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Ethereum EIP-3675 For ETH 2.0 Upgrade Launches On GitHub

Ethereum EIP-3675 For ETH 2.0 Upgrade Launches On GitHub

The Ethereum Improvement Proposal (EIP) 3675 has now launched on GitHub. EIP-3675 contains the ETH 2.0 proof of stake merge that is coming to the network. Although this does not mean that the move to proof of stake is happening anytime soon, it is bringing the Ethereum network one step closer to the move from proof of work to proof of stake.

Consensus researcher Mikhail Kalinin creating a pull request for the EIP-3675 on GitHub formalized the chain merge as an improvement proposal for the first time ever. The pull request was made on Thursday 22nd July 2021.

Related Reading | Ethereum Price Could Go Up Over 860% To Break $10,000, Crypto Analyst

Ethereum developers continue to work towards the merging of the Ethereum Mainnet with the already up and running Beacon Chain, which would mark the final step for the move to proof of stake.

The EIP-3675 is meant to set the stage for “The Merge,” which is slated to be discussed at a core developers’ meeting that will be held on Friday, July 23rd.

ETH 2.0 Delays

Ethereum co-founder Vitalik Buterin had confirmed that the move to ETH 2.0 had been delayed. But according to the CEO, a couple of factors had contributed to the delay of the project.

Firstly was that they had expected it to take a much shorter time than it would have. When the project was first proposed, the team had believed the move to proof of stake would only take a year. It turned out to be a project that would take at least six years to accomplish.

Ethereum price chart from TradingView.com

Ethereum price chart from TradingView.com

ETH price shows downwards movement post-recovery | Source: ETHUSD on TradingView.com

Another problem that the Ethereum upgrade had encountered had been team conflicts. It had been speculated that technical difficulties had been the reason for the continuous delays but in the end, Buterin confirmed that the problem was in fact not related to technical problems. One of the major causes for the delays had been with the people working on the project.

Related Reading | Ethereum Whales Go On Buying Spree, Top 10 Addresses Now Own 20% Of All ETH

One of the biggest problems I’ve found with our project is not the technical problems,” said Buterin. “It’s problems related to people. We have a lot of internal team conflicts in these five years.”

Continous disagreements and team conflicts seem to plague the project. The CEO is quoted saying, “if you are building a team, it is important to know who you are working with.”

Ethereum Progression So Far

Expectations for the network continue to remain high. Ethereum price itself has taken hits over the past months as the crypto market continues to be beaten down by bears. But despite the declining prices, holders continue to stake their coins ahead of the move to proof of stake.

Over 6.3 million ETH have been staked on the Ethereum network, accounting for over 5% of the current circulating supply of ETH.

Related Reading | As Ethereum Price Suffers, Investors Wonder If ETH Can Become Deflationary

Investors had hoped shard chains would be rollout this year but this is unlikely as the possible date of launch for the shard chains has now been moved to 2020.

Ethereum’s price continues to trade above $2,000 after the boost it received from Elon Musk. With a current market cap of $234.05B.

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Ethereum Price Could Go Up Over 860% To Break $10,000, Crypto Analyst

Ethereum Price Could Go Up Over 860% To Break $10,000, Crypto Analyst

Ethereum value has taken some hits in the past few months as the <a class="wpg-linkify wpg-tooltip" title="

Coin

A coin is a unit of digital value. When describing cryptocurrencies, they are built using the bitcoin technology and have no other value unlike tokens which have the potential of software being built with them.

» Read more

” href=”https://www.newsbtc.com/dictionary/coin/” data-wpel-link=”internal”>coin has since significant losses in the price after the digital asset had hit its all-time high back in May. The price of ethereum had gone as high a $4,300, but the price has since crashed over 50% since then and now sits at less than $2,000 at the time of this writing.

Notwithstanding, crypto analyst and trader Kaleo predicts that the price of ETH is set to grow immensely in the next 12 months. The crypto analyst looks through movements of ethereum from back in 2017 and predicts that based on this, the digital asset is poised to experience a parabolic rally in its price.

Related Reading | As Ethereum Price Suffers, Investors Wonder If ETH Can Become Deflationary

The long-term price prediction from Kaleo puts the digital asset price at over $10k, following a major altcoins season. The analyst’s prediction puts the price of ethereum at well over an 860% increase in the second half of the year 2021.

Ethereum And Bitcoin Price Predictions For 2021

Taking to his Twitter, which remains his primary method of communication, Kaleo gave a couple of predictions regarding the prices of the top two digital assets in the space.

According to the crypto trader, the price of bitcoin was going to see another run-up that would put the digital asset in a six-figure discovery range. Joining the ranks of crypto analysts who have put the price of the number 1 crypto <a class="wpg-linkify wpg-tooltip" title="

Coin

A coin is a unit of digital value. When describing cryptocurrencies, they are built using the bitcoin technology and have no other value unlike tokens which have the potential of software being built with them.

» Read more

” href=”https://www.newsbtc.com/dictionary/coin/” data-wpel-link=”internal”>coin at $100,000 before the year runs out.

Ethereum price chart from TradingView.com

Ethereum price chart from TradingView.com

ETH price down over 50% since all-time high | Source: ETHUSD on TradingView.com

In line with this, Kaleo put the price of ethereum at a whopping $10,000, not minding the current bearish sentiments that continue to rock the markets as digital assets have continuously lost value amid sell-offs from investors.

The tweet further went on to predict more adoption from institutions and governments. While simultaneously calling out that there will be continuous FUDs from institutions and governments surrounding cryptocurrencies.

Long-Term Predictions For 2022 To 2023

Kaleo, who uses the handle @CryptoKaleo on Twitter, posted a follow-up tweet containing even more longer-term predictions for the top crypto coins. The tweet included price predictions for both bitcoin and ethereum, and predictions for major regulations to follow. But unlike the first predictions for the second half of 2021, these predictions were much more bearish, explaining that prices would crash in this time period.

Related Reading | Ethereum Whales Go On Buying Spree, Top 10 Addresses Now Own 20% Of All ETH

Kaleo sees the price of ethereum falling over 90% after it hits its predicted $10,000 in the second half of 2021. Calling the price crash to be under $1,000 when this happens. Altcoins were also predicted to crash at this point, putting the general market at this point in a <a class="wpg-linkify wpg-tooltip" title="

Bear

Bear market is defined as a decreasing set of prices for various types of assets. A bearish investor wants to profit from the movement of dropping prices. You can think of a bear, swinging his big paw downward on the investment, crushing prices.

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” href=”https://www.newsbtc.com/dictionary/bear/” data-wpel-link=”internal”>bear stretch.

Featured image from Forbes, chart from TradingView.com

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