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<ul class="summary-list"><li><keyword id="11892696" type="UNKNOWN" weightage="60" keywordseo="ethereum" source="Orion">Ethereum</keyword> will move from proof-of-work to proof-of-stake this summer, <keyword id="11893899" type="UNKNOWN" weightage="60" keywordseo="vitalik-buterin" source="Orion">Vitalik Buterin</keyword> has confirmed.</li><li>The <keyword id="12108472" type="UNKNOWN" weightage="60" keywordseo="eth" source="Orion">ETH</keyword> 2.0 'Merge' upgrade promises to cut transaction fees, increase coins 'burned' and improve congestion.</li></ul><a href="https://markets.businessinsider.com/currencies/eth-usd">Ethereum</a> is finally closing in on its shift to proof-of-stake, and changes to gas fees that should give its <keyword id="11892695" type="UNKNOWN" weightage="60" keywordseo="cryptocurrency" source="Orion">cryptocurrency</keyword> a boost, analysts say — even as rival DeFi blockchains chase at its heels.After seven years of R&amp;D, <a href="https://www.businessinsider.com/category/proof-of-stake">proof-of-stake</a> is finally working on ethereum testnets and looking like it's months away from final launch, the network's cofounder Vitalik Buterin <a href="https://www.twitch.tv/ethereumdenver/clip/TriangularDelightfulPoxOptimizePrime-oFGniO86ax558jh5">said</a> at <keyword id="13223811" type="UNKNOWN" weightage="60" keywordseo="ethdenver" source="Orion">ETHDenver</keyword> last month.As well as using less computing power than "proof-of-work", ethereum 2.0 promises to be faster and more secure. It also is expected to lower transaction costs and supply — and that is bullish for ether, its native token, some analysts believe."I expect ethereum's move to proof-of-stake to have a positive impact on price in the long term," GlobalBlock market analyst Marcus Sotiriou told Insider. "This is because it should dramatically reduce the cost of transactions on the ethereum network, which is currently ethereum's main drawback."These costs can soar on the network when it is busy, as users compete for miners to process their transactions. Currently, ethereum is running a<a href="https://markets.businessinsider.com/news/currencies/ethereum-transaction-gas-fees-high-solana-avalanche-cardano-crypto-blockchain-2021-12"> surge-pricing model</a>, and transaction fees are highly volatile as a result. In August, the<a href="https://www.businessinsider.com/ethereum-london-upgrade-explained-profit-from-ether-price-rally-volatility-2021-8"> London hard fork</a> upgrade brought in the key EIP-1559 protocol to make the costs more predictable. EIP-1559 created a minimum <a href="https://ethereum.org/en/developers/docs/gas/">base fee</a> for transactions, calculated by algorithms in response to demand, rather than in an auction.These gas fees are "burned" — sent to a wallet that can't be accessed — meaning the amount of ether in circulation is reduced.Amber Ghadder, founder of DeFi start-up AlianceBlock, believes the next stage of ethereum's development — the <a href="https://ethereum.org/en/upgrades/merge/">merge of its mainnet</a> with the Beacon Chain proof-of-stake system — will create more burn. "Since EIP-1559 was implemented, we've already seen a few weeks of deflationary supply since November, which didn't have a marked effect on pricing," she told Insider. "But the Merge, which will drop the issuance of ETH by 2 ETH per block, added to the burn should put decent downward pressure on supply."The move to proof-of-stake should also reduce congestion, another reason analysts are bullish."Number of transactions is highly correlated to gas prices. If we expect gas prices to fall, we can expect to see a pump in smaller-size transactions, increasing network utility and driving prices higher," Ghadder said.But in the short term, Ghadder doesn't see any immediate increase in ethereum's capacity from the shift, so its direct effect on gas prices could be muted."We can expect the launch of ETH 2.0 to be short-term neutral and long-term bullish," she said.In the proof-of-work system, high-powered computers compete to solve puzzles to create new coins. With proof-of-stake, people put forward their holdings as a down payment, which enables them to mine coins. Up-and-coming rivals to ethereum like <a href="https://markets.businessinsider.com/currencies/sol-usd">solana</a> and avalanche are built on proof-of-stake mechanisms. While solana's sol rose 589% and avalanche's avax gained 202% in the last year, ethereum is up 73%, according to <a href="https://www.coingecko.com/en/coins/ethereum">CoinGecko data</a>.Ethereum is dominant in DeFi, or decentralized finance, which uses the network to build <keyword id="11893898" type="UNKNOWN" weightage="60" keywordseo="crypto" source="Orion">crypto</keyword> applications for financial services.But it has lost <a href="https://markets.businessinsider.com/news/currencies/ethereum-upgrade-dominance-defi-market-share-rivals-eth2-sharding-jpmorgan-2022-1">DeFi market share to competitors rapidly</a>, JPMorgan analysts have said, going from almost 100% at the outset of 2021 to a 70% a year later."Ethereum is trying to address scalability and high-cost concerns with this upgrade," Ed Moya, senior market analyst at Oanda, told Insider. "It is still winning the race as the top smart contract <keyword id="11902216" type="UNKNOWN" weightage="60" keywordseo="blockchain" source="Orion">blockchain</keyword>, but the competition is growing."

Ethereum's ETH 2.0 shift to proof-of-stake is just months from launch, and analysts are bullish about the update. Here's why.

<ul class="summary-list"><li><keyword id="11893899" type="UNKNOWN" weightage="60" keywordseo="vitalik-buterin" source="Orion">Vitalik Buterin</keyword> called Canada's move to freeze protesting truckers' bank accounts "dangerous."</li><li>Decentralized technology helps people retain access to their money, Buterin said.</li></ul><keyword id="11892696" type="UNKNOWN" weightage="60" keywordseo="ethereum" source="Orion">Ethereum</keyword> cofounder Vitalik Buterin criticized Canada's <a href="https://news.yahoo.com/canada-targets-crypto-donations-via-085919112.html">invocation of its emergency act</a> to prevent protesting truckers from accessing all types of funds, saying such a move points to the greater need for decentralized systems like <keyword id="11895317" type="UNKNOWN" weightage="60" keywordseo="cryptocurrencies" source="Orion">cryptocurrencies</keyword>.He acknowledged that the disruption caused by Canadian trucker protests is unlawful, but said it shouldn't have been met with such a restrictive move that made them lose access to funds."If the truckers are blocking the roads and that's breaking the economy, fine, blocking the roads is illegal and there are laws against that," he told <a href="https://www.coindesk.com/policy/2022/02/19/vitalik-buterin-calls-canadas-use-of-banks-to-stifle-protestors-dangerous/">CoinDesk</a> in an interview over the weekend at the <keyword id="13223811" type="UNKNOWN" weightage="60" keywordseo="ethdenver" source="Orion">ETHDenver</keyword> conference.Canadian Prime Minister <keyword id="11944708" type="UNKNOWN" weightage="60" keywordseo="justin-trudeau" source="Orion">Justin Trudeau</keyword> <a href="https://www.businessinsider.com/justin-trudeau-invokes-national-emergency-powers-trucker-protests-canada-2022-2">declared a national emergency</a> last week following protests against the country's mandate that requires cross-border truck drivers to be vaccinated. The uprising has caused significant gridlock and disruptions in the city of Ottawa and other areas.The government then began using emergency powers to prevent protesters from accessing Canada's banking and financial system.Canada's deputy prime minister, Chrystia Freeland, said Thursday that banks have <a href="https://www.cbc.ca/news/politics/ottawa-protests-frozen-bank-accounts-1.6355396">quickly moved to freeze the bank accounts</a> of those involved in the protests without a court order or fear of civil liability. Digital-asset contributions and cryptocurrencies were also <a href="https://news.bitcoin.com/trudeau-invokes-emergencies-act-end-freedom-convoy-protests-canadas-terrorist-financing-rules-crypto/">covered</a> under this law."If the government is not willing to follow the laws ... [and] give people a chance to defend themselves...and they just want to talk to the banks and basically cut out people's financial livelihoods without due process, that is an example of the sort of thing that decentralized technology is there to make more difficult," Buterin said.His comments indicated that cutting out middlemen wouldn't be a rebellious move, but would actually increase efficiency."It's not about being lawless. In some ways, it's about bringing rule of law back," Buterin said. Governments and law enforcement can still pursue targets and go after them as they always have without having to employ such scare tactics, he suggested. "This concept of going after intermediaries and using intermediaries to bypass all that, it's dangerous," he added. "Having decentralized alternatives to an intermediary is a good way to limit the damage."<keyword id="11893898" type="UNKNOWN" weightage="60" keywordseo="crypto" source="Orion">Crypto</keyword> fans of the protest <a href="https://markets.businessinsider.com/news/currencies/canadian-trucker-protest-raises-900000-bitcoin-musk-praise-gofundme-block-2022-2">raised more than $900,000</a> in bitcoin last week after donations via GoFundMe were blocked. But the government <a href="https://www.coindesk.com/policy/2022/02/16/canada-sanctions-34-crypto-wallets-tied-to-trucker-freedom-convoy/">blacklisted</a> a number of addresses associated with crypto donations. It's still unclear to what extent crypto funds have been affected since wallets are controlled by private key owners.Read more: <a href="https://www.businessinsider.com/bitcoin-price-prediction-ai-platform-founder-btc-eth-2022-2?r=US&amp;IR=T" target="_blank" rel="noopener noreferrer">A former hedge-fund trader's AI platform predicts bitcoin returns will crush ethereum by 33% over the next 3 months. He explains how users of the service are beating the average stock-market investor by 18%</a>.

Ethereum cofounder Vitalik Buterin slams Canada's efforts to block protesting truckers from accessing their bank accounts and crypto funds

<ul class="summary-list"><li>Vitalik Buterin said Saturday many people in <keyword id="11893898" type="UNKNOWN" weightage="60" keywordseo="crypto" source="Orion">crypto</keyword> would be happy if digital assets kept falling in price.</li><li>A slump reveals which projects are sustainable in the long term, the <keyword id="11892696" type="UNKNOWN" weightage="60" keywordseo="ethereum" source="Orion">ethereum</keyword> cofounder told Bloomberg.</li></ul><a href="https://markets.businessinsider.com/currencies/eth-usd">Ethereum</a> cofounder Vitalik Buterin has said many crypto developers wouldn't be unhappy to see a continued slide in the price of digital currencies, as the slump could clear out less-viable projects.Cryptocurrencies have fallen in recent weeks alongside stocks, as investors grow more cautious about taking risks given persistent rises in inflation, expected interest-rate hikes by the Federal Reserve, and geopolitical tensions.But the prospect of more losses and a bear market — generally, where prices fall 20% from a recent high — won't deter some in the crypto world, Buterin <a href="https://www.bloomberg.com/news/articles/2022-02-19/ethereum-founder-buterin-says-crypto-welcomes-another-winter">told Bloomberg</a>."The people who are deep into crypto, and especially building things, a lot of them welcome a bear market," he said in an interview published Saturday.Ethereum's native token ether has lost 35% year-to-date, down from $3,722 at the beginning of January to $2,608 at last check Monday, according to CoinMarketCap data. Leading <keyword id="11892695" type="UNKNOWN" weightage="60" keywordseo="cryptocurrency" source="Orion">cryptocurrency</keyword> <a href="https://markets.businessinsider.com/currencies/btc-usd">bitcoin</a> is down 19% in 2022 so far, as the broader market slumps. When crypto prices are rising and in a bull market, that attracts huge amounts of attention and encourages speculative thinking around using crypto in projects, he said.On the other hand, falling prices separate the curious from the serious, he argued. That is why a "crypto winter" — when prices keep crashing and fail to recover for a long time — could be seen as a positive."The winters are the time when a lot of those applications fall away, and you can see which projects are actually long-term sustainable, like both in their models and in their teams and their people," the ethereum cofounder said. NFT marketplace OpenSea is one example of a project that made it through the last crypto winter. It was founded in December 2017, just days before <a href="https://www.businessinsider.com/bitcoin-price-10-year-anniversary-of-cryptocurrency-2018-10">crypto prices crashed</a>. But in January this year, it hit 1 million active wallet users and a valuation of $13 billion for the first time, having managed to hold on through that market trough.Buterin wasn't sure whether the crypto market was already in a new winter of losses, or whether it was just mirroring moves in other assets, as digital currencies draw more mainstream investors."It does feel like the crypto <keyword id="11893875" type="UNKNOWN" weightage="100" keywordseo="markets" source="Orion">markets</keyword> kind of flipped the switch from being this niche group that's controlled by a very niche group of participants and it's fairly disconnected to traditional markets, into something that behaves more and more like it is part of the mainstream financial markets," he said.The losses for cryptocurrencies have come alongside sharp drops for US stocks, and techs in particular, which are suffering from a wave of risk aversion brought on by rising inflation, the prospect of a hit to the economy from expected Federal Reserve interest-rate hikes, and geopolitical tensions around Ukraine. Read more: <a href="https://www.businessinsider.com/investing-strategy-stocks-to-buy-analysis-outlook-volatility-bny-mellon-2022-2?r=US&amp;IR=T" target="_blank" rel="noopener noreferrer">An investment chief for BNY Mellon Wealth Management breaks down why he's expecting stocks to bounce back by 8 to 10% this year despite recent volatility — and shares 3 investing strategies to excel in the current mid-cycle bull market</a>

Ethereum cofounder Vitalik Buterin says crypto builders would welcome a bear market, as it would clear out less viable apps

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Ethereum's ETH 2.0 shift to proof-of-stake is just months from launch, and analysts are bullish about the update. Here's why.

Adam Morgan McCarthy

Ethereum cofounder Vitalik Buterin slams Canada's efforts to block protesting truckers from accessing their bank accounts and crypto funds

Shalini Nagarajan

Ethereum cofounder Vitalik Buterin says crypto builders would welcome a bear market, as it would clear out less viable apps

Adam Morgan McCarthy

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