A change in the size or scale to handle the network’s demands. This word is used to refer to a blockchain project’s ability to handle network traffic, future growth, and capacity in its intended application.
Ethereum has been seeing an upward trend, and demand may increase further in anticipation of the upcoming ETH 2.0 update expected in Q3 2020. Ethereum is scheduled to undergo a major change of its consensus mechanism, transitioning from proof-of-work (PoW) to proof-of-stake (PoS). Ethereum has been expecting its scaling to occur for some time, and according to Ethereum’s creator, Vitalik Buterin, it could already be happening. Vitalik Buterin recently tweeted that the Ethereum blockchain network’s “layer 2 strategy has basically succeeded.”
The initial stage of Ethereum 2.0 is set to start in a few months, with many experts arguing that it may be the catalyst for a huge industry bull run. Adam Cochran, a partner at MetaCartel Ventures DAO, released a blog which outlined why he believes Ethereum 2.0 “could prove to be the largest economic shift in society.” So, is Ethereum 2.0 ready for the bull run?
Internet of Things (IoT) is now influencing our day-to-day lives. Today, blockchain has emerged as the probable solution for creating more secure IoT systems. With delegation in place, computation and storage needs can be spread across millions of IoT devices. Thus, the use of blockchain in IoT is benefiting the IoT devices to proficiently scale up. Also, assimilating the blockchain in IoT devices can cut the costs of managing and installing servers for an IoT network.