Ethereum is a hot topic right now. However, if you look at the technical details of this blockchain technology, it becomes apparent that Ethereum is not what many people think it is. In fact, ETH appears to be more like a wolf in sheep’s clothing than anything else. Here are some examples of why I believe this to be true.
How Ethereum Works
Ethereum is a form of digital currency Like other cryptocurrencies, ETH has been experiencing a boom over the past year and has grown to be worth more than $300 billion in value.An Ethereum contract is not going to be cheap or free
When a contract is deployed a lot of computer power is used. This means that there are costs to running the contract. The Ethereum Virtual Machine which runs the contracts will also need to be paid for by the contract owner.
In other words, you're going to have to spend money if you want a smart contract.
The Latest on Ethereum
Plans have been made to increase the speed and decrease the costs of Ether. Some of these plans include changing to Proof-of-Stake (PoS) system, among other things. However, the transition is proving more difficult than expected.A new ETH update is now pushing back the date of the next difficulty bomb until June 2022. Miners are still enjoying the rewards from a Proof-of-Work system, but soon the network will change to a Proof-of-Stake system. This is where the difficulty of the bomb and the subsequent "ice age" comes in. Meanwhile, Ethereum by some metrics has become the most profitable cryptocurrency for me.
Some news about Ethereum 2.0 is that the creator of Ether, Vitalik Buterin, recently released proposals for improving scalability and privacy on Ethereum 2.0. To do this, Buterin proposes a second storage layer, which can allow for staking the use of fewer resources.
Each block is split into 100 pieces and each piece is divided into 100 different blocks. The Merkle or Verkle tree state is a root for each block. Each 2nd tier Staker randomly gets assigned to one of the buckets. A block is accepted only if at least 2/3 of the validators agree on it. __Source: Vitalik.ca