New Delhi [India], May 18 (ANI/ATK): A significant change to the Ethereum (ETH) blockchain's operation, and whetherDespite the fact that many of the most exciting innovations in the crypto space (such as the creation of NFTs and smart contracts) originated on the Ethereum (ETH) blockchain, Ethereum (ETH) has faced tough competition from Bitcoin (BTC).
Bitcoin's (BTC) market capitalisation remains nearly twice that of Ethereum (ETH), and many casual investors may keep a close eye on the price of BTC but appear to pay little or no attention to what's going on with ETH.
All of that, however, could change later this year. After a much-anticipated change to its technological infrastructure, ETH may fetch keen interest of crypto investors for holding it in their portfolio.
Additionally, the long-awaited launch of the upcoming liquidity protocol, Calyx Token (CLX), could lead to a major transformation in the way exchange platforms are used, as well as filling its presale holders' pockets.
Why is The Merge so noteworthy for Ethereum (ETH)?The "Merge," which seems promising in the crypto world, is the event that crypto investors are keeping a close eye on. It's the point at which Ethereum's (ETH) consensus mechanism switches from Proof-of-Work to Proof-of-Stake.
It's difficult to put a precise date on this shift - it's now set for early Autumn 2022 - but when it happens, the blockchain will be greatly enhanced. Bitcoin (BTC) still uses the old, archaic (at least by crypto standards) Proof-of-Work model, whereas upstart blockchains use the new, innovative Proof-of-Stake model.
What the average investor needs to know is that switching to Proof-of-Stake will cut the Ethereum (ETH) blockchain's energy consumption by up to 99%. This is significant because Proof-of-Work necessitates mining, which is one of the most energy-intensive activities on the planet.
For instance, crypto miners consume so much electricity that China has outlawed all cryptocurrency mining in the country. Bitcoin (BTC) consumes more electricity than many countries, including Finland, Sweden, and Denmark, according to a New York Times analysis published in late 2021. However, Proof-of-Stake eliminates this system completely.
Crypto mining on the Ethereum (ETH) blockchain will become obsolete once Proof-of-Stake is implemented. Miners are no longer competing to solve complex computational problems in order to verify new transactions on the blockchain with Proof-of-Stake. As a result, sophisticated and expensive mining rigs will no longer be required, drastically lowering electricity consumption.
At the same time, congestion on the Ethereum (ETH) blockchain will vanish overnight, making transaction processing much faster. On the Ethereum (ETH) blockchain, everything you do will become faster, cheaper, and more efficient.
Gas fees may drop too, making Ethereum (ETH) more accessible to the average user. For example, right now, an NFT purchased on the popular OpenSea marketplace would cost between $35 and $40 in gas fees.
Gas fees for the same transaction on a Proof-of-Stake blockchain, on the other hand, could be as low as $0.01. If you buy NFTs on the Ethereum (ETH) blockchain in the future, then the results will be interesting to watch.
Furthermore, Ethereum (ETH) will be in a much better position to compete with Proof-of-Stake blockchains such as Avalanche (AVAX), Solana (SOL), and Polkadot (DOT).
Why is Calyx Token (CLX) causing so much hype?The launch of Calyx Token (CLX) after it finishes its presale has the potential to match the status of The Merge update.
Calyx Token (CLX) is gaining so much traction in the crypto space because of its potential to transform investors' experience with token exchange, according to its White Paper, and could possibly become an option feasible like centralised exchange platforms with its impending Calyx Swap service.
Crypto exchange platforms long hold the reputation of being slow and costly, with the likes of Uniswap being rendered completely useless to investors who don't want to invest upwards of $500.
On the other hand, via interoperability, Calyx Swap will mean that users could immediately receive their swapped tokens at the best possible rate after submitting a swap request. This is made possible by the platform by pooling liquidity from numerous sources.
Calyx Token (CLX) also follows DeFi principles by being fully permissionless, thereby promising maximum security for all of its users. Therefore, anyone can choose to make the decision to boost their earnings by becoming a Liquidity Provider for Calyx (CLX).
Simply contribute an equal amount of tokens in exchange for LP tokens and start earning a percentage on all swap fees.
Long-term outlooks for Ethereum (ETH) and Calyx Token (CLX)At some point, Ethereum (ETH) can give tough competition to The Merge, which will be huge news not only for crypto investors, but also for anyone concerned about Proof-of-Work blockchains' energy consumption.
Because of its lower energy requirements, the new Ethereum (ETH) will not only be faster, cheaper, and more efficient for users, but it will also be greener and more environmentally friendly.
When ordinary investors realise the intricacies of different blockchains that operate in different ways, with significant implications for key factors such as throughput capacity and transaction costs, Ethereum (ETH) will be a tough competitor of Bitcoin (BTC).
Calyx Token (CLX) has the potential to serve at par with centralised exchange platforms such as Binance and Coinbase if it has minimal gas fees, provides an instantaneous swapping service and is totally decentralised. By ridding users of the necessity to register or undergo security checks, the platform will be accessible to everyone, which will naturally increase the demand of CLX.
Enter the Calyx Token (CLX) presale now:This story is provided by ATK. ANI will not be responsible in any way for the content of this article. (ANI/ATK)