Editor's Note: This article comes fromStar Media STARMEDIA (ID: Star_Media1), Author: Xianyu, reproduced by Odaily with authorization.
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Bitcoin is halved, and the market has not yet arrived
The once-in-four-year halving has arguably been the center of attention this year, pushing Bitcoin’s price to new highs each time. However, the outbreak of the epidemic this year seems to be a bit special. We have witnessed classic moments such as "U.S. stock market circuit breaker and negative oil prices". Until the moment before the halving, people are still wondering whether the benefits of the halving will follow the trend? In the early hours of May 12th, the first block after the halving was dug out, and the expected skyrocketing or plummeting did not happen, and everything was calm. One week after Bitcoin completed the third block reward halving, the data on the chain and the transitional state of the market can be described as "calm". The halving market for the whole people did not come as expected.
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Ethereum Outperforms Bitcoin
For a long time, the eyes of the whole people in the currency circle have been around Bitcoin; Bitcoin, the "true man", is surrounded by many believers and followers; And these "groupies" closely link the future prospects of Bitcoin with the time node of halving.
Ethereum, which lives in a corner, has always been regarded as a "concubine"; it lacks the halo of Bitcoin's "eldest son". There are no "eight-carrying sedan chairs" huddled in front of others, and there are no "flash lights" that follow everywhere. However, we can observe that the recent growth of Ethereum is in good shape, and its price is also rising silently.
Ethereum usually plays the role of following the rise of Bitcoin, but it turns out that from the perspective of currency standard, Ethereum has outperformed Bitcoin. Since the price of Ethereum’s coin-based currency bottomed out in September 2019, its price has been outperforming most mainstream coins.
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Ethereum 2.0 is released, the ecological prospect is more abundant
With the halving of Bitcoin, the market has not appeared for a long time. A series of news broke that some miners had already switched to eth, and eth 2.0 also continued to generate various news.
If you have noticed the recent wind direction in the circle, especially for the underlying public chain, you will find that the "focus" has begun to change a lot.
To put it simply, the belief in the underlying public chain began to return to ETH.
How many people are talking about "Ethereum Killer 2.0" like Zilliqa, which focuses on sharding?
Gone, basically gone.
Gone, basically gone.
As for the new public chain, it can be said that except for the Cosmos that has already been launched and the Polkadot that will be launched soon, no one cares about it, or believes that there will be an underlying public chain that can threaten ETH2.0.
After the ECO era, ETH suddenly ushered in the feeling of being loved by thousands of people.
In the post-halving era, ETH 2.0 has almost occupied all the headlines in the community; after all, the legendary 0th stage is finally only a few months away from us.
ETH holders can lock their encrypted assets in DeFi smart contracts for different purposes, thereby reducing the circulation of tokens and naturally achieving an effect similar to the halving of the Bitcoin network.
Although Bitcoin believers do not think that Ethereum will pose a threat, in the future, these believers have no reason not to believe that Ethereum will become a strong competitor of Bitcoin after switching to version 2.0 network.
After the launch of ETH2.0, even if it is only phase 0, it will have many technical and economic impacts on the existing blockchain world. At present, the main ones that can be thought of are the following:
1. Technically
After 10 years of development of the blockchain, in terms of originality, Bitcoin counts as one, ETH counts as half, and EOS may have 0.1. The other various chains, looking at it, are essentially typical copying homework, and then randomly swipe and pull two hands to modify it and finish the job.
In ETH2.0, phase 1 is the real implementation of the shard chain. Although the prototype of the dispatch center of the beacon chain existed in phase 0, after the transition from phase 1 to phase 2, the shard chain is realized. After the chip-chain interoperability and smart contracts, it should be a big impact on public chains based on high-performance TPS, such as EOS, TRON and other DPoS.
What also needs to be known is that ETH2.0 is not an upgrade or hard fork of 1.0 in essence, it is a new chain, a brand new chain built from scratch.
2. Economically
Partners who are familiar with PoW and PoS know. ETH2 is PoS, not PoW; when ETH1 is fully merged into ETH2 with the shard chain in Phase 1, the PoW on ETH1 will be completely abandoned and transferred to PoS.
At that time, so many ETH mining machines will obviously not just watch them become scrap iron, and some other mining coins may benefit from it. At present, ETC and some mining coins with GPU computing power are most likely to be The next stop for these miners.
What does it mean? Give you two data and you will know:
1 is currently the hottest DeFi, how much ETH will be locked at its peak in 2020? Answer: More than 3 million; then imagine how much impact it will have on the supply of ETH on the market when 30 million are locked?
In other words, the current prices of these two star PoS projects are supported by the way of locking more than 90% of the circulation. So please guess, what will happen when the locked position of ETH rises from 3% in the current DeFi era to 30% in ETH2.0?
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V God envisions the ETH planning map for the next 5-10 years
3. Ecologically
According to V God's Ethereum roadmap, there is a high probability that it will be connected to ETH2.0 at a certain point in time from Phase 1 to Phase 2, and ETH1 should then be connected to ETH2 in the form of a shard chain (shard 0). 0. So for existing Ethereum DAPP developers, should they develop on ETH1 first, or wait two years and develop directly on ETH2.0? After all, although in theory ETH1 will eventually be connected to ETH2 in the form of a shard chain, as a developer, can the assumptions made when writing smart contracts in the 1.0 environment be seamlessly converted to 2.0? Would it likely require a lot of modification, or even a complete refactoring?
DeFi - DeFi itself is also composed of DAPP, so DAPP's concerns about 1.0 and 2.0, DeFi will also have.
At the same time, compared with DAPP, DeFi has a more important feature, that is, composability - it is currently called "Ethereum's currency Lego" in the circle. For example, you go to MakerDAo to mortgage your ETH, generate DAI, and then take these DAI to Compound for borrowing. So this building block is the bottom layer ETH + middle layer MakerDao + upper layer Compound. Several major DeFi security incidents that occurred in the past few months are also related to this combination of building blocks. At present, the discussion in the industry about this way of building blocks and its advantages and disadvantages is also in full swing.
When the shard chain starts to run, the contracts and transactions originally involved in LEGO will now be distributed in different shard chains with a high probability. DeFi Lego, which was originally arranged vertically, has now become a vertically and horizontally distributed arrangement, which poses new challenges to its security and composability. What will happen in detail, we can only "wait and see".
In addition, the popularity of USDT issued based on the ERC-20 protocol has also contributed to the activity of the Ethereum network.
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