If you look at the ranking of the best crypto assets, you will see Ethereum coming second after Bitcoin. Indeed, Ethereum is the second-best crypto project traded on all crypto platforms and has the second-highest price and market capitalisation.
As of November 2022, the ETH USDT pair is traded at $1530, with a daily trade volume of over $23 billion and a market cap exceeding $187 billion.
The project was initially built on the Proof-of-Work consensus protocol, which means that receiving every new block in the Ethereum blockchain requires mining capacity, energy consumption and expensive equipment. Recently, at the beginning of autumn 2022, the Ethereum network switched to the Proof-of-Stake consensus protocol, which brought a lot of benefits to the project. Now that we have found out what is ETH and the mechanism of its work, we may discuss the benefits of the Ethereum blockchain transition to PoS.
Advantages of the New Ethereum Blockchain
Here are the main positive effects of the Ethereum blockchain merge:
- Energy consumption is reduced by 99.992
- Transactions in the Ethereum network are much cheaper
- No need for mining equipment, so there are no additional expenses for its maintenance
- Much bigger throughput
- Possibility to stake ETH.
So we can say this Ethereum merge has brought many benefits to the network and is possibly the reason why its price will increase in the future.
Where Can I Buy and Stake Ethereum?
The WhiteBIT platform is a young but credible service that operates officially and complies with all the requirements concerning AML and KYC. The exchange offers a wide range of trading and taking tools and over 400 crypto pairs including pairs with ETH. Staking is divided into different plans varying by timeframes and crypto assets locked. You can find out more about those plans on the official website of the exchange and on the WhiteBIT blog.