Ethereum blockchain switches to proof-of-stake from proof-of-work protocol which is a massive transformation. With this upgrade, speculations surround the blockchain and its native coin’s future. Among different types of projects and developments process undertaken, the most significant remains the layer2 scaling solution Polygon. Polygon’s VP Mihailo Bjelic offered a positive prediction about Ethereum’s upgrade.
Let’s explore his take on the upgrade in detail.
What Future Hold for Ethereum2.0?
Though market analysts, developers, and stakeholders have offered their viewpoints on the merger, however, Polygon’s Vice President recently predicted the future of Ethereum in an interview with Cointelegraph. He opines that after the successful testent, Ethereum 2.0 has a bright future. On talking with the event manager at Cointelegraph, Polygon’s VP views the upgrade as something massive which involves around ten thousand applications and a billion-dollar investment. As the testnet proved successful, the upgrade will bring positive results for the blockchain.
Bjelic offered valid reasons to validate his prediction; he pointed out two reasons; first, it serves as the powerhouse of innovation and development. The second reason relates to its programmable, secure and decentralized blockchain. Furthermore, he commented that the upgrade would aim at reaching potential large-scale users as it’s centered around the multichain web.
Following an interview with Cointelegraph, Polygon announced the launch of Polygon zKEVM, which is a zero-knowledge Ethereum Virtual Machine. Transaction will scale up on the blockchain after the upgrade. The vice president calls it a major technical breakthrough.
Ethereum’s Upgrade and Unpredictable price
Ethereum’s upgrade has thrown away a wave of confusion and doubts among investors and market analysts alike. Let’s go as per other analysts’ opinions. Ethereum’s price might be more volatile as a result of its transition to staking. One of the primary factors they pointed out is that Ethereum is shifting to a staking model that will use less energy.
Well, some experts like Bjelic firmly believe that the upgrade could enhance the sustainability and appeal of the blockchain. Unless the transition happens, we can’t reach any consensus.
Amidst unpredictability and market volatility, Bloomberg intelligence analyst Mike McGlone predicts that by the end of the year, Ethereum will be worth between $4,000-$4,500.
Let’s wait for the massive upgrade to happen; hopefully, it will bring good news for the crypto community.