It’ll bring the power of the internet to the hands of users, moving away from platforms that lock you in like Facebook , YouTube, and Amazon. In its quest to do so, it’s upgrading the entire network toward Ethereum 2.0 (ETH2).
The upgrade will allow for virtually unlimited scalability, increased decentralization and security, and result in a transition from Proof-of-Work (PoW) consensus to Proof-of-Stake ( PoS ).
Today, Ethereum developers working on the ETH2 upgrade are going to hold an event to discuss progress on its road map.
Phase 0 will include the launch of the Beacon Chain, which acts as the foundation for the rest of the network. Users can then begin staking their ETH to verify transactions on the network and earn rewards.
In effect, this will remove tens of millions of ETH from circulating supply, creating a supply shock in the market. When we look back in time, whether it be in oil or food , supply shocks this large typically result in higher prices.