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Launched! Coinbase Support For The Update of ETH 2.0

Launched! Coinbase Support For The Update of  ETH 2.0

As per Monday's announcement. Users can then exchange their coins and reap rewards without having to run their nodes. Ethereum is booming, and now the so-called "world decentralized computer" has overtaken Bitcoin in terms of overall nodes, new data has shown.

The move comes as Ethereum 2.0's "beacon chain" launches today, Dec. 1, marking the first phase of a multi-year move to a test of the stake protocol. 

The above is moving away from current work design proof from Ethereum and will see quicker transfers, lower charges, improved scalability, and better compensation for all network stakeholders.

Coinbase said customers can convert ETH in their coinbase accounts to ETH 2.0 and gain rewards. 

However while all staked ETH 2.0 tokens would remain locked in the beacon chain, Coinbase will allow trading between ETH2, ETH, and all other supported currencies to provide liquidity to our customers.  

"We will launch the above features to customers in eligible jurisdictions from the beginning of 2021. We're going to communicate more details about the launch of each feature," said Coinbase.”

A frenzy of dual assets

The cryptographical researcher "Hasu" noted that introducing the staking rewards for Coinbase would create a double asset system where the original ETH would be locked to maintain the network, with a derivative that would allow for trade and investment lockup. 

However, Vitalik Buterin, Ethereum founder, pointed out that these derivatives were specific for several service providers (such as individual exchanges, wallets, or staking services).

"Two assets will not exist. N+1 assets will be available: ETH (on the eth1 chain or self-stacked) and N stake derivatives of the third parties from all the various suppliers," said Buterin.

vitalik eth 2.0

Grown Multifold

Over the past week, the Ethereum network has multiplied in terms of total nodes, even eclipsing those of Bitcoin. 

As reported yesterday by CryptoSlate, more than 11,000 Ethereum nodes run by validators around the world compared to 10,981 BTC nodes. 

A sharp surge in the former nodes occurred last month, as interest in the network, increased significantly.

The rapid development of the Ethereum network has now catapulted it to the largest blockchain network, even though it was developed about six years after bitcoin. 

This can be attributed to a wide variety of Ethereum instances, applications, or products compared to Bitcoin, which saw less use as a technical network and more as a digital asset.

Ethereum has traded in the press at $603 and since Monday it has fallen 1%. Data from Bitfly, an Ethereum-based node service, and technology company has shown that more than 11137 active tweet nodes are now available on the Ethereum network. 

On the other hand, Bitcoin has 10981 active nodes. Nodes are the foundation of every blockchain framework.

The data of the blockchain is stored and can be run on either commercial servers or the average user computer. The data is therefore stored, disseminated, and conserved through the network, with nodes containing a full copy of the blockchain transaction history called "complete nodes." 

All blockchain nodes are linked, and are constantly shared to maintain the network "updated."    

The rapid development of the Ethereum network has now been catapulted to the largest blockchain network, even though it was founded about six years after Bitcoin. 

This is attributable to a large number of Ethereum applications, instances, and products compared to Bitcoin, which has seen less use as a technology network and more as a digital asset.

Where's the entire bitcoin (nodes)?

As defined by Bitnodes 2.820 nodes as defined in n.a. In the meantime, the US leads in adopting the Bitcoin node, which has more than 1847 nodes in the country (16 percent of the network). 

Germany, the tech player, has 1712 nodes (15 % of the network), and France has 578 nodes below it (5 % of the network).   

Interestingly, China, which controls most of Bitcoin's hashing power, doesn't seem to have any trackable Bitcoin nodes.     

The Ethereum network has seen strong growth over the past week, with more than 2,200 nodes added after 23 November. 

This coincides with the upcoming launch of the ETH 2.0 network, which sees Ethereum shifting from its current proof of work consensus design to a proof of stake mechanism.    

It's going live on Dec. 1, i.e. tomorrow, and it's the first in some different phases. Ethereum would see faster networking, lower fees, and more scalability Once ETH 2.0 has rolled out a move that could take years to complete in its entirety (the various phases will be continually deployed).

Ethereum and Bitcoin investments are very different

On 1 December, the Network Native token for Ethereum 2.0, launched the long-anticipated arrival of Phase 0 of the upgrade (ETH). However, analysts say that ethereum should be judged on its own merits instead of as a substitute for bitcoin.

"I've always thought that this digital asset space is huge – and not just bitcoin – because there's going to be different applications for different things," said Raoul Pal, CEO, and co-founder of Real Vision's financial media group, Real Vision's documentary "Ethereum – An Investigation," released on Nov. 30. 

"I think the two [bitcoin and ether] have a very nice combined asset allocation."    

The reason now appears to be even more plausible for an early Bitcoin investor: As Bitcoin's price hits the new all-time high, market capitalization's Number One cryptocurrency is now more expensive – and thus a risky bet for new investors' potential. 

Investors can be expected to find a new crypto opportunity at affordable prices. Since Ether trades around 59% under its $1,432,88 ever-present high, it is tempting to believe that there is a deal ahead of it. 

The Ethereum 2.0 upgrade has also generated a great deal of hype to increase network scalability, security, and energy efficiency.    

However, analysts and traders speaking with CoinDesk do not believe that Ether will replace FOMO with Bitcoin at least for now. 

Ryan Watkins, the senior Messari research analyst, told CoinDesk, "For institutional investors, they buy BTC for digital gold storytelling." "This conversation is just not yet with ETH."

Yulina Firmansyah
Yulina Firmansyah Hi, I am a wife who really loves crypto and blockchain technology, I am a writer for this blog.

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