ETH to CRUSH Bitcoin (New Ethereum Upgrade Changes EVERYTHING)

ethereum is the number two overall cryptocurrency but could it eventually climb to the top spot dethroning bitcoin it's definitely what some people believe including ethereum co-founder and the face of eth italic buterin but a recently lagging price a clogged network and exorbitant gas fees led many in the crypto community to question the long-term validity and viability of the ethereum network but one gigantic change coming to ethereum could flip everything upside down find out what it is and what you need to do in order to get ready let's get it bid swap is the hottest new way to trade tokens following all the top decentralized exchanges visible gives you the very best price and value for your trades bitswap is changing the game try it now at bitswapdex.io welcome to bitboycrypto the largest crypto channel in all the interwebs my name is ben everyday on this channel i show you how to make money in cryptocurrency if you like money in crypto make sure to subscribe to the channel along with entering our one bitcoin giveaway details on that down below in the video description and of course while you're down there on that side of the page make sure to smash the like button if you enjoy content about ethereum that way we know that you want more in this video we're going to be going over the basics of e 2.0 the dramatic change to the ethereum network that will disrupt the entire crypto space and now some believe this change is going to come much quicker than we ever anticipated so let's briefly discuss what e 2.0 is ethereum was originally launched in 2015 led by co-founders vitalik buterin charles hoskinson gavin wood joseph lubin and others as early as december of 2015 it was apparent that ethereum and its current construction would never be able to last in a vacuum ethereum as a decentralized network was successful on a small level but as the network would grow ethereum would not work over the long term vitalik introduced something called the serenity upgrade this would be the move that would take all of ethereum's weaknesses into consideration and fix them over time the serenity update would become known as e 2.0 representing the dawn of a new era for ethereum one in which the network could scale without gas fees stringling users at the core of this upgrade is a change over from proof of work to proof of stake proof of work is also known as mining transactions are sent throughout the network based upon miners sending large blocks of transaction data throughout the network they do this because they're incentivized by rewards earned from those blocks bitcoin the oldest cryptocurrency is of course a proof of work project proof of stake is something altogether different here the network is incentivized to push through transactions based upon the value of the crypto that they hold or stake miners are replaced by what is known as validator nodes these nodes require a user to hold at least 32 ethereum when the validator nodes decide to take part in the network they must stake their ethereum and then they earn returns based upon however much they hold it's a totally different way of operating but ultimately the end results should be the same ethereum transactions get pushed through and those who participate in the network earn returns the goal of e2.0 is to make the ethereum network more scalable more secure and more sustainable recently a lot of ethereum critics have arisen discussing all of these problems but the important thing is to realize this is a model built to be sustainable not here today and gone tomorrow while ethereum competitors cardano and polkadot have both set out to solve the scalability and security issues on the front end ethers had to work in the improvements to the protocol over time on the back end it's really hard to say whether or not they'll be totally successful but we're moving closer to seeing whether it work or not is we're in the midst of the ethereum 2.0 rollout e 2.0 will take place in different stages or phases the current timeline is phase 0 phase 1 phase 1.5 phase 2 and then beyond right now we're currently phase zero e 2.0 phase zero was officially live on december 1st of 2020 so it's in its infancy phase zero is the beacon chain upgrade which main purpose is to enroll validator nodes over one billion dollars worth of ease was staked in the first two weeks of the launch of the validators the next phase coming most likely at the end of this year early 2022 include sharding this is a way for the network to break up transactions into tiny pieces or shards in order to process transactions faster following the release of shards the actual merging of the proof of work blockchain and the proof of stake blockchain will come to completion after this is complete phase two will occur that will finally see the new operating model for ethereum many believe this final phase won't be operable until 2023 a long time for people to wait in the world of crypto right now it feels like ethereum may be in a bit of a bind and must push out these updates faster if it wants to compete if not newer chains such as cardano binding smart chain and polka dot among others could steal its market share nfts also are not going anywhere anytime soon and neither is d5 so for ethereum it could be either shape up or ship out before we get into the recent news regarding e 2.0 that could change everything i want to address a question that we get all the time on this channel when the fork is complete how will users get their e 2.0 tokens here's the great news you literally don't have to do anything this is not a traditional token swap where token holders will manually change out their tokens we have confirmation that ethereum token holders literally do nothing and this is good because it's a big leap of faith to think that newer crypto noobs will be able to know how and when to swap out their tokens the long and short of it is that the eth 1.0 chain is going to be absorbed into the e 2.0 chain transferring all the data including holder information and addresses all transaction data will be saved to get ready for e 2.0 the only people who need to actively participate are those who seek to become validators on the network so what about people who don't own 32 etho as of today that's almost 60k well the high ether requirements seem to lock out the average everyday crypto holder without whale status first glance that's true however many exchanges including coinbase have pledged to open staking up to their users with smaller holdings while users won't be able to earn as much as they would if they ran their own validator nodes they will be able to earn staking interest based upon how much they do owe and that's a win for people who like passive income which i think is almost everybody but still 2023 seems to be a long time to wait for this upgrade any developers know this this is why the controversial eip1559 was released that will take place in july for the london upgrade on the ethereum network this proposed change was passed by the ethereum developers and will play a dramatic role in improving the network for users developers and price speculators however it has created a war in the ethereum mining community during his recent appearance on the tim ferriss show vitalik buterin talked a lot about the ead scaling solutions and pushed back against the minor uprising against the eighth developers vitality proposed eip1559 will actually give ethereum everything it needs to fight bitcoin for the number one spot overall the big thing that miners hate is the very thing that speculators love part of the ethereum transaction fees will now be sent to the ethereum foundation in order to be burned or removed from the supply this will balance out the unlimited supply for ethereum each year under its current construction ethereum sees a 0.5 to 2 percent inflation rate with the new proposal the supply will be deflationary as much of the newly minted ethereum from transaction fees will be burned the ethereum miners though are not happy with this at all especially since their mining revenue has tripled over the last few months they've even gone so far as to announce a show of force if you will on april 1st where the miners will prove how powerful they are they're attempting to get over 50 of the hash rate in order to show the ethereum foundation and developers that they are not to be messed with this would be kind of like the bank showing how powerful they are by showing that they don't have all the money they say they have it's counterintuitive it would expose all of the flaws of the network talk about shooting yourself in the foot but a new proposal eip 3368 looks to increase the block rewards to three ether per block then throughout the completion of e 2.0 transition the block reward will decrease by 0.25 each every quarter until it gets back down to one eat per block many mining influencers have seen this proposal as a proper compromise it kind of reminds me though of like a criminal holding a hostage and then he realizes he's out of ammunition like yeah of course then he's gonna start to try to negotiate the mining uprising was never going to work and could have destroyed ethereum and they knew that the miners are money grubbers and maybe out of touch but they know they didn't have any options here but at the end of the day i think the worst of this mining war is over any 2.0 will come marching very soon phase by phase but let me know what you think about e 2.0 in eip1559 and then the new eip-3368 are you excited and do you think this could help with durian past bitcoin let me know down below in the comments smash the like button on your way out if you are hashtag ethgang that's all i got be blessed [Music] you

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