Alright, so let’s talk about the Ethereum Shanghai Update and why I think Ethereum has what it takes to become the king of crypto.
First things first, the Shanghai Update is a much-anticipated change in Ethereum’s Proof of Stake consensus mechanism. Consider it another progression in its ever-expanding platform.
This upgrade will allow users who have staked ETH to finally withdraw their funds, something they haven’t been able to do since the Ethereum main net merged with the PoS Beacon Chain.
Users will be able to test the update on a public test/shadow fork network before it’s officially launched, which is essentially a fork of the main net.
Until now, users who had staked their ETH on the network couldn’t remove their funds.
The Shanghai Update solves this issue by adding withdrawal functionality. It’s set to be launched on the Ethereum network on March 2023 as a network hard fork.
This is great news for those who have been waiting for a fully-functional PoS mechanism.
It also opens up a lot of liquidity for the Ethereum market, which could have an impact on its price.
Some folks are even speculating that the ability to withdraw staked ETH could lead to an increase in demand for Ethereum, as more people may be attracted to staking it.
The Ethereum Flipining
So, why do I think Ethereum will eventually flip Bitcoin by market cap in the next 10-15 years?
Well, for starters, Ethereum has a more robust infrastructure and a more versatile platform.
Ethereum has been designed from the ground up to support decentralized applications, smart contracts, and more. Look at NFTs, ENS, DeFi, and Gaming, it’s all being developed on Ethereum. Of course, these applications are being developed on other solid platforms as well, such as Zilliqa, Cardano, Solana, and others. But the bulk of developers is building on Ethereum by a long shot.
This means that Ethereum has the potential to become the backbone of the decentralized web, a new internet built on blockchain technology.
I think Ethereum will be the home of web 3.0 as we know it.
In addition to its infrastructure, as I stated earlier, Ethereum also has a more active development community and a more flexible consensus mechanism.
Ethereum’s Proof of Stake mechanism is a huge improvement over Bitcoin’s Proof of Work mechanism, and it means that Ethereum is better equipped to handle a rapidly growing number of users and transactions.
Another reason why I think Ethereum will succeed is because of its governance structure. Ethereum is a decentralized platform, which means that the community has a say in how the platform is developed and maintained.
This means that Ethereum is better able to respond to the needs of its users, and it’s less likely to be held back by the whims of a single central authority.
I also think Ethereum has the potential to flip Bitcoin by market cap because of its community.
The Ethereum community is one of the strongest and most passionate in the crypto world, and this means that Ethereum has a huge network effect working in its favor.
With such a strong community behind it, I think Ethereum has the potential to become the go-to platform for decentralized applications, smart contracts, and more in the foreseeable future.
The Ethereum Shanghai Update is a major milestone for Ethereum, and I think it’s just the beginning of Ethereum’s journey to the top of the crypto world.
With its robust infrastructure, the active development community, flexible consensus mechanism, and passionate community, I think Ethereum has what it takes to flip Bitcoin by market cap in the next 10-15 years.