Ethereum Is About To Self Destruct

Ethereum Is About To Self Destruct




Ethereum is about to self destruct, here's what you must know ► Get up to a $250 in Digital Currency: https://ift.tt/3liB1FS ► Where I Buy Bitcoin: https://ift.tt/3hBH6ga ► My Stock Portfolio + Stock Tracker: https://ift.tt/2KqBrL1 ► Get 2 FREE stocks valued up to $1850 (when you deposit $100): https://ift.tt/2NB3auj ► ROBINHOOD (Get 1 Stock When You Sign Up): https://ift.tt/37viyjH ► Open A Roth IRA: https://ift.tt/2OwbFGy ► Follow Me On Instagram: https://ift.tt/2jBkyTg ► How I Protect My Bitcoin: https://ift.tt/3prl17V My PO Box: Andrei Jikh 4132 S. Rainbow Blvd # 270 Las Vegas, NV 89103 Ethereum is about to self destruct and I wanted to make this video explaining exactly what that means for the cryptocurrency space and people who invested in Ethereum. Self Destruct - What Is It? The idea behind Ether’s self destruct is that if an attacker somehow gets access to a smart contract or is able to hack their way into a DAO, the programmers would be able to use self destruct to minimize any damages done to people’s money. In this case, Ethereum is not trying to self destruct, instead it wants to use this concept to upgrade it's smart contracts. In version 1.0 of Ethereum, the one that I have in my portfolio right now handles transactions by proof of work, and so anytime I want to use Ether whether I want to send it to my wallet or send it to you, I have to pay gas fees. Those fees are sent to the miners the people who use their fancy computing power to make sure Ethereum is safe. In this next upgrade which is called EIP 1559, all of that will change what’s called the consensus model. A consensus model is just a fancy phrase for describing how something works that we all agree on. This means Ethereum will change from proof of work to proof of stake. So in Ethereum 2.0, we will be paying ETH gas fees not to the miners like we do right now, but instead our transaction fees will be paid to the network, and a portion of those fees will be burned out of existence forever. What it means: Since January of 2021 the ETH supply was 114 million 78 thousand, today its roughly 115 million 39 thousand Ether in the span of about 2 and a half months. That’s 1 million coins that were digitally printed. What does that mean? That means the price is kept in check, the price is more stable because we’re still creating more coins. That’s because right now Ethereum is what’s called an inflationary currency which means there is no theoretical limit to the maximum supply of how many coins can exist - unlike Bitcoin obviously which is deflationary with a finite set limit at 21 million coins. The future of Ethereum 2.0: Ethereum is the most useful blockchain in the world - people are actually using Ethereum to build things like apps, companies, digital pieces of artwork called NFTs, DeFi which is decentralized finance, and other DAOs, the list goes on and on. This means the velocity of money on Ethereum is a lot higher than it will be on Bitcoin. Imagine an asset that combines the power of control over its inflation along with infinite usability and customization potential. Here's what that means for the price. Future price: The rate at which we create Ethereum could be outweighed by how many coins we burn or self destruct which would have a huge effect on it’s value. Last month in February of this year, we had a huge spike in fees which was higher than the block reward for miners. What happens when more and more people are using Ethereum? What happens when you burn more than you create? The price goes up. Basic supply and demand economics that today exist in Bitcoin that don’t really exist in Ethereum. This will change with the upgrade. In the future the fees will not be given to the miners, instead they will be paid to the network and a part of the network fees will self destruct. The risk: When it comes time to upgrade which will be sometime in either July or August of this year, the first risk that Ethereum will have is a chain split. On April 1st miners will try to come together with the goal to get a 51% majority. If that happens, the network could be in trouble. This is where game theory comes in and Ethereum should be able to succeed with the upgrade. *None of this is meant to be construed as investment advice, it's for entertainment purposes only. Links above include affiliate commission or referrals. I'm part of an affiliate network and I receive compensation from partnering websites. The video is accurate as of the posting date but may not be accurate in the future.

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