Ethereum 2024: The Blockchain Odyssey That is Reshaping the Future
The heart of this transformation is The Surge, a series of upgrades that promise to take Ethereum to new heights of efficiency and speed. With the implementation of EIP-4844, known as Proto-Danksharding, Ethereum is reducing data storage costs and gas fees, which could result in up to a 100% decrease in rollups. This is not just a technical improvement; It is a democratization of access to the blockchain, making Ethereum more accessible to everyone.
Additionally, the introduction of stateless clients and Verkle Trees is redefining what it means to participate in the Ethereum network. Stateless clients allow users with limited resources to join the network without the need to download the entire blockchain, while Verkle Trees improve the security and efficiency of chain sharding.
Perhaps one of the most exciting changes is the reduction of block time from 13 seconds to just 2 seconds, which will speed up transactions and improve the user experience. Furthermore, optimizing resource usage promises a greener Ethereum, with lower energy consumption and greater efficiency.
These innovations are not only changing the way we interact with technology, but they are also having a significant impact on the value of Ethereum. With price projections ranging between $2,300 and $6,500, Ethereum is shaping up to be an investment with substantial upside potential.
The Ethereum blockchain has undergone significant changes in recent years, which have brought notable benefits to the network and its users:
- The Merge: The most notable change has been Ethereum's transition from Proof of Work (PoW) to Proof of Stake (PoS) consensus, known as The Merge. This upgrade has reduced network energy consumption by 99%, representing significant progress towards more sustainable and ecological mining.
- Scalability Improvements: With the implementation of updates such as Proto-Danksharding, Ethereum has managed to reduce data storage costs and gas fees, facilitating greater accessibility and use of the network.
- Greater Security: PoS is considered more secure against certain types of attacks that could affect PoW.
- Lower Energy Consumption: PoS significantly reduces network energy consumption, contributing to more sustainable and ecological mining.
- Improved Scalability: PoS is better suited for implementing scalability solutions, which is crucial for the growth and adoption of Ethereum.
To participate in Ethereum Proof of Stake as a validator, you need:
- Deposit 32 ETH into the deposit contract.
- Run three pieces of software: an execution client, a consensus client, and a validator client.
- Once you deposit your ETH, you will join an activation queue and, when enabled, you can begin validating transactions and blocks.
- It is important to note that this is not a “new proof of work”, but rather a change in the consensus mechanism that Ethereum has adopted to improve its network.
