Ethereum 2.0 is the name given to the update on the main net to improve the transfer performance of the Ethereum (ETH) blockchain network and the ERC20 tokens on the blockchain network, to ensure wide acceptance and to increase security. In this post, we will find out more about it and also look at some of the best memecoins. Let’s get started.
Ethereum 2.0 And The Best Memcoins: All You Need To Know
Why was Ethereum 2.0 developed?
One of the most important problems in the 1.0 system, which is the first version of the Ethereum network, was the problem of scaling. With Ethereum 1.0, 15 transactions per second can be made, which causes transfers to take too long and transaction fees to increase. The recent increase in shipping fees has been met with reactions from many users. In August 2020, shipping charges had increased to about $12.
With the transition to Ethereum 2.0, transactions per second will reach 100,000. This increase will have a positive impact on transfer speeds and transfer fees.
The most important change between the Ethereum 1.0 version and the Ethereum 2.0 version is the transition from the Ethereum 1.0 Proof of Work consensus algorithm to the Proof of Stake algorithm.
What is the Difference Between Proof of Work and Proof of Stake?
In the Proof of Work system, miners solve their mixed transactions with computers or the devices they use for the solution of transfer transactions. It causes high processing power, labor and high energy consumption. The miner who successfully completes this complex operation receives a reward.
In the Proof of Stake system, miners trade the amount of Ethereum they own and earn a reward at that rate. In this system, miners are given as much work as they have, and energy, labor and time are saved. Only the owner is responsible for the amount of Ethereum.
Another advantage of the Proof of Stake system is security. It is more resistant to attacks because the balance and transactions are scattered against 51% of attacks that can be made to crypto money networks.
What will the transition to Ethereum 2.0 be like?
The transition to Ethereum 2.0 will not happen overnight. The process will continue through 3 main processes. It started on 1 December 2020.
In the first stage, transactions will continue over 2 different networks and will continue in parallel with the miners working in the Proof of Work system. In this way, the continuity of the transaction will not be damaged (which can be carried out on platforms like news spy).
In the second phase, Proof of Stake miners will begin to take over transactions. However, accounts and smart contracts will not be included in this transfer process.
In the third stage, the transition will be completed by starting to make accounts and smart contracts over Proof of Stake.
This transition process and 3 phases are aimed to be completed in 2022.
With the complete transition to Ethereum 2.0 version, it will be a revolution for both Ethereum and other cryptocurrencies traded on the Ethereum blockchain network ERC-20 network.
Most Popular Meme Coins and Tokens
Dogecoin (DOGE), Shibu Inu (SHIB), and Safemoon (SAFEMOON) are known as the three most popular coins and tokens. More than 90 meme tokens are available in the current market. These projects are briefly mentioned below.
Dogecoin (DOGE) was created by the developers of Jackson Palmer and Billy Markus. This project, which started as a meme, has shown a significant increase in value with the support of Elon Musk in 2019.
The dog-themed crypto has seen its value soar in recent months, reaching a market cap of $9 billion in January 2021. Elon Musk is currently working with Doge developers to develop the Dogecoin platform, optimize it as a means of payment for goods and services, and reduce its carbon footprint. It is based on the meme of a Japanese dog named Shiba Inu. It is considered the most successful meme coin ever.
Shibu Inu (SHIB)
The Shibu Inu (SHIB) was launched in April of 2021 as a “decentralized self-community experiment” and quickly increased its level in early May, gaining over 2,000,000% in value.
SHIB has benefited from the popularity of Dogecoin, especially when it appeared on Elon Musk’s Saturday Night Live talk show.
The total supply of Shiba Inu (SHIB) is one quadrillion and is designed to allow users to hold billions or even trillions of tokens. Cryptocurrency analysts have warned, though, that it would need to climb around 12 million percent to reach the $1 target.
SafeMoon (SAFEMOON) has sought to improve the tokenomic model of Dogecoin. Safemoon (SAFEMOON) is capped at 21 million token supply. Safemoon (SAFEMOON) was launched in March 2021. Safemoon is completely community driven. The most unique thing about Safemoon coins is that Safemoon adds a feature to its protocol that reduces the sale of its native tokens.
Unlike Bitcoin, Safemoon has a potentially infinite supply of Dogecoins, making Safemoon an inflationary tokenomic model. To correct the inflationary model state, SafeMoon uses a deflationary tokenomic model. This means that every time a Safemoon transaction occurs, 5% is burned or burned and 5% is redistributed to the remaining token holders. That’s why the total token supply is designed to continually decrease, providing “safe” gains and less inevitability for bubbles.
In the spring of 2021, the token climbed over 1,500% and fell by only 73%. Safemoon (SAFEMOON) had a market cap of $2 billion in June 2021.
MonaCoin (MONA) is based on a meme of a cat-like figure created by an anonymous developer. The MONA token has a maximum supply of 105 million and is certified by Japan’s Financial Service Agency.
HogeFinance (HOGE) has combined yield farming with the theme of memes and hopes to use Ethereum’s DeFi infrastructure.
There are many other cryptocurrency meme tokens not mentioned here. These include Pepe Cash, Loser Coin, Memecoin, Forge Finance and more.
What are the Disadvantages of Meme Coins and Tokens
Meme tokens like Dogecoin can have fun as well as unpleasant aspects. As with any coin project, meme tokens have some disadvantages, these are:
- Many meme coins have no real purpose.
- Unlike cryptocurrencies with no end like Bitcoin, some meme coins have unlimited resources. This will have a significant impact on their long-term value.
- Since most of these tokens are “joke-based” they tend to be highly volatile.
- These coins are released quickly which means there is a tendency to lose money in the long run.
It would be advantageous to consider these downsides before deciding to invest in these cryptocurrencies.
As a separate example, a regulator in Thailand ordered the removal of meme tokens from exchanges in June 2021, as well as NFT and fan tokens.
Another downside is that they run the risk of “rug pulls” where developers hold lots of coins and have people buy them, then discard their coins. This causes the market to plummet as developers run off with their loot. Veteran investor Mark Cuban fell victim to this. One way to reduce the risk of “rug pull” is to only buy coins and tokens that have been vetted, audited or have some form of trusted third-party oversight.
What is the future of Meme Coins and Tokens?
Relying on crypto influencers to raise the value of the next meme coins should be seen as a weak attempt. But the ultimate success of individual meme coins and tokens depends on the strength of their community, and influencers can contribute too.
Also, platforms like Meme.com are a new marketplace where users can compare meme cryptocurrencies and print their own “memetic tokens” whose value is based on the value of the trends or memes they represent.
The Popularity of Meme Coins and Tokens in 2022
The rise of meme coins in the crypto space is seen as a unique uptrend. Especially in 2022, it has been a matter of curiosity due to the increase in popularity of meme coins. In 2022, the cryptocurrency market is overflowing with meme coins.
Some cool crypto quotes
Cryptocurrency currencies take the concept of money, and they take it native into computers, where everything is settled with computers and doesn’t require external institutions or trusted third parties to validate things. – Naval Ravikant
The regulator banned cryptocurrency… then there was an order from the Supreme Court. So, in the absence of any strong law, it was very important for us to come out with a comprehensive law-one for the private digital currency and second for the government for its digital form of currency, or the virtual currency. – Anurag Thakur
Bitcoin is here to stay. There would be a hacker uproar to anyone who attempted to take credit for the patent of cryptocurrency. And I wouldn’t want to be on the receiving end of hacker fury. – Adam Draper
I am very excited about the prospect of using cryptocurrency, not just as a money equivalent, but using it as a way to earn something as a result of doing some type of work. – William Mougayar