Ethereum celebrates its sixth anniversary-developers want to update it

On July 30, 2015, the first iteration of Ethereum, later known as “Frontier”, was released.

In the six years since the network’s birth, it has suffered an almost catastrophic early onslaught, suffered a controversial hardball and reached a market capitalisation of $ 278bn-the second-largest bitcoin.

But this sixth anniversary will probably be the last on Ethereum 1.0. It was supposed to be replaced by a faster, wider and more energy-efficient model, Ethereum 2.0, in early 2022. As the network struggles to keep up with its success, the update is becoming increasingly necessary.

Last summer, Defi (short for decentralized financing) practices, which allow people to borrow, borrow and trade cryptocurrency without ever investing it in a third party, exploded after years of overshadowing it. More than $ 60 billion of assets are currently tied to Ethereum-based Defi protocols; last year that number was now below $ 4 billion.

However, this led to problems for the network, which was built to handle about 15 transactions per second. The continued use of smart contracts on the Ethereum blockchain for other protocols—although welcomed-has slowed the network and led to increases in transaction costs.

How Ethereum miners can use and decipher the network
This did not stop the NFS from building a house in Ethereum. This is because tokens (documents related to ownership of blockchain-based digital and/or physical assets) that cannot be exchanged in Ethereum are born. Sunday has fallen sharply this year, more than three years after CryptoKitties, an early form of NFT before the acronym became widespread, crashed the network. According to DappRadar, in the first half of 2021, NFT’s sales were $ 2.5 billion, most of which comes from Ethereum.

Decentralized Autonomous Organizations, or DAOs, are also experiencing a revival. They allow people to participate in making decisions for a protocol, company, or other type of organization using tokens. (Even in decoding, there is now a DAO.) Ironically, 2016 DAO, kN

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