Ethereum ETHE/USD is one of the biggest blockchain networks in terms of market capitalization and utility within the circles of DeFi as well as NFTs.
It has made way for a lot of use-cases because of its smart contract operability. Although its scalability has been limited by its Proof-of-Work (PoW) consensus mechanism, something the merge to Eth 2.0 aims to resolve.
Ethereum developers can now have technical insight into what they should expect once the full merge comes as Sepolia testnet Beacon Chain has gone live and established the foundation for that purpose.
It was announced on June 20th, 2022 in a tweet by Nethermind,
What Is Beacon Chain?
The Beacon Chain is a brand-new, proof-of-stake blockchain. It can be poetically described as the spine that supports the whole of the new Ethereum 2.0 system, the heartbeat that keeps the system alive, and the conductor coordinating all the players.
What could come after Sepolia Beacon Chain
- Once it ends up merging with its dedicated Beacon Chain, the Sepolia testnet will begin reaching consensus through the utilization of the Proof-of-Stake (PoS) consensus model rather than Proof-of-Work (PoW).
- This will lead to a lot of data on what might occur when the Ethereum mainnet performs this merge. The PoS could lead to reduced energy consumption by 99.9%.
The fate of the Ethereum price
Taking from June 2021, ETH had a value of $1,166.62. the ATH occur on November 10th, 2021, and the cryptocurrency reached $4,878.26 along with another major cryptocurrency. In May, Ethereum had its highest point of $2,951.12 after the bearish.
And on May 28, the value came down to $1,724.92. Here we can see that the cryptocurrency saw a decrease in value of $1,226.2 or 41%.
At a greater percentage, the coming testnet merge and the anticipation of the official mainnet merge, we can see ETH’s value increase to $1,300 by the end of July 2022, making it a solid token to buy.