Arcane Bear: Why I Am Looking Forward To Eth2

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Arcane Bear: Why I Am Looking Forward To Eth2
Make-someones-day / Pixabay

Ethereum and other Layer One protocols are powerful. They have that allure of blockchain beyond the monetary rewards, because they reward the community for its participation in the building of the ecosystem, and they also represent freedom of choice.

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The Launch Of Eth2

The Eth2 rollout, which is still underway, has been planned for a while now. Not everything will be immediately affected, as the process is more akin to a migration than a launch. Therefore, the launch of Ethereum 2 is anticlimactic, because of the migration process that needs to take place.

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We're now moving from this layer one Ethereum virtual machine, where we pay debilitating gas fees on every single contract, to a model where we lower transaction and smart contract costs. By lowering smart contract costs, we might be able to add new layers of security for technologies, such as cryptographic digital identity.

So, while Ethereum 2.0 might not be so exciting today, the roadmap lays out a path to scalability and a transition to mass adoption. 100,000 transactions per second is one of the key goals. We saw VISA come out talking about using USDC, which is running an ERC20 token on Ethereum, as part of one of their crypto rewards cards.

So, as Eth2 scales to 100,000 transactions per second, USDC can potentially provide that rail for VISA. In such an arrangement, tokenization has become user friendly. The consumer need not know they’re even using it.

Managing Art Ownership And NFTs

Eth2 will also be better positioned than Ethereum to manage art ownership and NFTs, as well as digital stocks. For instance, we could secure Tesla as a security on top of the blockchain and be able to trade it publicly and transparently 24 hours a day.

Bitcoin was exciting in its early days, when anybody could mine. One could take a computer from their garage and, at least in the very early days, mine some bitcoins with CPU. The cypherpunks who were first into Bitcoin believed in open source data and freedom of information, and Eth2 preserves those values, while providing everybody the opportunity to participate in the early days of a community, and be rewarded for doing so. As validators, for instance, we can increase the security and the transaction speed. That participation factor is so underestimated.

I am a part of this digital transformation to voice my opinion on the ethical approach to cryptocurrency. The United States of America was created by roughnecks entrepreneurs who said, “We’re out of here” and built something new. We’re doing that again with crypto.

Article by Arcane Bear


About the Author

Arcane Bear is a digital native at heart. He founded Arcane Bear around the idea of "adventure" capital and conscious capitalism- their mission is to communicate value to the masses. He bought his first Bitcoin at $90 for the ease of utility to move funds around the globe and with such a large gap in general financial education, he formulated a way to make it exciting, entertaining, while remaining calm and collected. His youtube channel has over 29k followers and manages a private educational newsletter and mastermind with over 500 private members. He believes that blockchain and crypto has the capability of lifting up the world's underbanked and underserved and continues to show up to support that mission and vision coming to life.

Twitter: https://twitter.com/thearcanebear

LinkedIn: https://www.linkedin.com/in/tijo-bear-64a7a914a/

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Jacob Wolinsky is the founder of ValueWalk.com, a popular value investing and hedge fund focused investment website. Jacob worked as an equity analyst first at a micro-cap focused private equity firm, followed by a stint at a smid cap focused research shop. Jacob lives with his wife and four kids in Passaic NJ. - Email: jacob(at)valuewalk.com - Twitter username: JacobWolinsky - Full Disclosure: I do not purchase any equities anymore to avoid even the appearance of a conflict of interest and because at times I may receive grey areas of insider information. I have a few existing holdings from years ago, but I have sold off most of the equities and now only purchase mutual funds and some ETFs. I also own a few grams of Gold and Silver

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