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Innovation Leads To Success

Cryptocurrency teaches many important lessons for individuals, organizations, and complete industries. One important lesson, is to not stagnate – you must innovate. The same is true for entrepreneurs looking to grab initial market share. At 3CX, with our new additions of French Language Translation Services and 24-Hour End-to-End I.T. Services expands upon our value proposition.

Ethereum Heading For Change

The latest Ethereum upgrade, London, is due to release on August 4, 2021, says developers. The new upgrade, properly known as Ethereum Improvement Protocol 1559, will greatly improve usability of the Ethereum network.

Currently, the network has users bid transaction fee amounts to have their transactions verified by miners. With the new upgrade, transaction fees will be more predictable and lower.

The most interesting part of the upgrade is the addition of a “burn” mechanism that goes along with the transaction fees system. After EIP 1559, some transaction fees will be burned – in other words, permanently removed from the supply. Ethereum has an uncapped supply, with mining rewards going towards proof-of-work mining operators (soon to proof of stake node operators after 2.0). Part of the speculation is that with Ethereum’s gain in usage, more Ethereum will get burned than will be mined – a deflationary token model.

For individuals and businesses looking into crypto, they should know that the 2nd most popular cryptocurrency is improving itself and continues to grow. The upgrade lowers barriers to entry to Ethereum’s smart contract capabilities. With extra cash on the balance, decentralized finance strategies can be used to spread risk and generate returns faster and higher than a normal savings account. NFT’s can be minted for cheaper. When fees are lowered – or eliminated entirely, crypto can open up to far more people.

Ethereum will be getting more upgrades in the near future. The Ethereum 2.0 upgrade is already in process and will likely take at least another year and half. Over $1 billion USD in Ethereum is locked up for the transition process. That will lead to even lower fees and a complete transition away from proof-of-work mining.

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