can buy the PLSX token as well, which is like the UNI token on Steroids. I wont get into the technical details here, but go to my previous videos explaining exactly why PLSX is a MONSTER Opportunity alongside the Pulse Token.
Unfortunately for Ethereum users, the ETH 2.0 merge will not fix the gas fees and network congestion; However, Pulsechain could very well be the exact solution investors have been waiting for in ETH 2.0.
Pulsechain has not come out yet and has been delayed just like ETH 2.0 has continuously been. There is no exact date or even hints as to when we can expect Pulsechain to launch, though it has been expected to beat ETH 2.0 to market. There is the Pulsechain testnet v2b that is up and running if you want to test out the network and see just how easy to use and fast the new network will be. For the most up to date news on Pulsechain, follow @Richardheartwin on Twitter as well as myself @CRYPTOGRFX and go to Pulsechain.com and Pulsex.com for more info on what is coming very soon.
- CRYPTOGRFX
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