ETH: the conventional alternative
In the crypto world, the BTC reign supreme. In any meaningful sense, the first of these digital versions dominates the world of on-chain technology-based finance. To the point that any other crypto on another network is known as an “alternative crypto”, because its most distinctive feature is that it is not BTC. However, both cryptos remain booming within crypto trading due to their high daily fluctuation; In fact, new merchants are added every year through online services such as BitCodes and its associated platforms.
When it comes to altcoins, the largest by some distance is Ether. This coin is the native token of the ETH network. What makes it so remarkable is that while BTC is used purely as a store of value, the second crypto helps power its own network, with multiple applications unlike the first. For example, provides the negotiation of smart contracts, computer programs that are executed automatically when established scenarios are met. As a result, it is a key player in finance without centralized management; it fulfills the idea that people who don’t have bank accounts should be able to access traditional services.
As a result, there are many ecosystems and networks on this chain, each with their own separate crypto token. Therefore, it could potentially be argued that while the size of BTC makes it the most prominent crypto, the diversity of ETH makes it the most important tech network.
Changing the ETH platform
Recently, the most notable change in ETH has been continuous, it’s about how people add blocks to the blockchaintherefore, minting the crypto in which they were paid.
In December 2020, the platform announced that it will be moving from its original protocol to a new PoS method. This change was, at the time, called ETH 2.0. While the work is not yet complete, and it is not entirely known when it will be ready and finished, it has made an impact. It requires much less electrical power, therefore it will possibly attract more potential investors. It also means that it should be faster than that, possibly reducing the value of operations on the network, as well as allowing staking to involve the native token.
ETH and ETH2
Anyway, the upshot of all this is that, at the time of writing, there are effectively two ETH blockchains. The first is the main one, which does everything that people expect. This takes crypto in its traditional form and uses proof of work. However, there is another one called “Beacon Chain” and it uses PoS with the ETH2 crypto.
The two cryptos do the same and maintain the same value, as soon as the organization behind ETH is ready to start fully proof-of-stake operation, the two will merge. This means you won’t have to worry about losing if you have one form of the coin instead of both.
Although ETH2 first appeared in late 2020, it would be wrong to talk about an ETH2 release date, because it is actually the same Ether that first appeared on the open market. If you want to know about the Ethereum 2.0 release date, that is not confirmed yet, although it was recently said that “The Fusion” would take place in August, if all goes well. At that moment, the so-called ETH difficulty bomb should have exploded, making it impossible to mine profitably on the original network and allowing the new version to take over.
It is worth noting that, for the most part, crypto trading services do not differentiate between both cryptos. This is due, at least in part, to the fact that the coins work with the same system, have the same utility and do the same thing. One exchange that differentiates between the two is Coinbase.
That is the difference, or perhaps the lack of differences, between both crypto assets. If you want to trade either way, or even both, you must remember to do your own research. Remember that values tend to fluctuate with great intensity, never put more money at risk than you can afford to lose.