According to Bloomberg News, Ether was found to perform better than the known common rival Bitcoin again. In the wake of optimism building up over a software update that was long due, it was found that. The long-sought update that assures to shed the carbon footprints of the most used blockchain is gradually gaining ground and is closer to being fulfilled.
The better performance of Ether
Ether, Ethereum blockchain’s native cryptocurrency, was found rallying by nearly 14% in the past week, and Bitcoin surged 5.9%. Bitcoin dropped by 10%, and Ether was down by 20%.
The performance of Ether is due to the expectation that is building up due to the largest upgrade that is slated to take place in the Ethereum blockchain’s history of eight years. Referred to as the Merge and anticipated to occur within the next few months, the upgrade will change how transactions take place on Ethereum or are ordered, thereby letting the network use up lesser energy and perform more efficiently. The developers had promised the upgrade for many years. The first software test before Merge started on March 15th, and following a few glitches in the initial stages like error messages, it appears to perform smoothly.
Bloomberg News also reports that the new software upgrade will make this digital token more appealing to the investors and make sure that Ether circulating in the market may as well be reduced.
Following the merge, Ethereum will no longer make use of the network’s miners which are powerful servers that help carry our order transactions on the blockchain. Following the upgrade, it will let people put their Ethers into staking special wallets that help order transactions, a system known as Proof of Stake. At least until another software upgrade takes place, which is about six months from now, speakers will not be able to take out their coins.
The Merge was expected to get materialized several months ago but has been deferred, as the developers of Ethereum put in all efforts to ensure that everything runs seamlessly. The Ethereum economy includes $349 million in Ether, with billions of non-fungible tokens and decentralized finance apps.
According to Bloomberg News, the Merge was officially decided upon by the Ethereum Foundation to take place in 2022’s second quarter. Still, of late, it mentioned in a blog the exact timing has not been decided upon as yet, which signals a slight delay.
