Ethereum has been present on the cryptocurrency market for quite some time, and now it’s time to introduce the new method under which the Ethereum will be mined and operated. Ethereum actually began with one idea that is still being realized. Basically, it had levels that it had to achieve and there was time allocated for each desired goal as the thought was to give enough time for each period to prosper naturally and freely.
From the beginning, there were four different levels that Ethereum should go through to reach its final destination and we are currently in the second part and moving to the third which is called the metropolis method.
Here are all four methods:
-Frontier the first method and the one that was launched together with Ethereum.
– Homestead is the second stage, which is also where we are now in this period of time
– Metropolis is the next phase of which we will explain now in the upcoming article in detail
Serenity is the final stage at which point the Ethereum ideals would have been fulfilled.
To better understand the third stage, we have to understand what change is the third stage bringing with itself and here we also have 4 different features that are being introduced for the first time.
Which basically means that senders can guarantee what they are sending without revealing the total amount in their possession.
Proof of Stake early implementation
Proof of stake will be the new method of trading and the new mod of “mining” Ethereum. It’s a form where none of the computing power will be required for computing.
But in fact will reward you an Ethereum for correctly predicting. The market and the possibility of a blockchain containing the Ethereum. However, you can also lose Ethereum if you guess wrong.
Flexibility and robustness of smart contracts
Smart contracts are the name of transactions in Ethereum language. When two people decide to make a trade, the transaction is put in place as a smart contract. If for some reason the transaction gets canceled the smart contract. Still spends gas to put the moved things back in order. This is a waste of resources and the new proposed flexibility. And robustness will fix that and force the program to not spend additional resources to return the initial start and investment of gas at the beginning of smart contracts.
The account abstraction is a move to future proof the security of the Ethereum as quantum computing is on the rise and in some time in the future, it will be able to crack the protection of the keys and digital signatures as its standing in theory now. With account abstraction, Ethereum will give its users another unique signature, or basically a form to customize their wallets and accounts, and nobody can steal that as they would have to know how customized the profile is.
Will this bring Ethereum new positive changes when it comes to its value? Nobody knows, but keep reading our articles as we will definitely post about changes in the near future.