https://thebusinesstime.co.uk/wp-content/cache/breeze-minification/js/breeze_8696ff19fd00a174ee9aab9fc7810653921e20057d72b17325aeb66a2cf551657b879c5e748d3480cc9379be55bed878b9a8802f6935958fcc061fd49c3e1f59.js
https://thebusinesstime.co.uk/wp-content/cache/breeze-minification/js/breeze_50623f5be1cc3994ca23f13b8c3232da0a4a6c642cd37d7533b138d162a356da151f111fc90bb59d30fd2ebfe84aa30f8762c0bd402e3a61cacbf72760d4a23f.js
https://thebusinesstime.co.uk/wp-content/cache/breeze-minification/js/breeze_a974bd4e6480297a069d5181728d595bafe302164377feddbbdb3da03517c235d76136a6bd56f55aba5f606d6d6d3e1a4c53b03c41f816067ad4995838495f94.js
https://thebusinesstime.co.uk/wp-content/cache/breeze-minification/js/breeze_1ed3df173a5ac7d7855370950c4718f27351a3d059bbe679a9d85ad29a48dbcf157983a0e1bc9c7db89d817d357704878d31a6ddb581ef7463d2d7a6bbef7e25.js
Close Menu
    Facebook X (Twitter) Instagram
    Facebook X (Twitter) LinkedIn
    The Business TimeThe Business Time
    Subscribe
    • London
    • Business
    • Finance
    • Marketing
    • Technology
      • Auto
    • Education
    • Entertainment
    • Lifestyle
      • Travel
      • Food
    The Business TimeThe Business Time
    Home»Finance»Upgrades to Watch Out for the Ethereum Network
    Finance

    Upgrades to Watch Out for the Ethereum Network

    EditorBy EditorFebruary 4, 2022No Comments4 Mins Read Finance
    Ethereum
    Share
    Facebook Twitter LinkedIn Pinterest Email

    News about Ethereum losing to other blockchains has been circulating the cryptocurrency market these days. But will Ethereum just sit and wait for its rivals to swallow its lead in the world of cryptocurrency apps? The answer is absolutely not. In fact, the Ethereum network is working on its upgrade, and here are some of the recent updates.

    Table of Contents

    • Saying Goodbye to Proof of Work
    • Welcoming the Sharding System

    Saying Goodbye to Proof of Work

    The Proof of Work is one of the major reasons why the performance of Bitcoin and Ethereum suffered from a lot of criticisms about being “slow” in completing a transaction verification process. The Proof-of-Work process of verifying transactions was found to warrant very intensive processing power when in the process of recording and validating transactions.

    The Proof-of-Work system is a process where several nodes work to generate cryptographic hashes that meet the complex demands of the network. The level of complexity that must be met by these cryptographic hashes must be too high for it to ensure security and maintain deterrence from anyone trying to hack the network.

    Unfortunately, this PoW system was also found to be too inefficient, and those who trade via Bitcoin Motion are aware of this. This is why Ethereum decided to switch into a system called Proof of Stake. This Proof of Stake system enables each node to record a transaction according to what’s being chosen by the algorithm. The chances of these transactions being chosen by a specific node increase with how much currency the owner of the node has.

    This makes it possible for the complexity of the process of generating cryptographic hashes to significantly decrease. Since each node stakes its own currency in order to participate, it would become too costly for someone to attack the network.

    Welcoming the Sharding System

    One of the recent updates of Ethereum 2.0 is the implementation of “sharding”. With sharding, the Ethereum network will be divided into different portions referred to as “shards”. Every “shard” will have its own set of smart contracts, as well as records of account balances. Sharding, as a scaling solution, is viewed by many as the most complex; therefore, it is also expected to be the last upgrade to be released. This way, the cryptocurrency developers will have more time to improve it and test it in an actual production environment.

    Sharding will enable the Ethereum network to increase its transactional throughput. By partitioning the storage and computational workload all throughout the entire P2P network, processes become faster. This is because, with the help of sharding, each node will only be working on specific information related to its corresponding partition, thereby increasing the speed of throughputs.

    And, when each node focuses only on specific information, it will now become so easy to verify a miner’s work. It will become easier and faster to ensure that the consensus has been followed. However, since the Ethereum blockchain is nearing its one terabyte storage, it will become impossible for a regular person to run his own node.

    Sharding will play a huge role in increasing the efficiency of the entire Ethereum network. Since it divides the transaction verification workload among nodes, it will now become easier for the Ethereum blockchain to implement parallel processing. The result would be a significant increase in the Ethereum network’s overall capacity.

    Now by adding sharding and the proof of stake techniques into the mix, Ethereum is expected to operate way faster than Bitcoin. And this is such a good thing to know, especially if you’re among those people who invest in Ethereum through Bitcoin Motion. All the information that each shard holds can still be shared with other nodes.

    In turn, the ledger becomes decentralized while having improved security because everyone will have access to what entities each ledger may contain. These nodes no longer function merely as places of storage of all the information, which was part of the reason for the slowed verification process before. With sharding, the network will no longer be seeing bottlenecks from the slowest participating node, which is to blame for the sluggish verification of transactions.

    These updates that Ethereum has are such good news to anyone looking to invest in this cryptocurrency. However, let us not forget that no matter how good the cryptocurrency is perceived to be, it would not be good enough to be able to eliminate all the risks associated with investing in it. So, see to it that you’ll only invest what you can tolerate losing.

    Cryptocurrencies Ethereum Upgrades of Cryptocurrency
    Share. Facebook Twitter Pinterest LinkedIn Tumblr Email
    Previous ArticleNFT Platform Development: Key Points
    Next Article The Cheapest Cars to Run in The UK
    Editor

      Related Posts

      How to Decide on the Best Payment Method to Use

      June 25, 2025

      Car Financing Advice for the Self-Employed

      June 7, 2025

      Common Misconceptions About Trucking Insurance

      May 13, 2025
      Latest Post

      Rethinking the Modern Meeting Room

      July 1, 2025

      Making Sense of Your Overtime Pay on Pay Stubs

      June 25, 2025

      How to Decide on the Best Payment Method to Use

      June 25, 2025

      Understand the Importance of Hormones With Dr. Rachel Jones’ Hormone Clinic

      June 25, 2025

      Why Convenience Matters to Consumers?

      June 25, 2025

      Online Casino Trends and Features: What Gives the Upper Hand to Crypto Casinos

      June 17, 2025

      Reducing Stress for Better Health and Well-being

      June 16, 2025

      Where to Spend Your Upcoming Vacation: The 2025 Hot List of Cities to Visit

      June 16, 2025

      The Ultimate Guide to Branding in 2025

      June 12, 2025

      Mentorship: 3 Tips on How to Do It Right

      June 10, 2025
      About
      About

      Welcome to The Business Time – UK’s Leading Business Magazine. We are a UK-based business magazine that covers all trending and relevant business stories around UK.

      Facebook X (Twitter) LinkedIn
      Latest Post

      Rethinking the Modern Meeting Room

      July 1, 2025

      Making Sense of Your Overtime Pay on Pay Stubs

      June 25, 2025

      How to Decide on the Best Payment Method to Use

      June 25, 2025
      Quick Links
      • London
      • Business
      • Finance
      • Marketing
      • Technology
        • Auto
      • Education
      • Entertainment
      • Lifestyle
        • Travel
        • Food
      © 2025 The Business Time.
      • About Us
      • Privacy Policy
      • Write for us
      • Contact us

      Type above and press Enter to search. Press Esc to cancel.

      We use cookies on our website to give you the most relevant experience by remembering your preferences and repeat visits. By clicking “Accept”, you consent to the use of ALL the cookies.
      Cookie settingsACCEPT
      Manage consent

      Privacy Overview

      This website uses cookies to improve your experience while you navigate through the website. Out of these, the cookies that are categorized as necessary are stored on your browser as they are essential for the working of basic functionalities of the website. We also use third-party cookies that help us analyze and understand how you use this website. These cookies will be stored in your browser only with your consent. You also have the option to opt-out of these cookies. But opting out of some of these cookies may affect your browsing experience.
      Necessary
      Always Enabled
      Necessary cookies are absolutely essential for the website to function properly. These cookies ensure basic functionalities and security features of the website, anonymously.
      CookieDurationDescription
      cookielawinfo-checbox-analytics11 monthsThis cookie is set by GDPR Cookie Consent plugin. The cookie is used to store the user consent for the cookies in the category "Analytics".
      cookielawinfo-checbox-functional11 monthsThe cookie is set by GDPR cookie consent to record the user consent for the cookies in the category "Functional".
      cookielawinfo-checbox-others11 monthsThis cookie is set by GDPR Cookie Consent plugin. The cookie is used to store the user consent for the cookies in the category "Other.
      cookielawinfo-checkbox-necessary11 monthsThis cookie is set by GDPR Cookie Consent plugin. The cookies is used to store the user consent for the cookies in the category "Necessary".
      cookielawinfo-checkbox-performance11 monthsThis cookie is set by GDPR Cookie Consent plugin. The cookie is used to store the user consent for the cookies in the category "Performance".
      viewed_cookie_policy11 monthsThe cookie is set by the GDPR Cookie Consent plugin and is used to store whether or not user has consented to the use of cookies. It does not store any personal data.
      Functional
      Functional cookies help to perform certain functionalities like sharing the content of the website on social media platforms, collect feedbacks, and other third-party features.
      Performance
      Performance cookies are used to understand and analyze the key performance indexes of the website which helps in delivering a better user experience for the visitors.
      Analytics
      Analytical cookies are used to understand how visitors interact with the website. These cookies help provide information on metrics the number of visitors, bounce rate, traffic source, etc.
      Advertisement
      Advertisement cookies are used to provide visitors with relevant ads and marketing campaigns. These cookies track visitors across websites and collect information to provide customized ads.
      Others
      Other uncategorized cookies are those that are being analyzed and have not been classified into a category as yet.
      SAVE & ACCEPT
      https://thebusinesstime.co.uk/wp-content/cache/breeze-minification/js/breeze_2cbc0bded7ad31701db2d10684d00c8f3ca4f057eae1881978f8d66d1a8c6ae439d60213b645297a36ca792350523d0f4f7a997a7fd50a2239b8691ee0ea74c8.js
      https://thebusinesstime.co.uk/wp-content/cache/breeze-minification/js/breeze_8248e7841862fa0d2de8dc18a21907f6b387d36fd7359f282382ccd5837c5a35281e12be1000ddff6bd54b47af35ee2344e941e51bbdd1a4f0b0004b66aa294c.js
      https://thebusinesstime.co.uk/wp-content/cache/breeze-minification/js/breeze_b3445612f00e6a6f84a3fd3d59376d1b7fbb3031627415114f052e3d637eab6145cdc63e947e68492ca77d5d6d8e3bcc0827d269223f005b3fe1405e978f9ce0.js
      https://thebusinesstime.co.uk/wp-content/cache/breeze-minification/js/breeze_22c361e44dde632dedaff2625f6631e2fb02ba3b6487097b48baa09f02cd81fd381ebb7d053f525e52e56655b1f8e2b89ddcc0a002e1b0c35c0a6920823641d7.js
      https://thebusinesstime.co.uk/wp-content/cache/breeze-minification/js/breeze_4cf9cbd697a626e664443cdb20fad0eee1226995f637cf6e88715f76459de99fee684a9363324f9362be0f439c317e1cfdb7b0eaae09046b3dac3d8a48e600a5.js
      https://thebusinesstime.co.uk/wp-content/cache/breeze-minification/js/breeze_ff091473f5de3037237c4a75a04fd03026c362a8690e43f9e8b4faa4b16c088ab9f42983965adde4c4a08c1a3de1c2b68b006824fb1cf8697a637f80adfe9305.js
      https://thebusinesstime.co.uk/wp-content/cache/breeze-minification/js/breeze_74120ddd3be549e5ab35c7d4b17d5b655b4e063d4720fbbfc400eb981775bc8c26eb61945936b581aaa07668da9fff1ae9a88b18307b51b00df0a7eafe456a95.js