Have you heard of Ethereum Pectra Upgrade? Do you understand? I'll try to simplify it if you've tried reading but still don't understand
Imagine Ethereum as a digital highway. On this highway, we can send digital money or even create cool blockchain-based applications. Well, because more and more people use this highway, it becomes congested and the cost of passing through (gas fee) becomes expensive.
This Pectra upgrade is like building a new toll road, widening the existing road, and making the traffic system more efficient. The goal? So that this digital toll road is no longer congested, the cost of passing through becomes cheaper, and everyone can use it smoothly. Well, this upgrade is very important because it will make Ethereum more scalable and easier to use. Just imagine, transactions become faster, gas costs become cheaper, and the crypto experience becomes smoother.
What is Ethereum Pecora Upgrade?
The Ethereum Pecora Upgrade is a major step in the evolution of the Ethereum network. This upgrade aims to improve the scalability, security, and efficiency of the network. In simple terms, it is an upgrade that will make Ethereum faster, more secure, and cheaper to use.
What's New in Pectra?
Account Abstraction: So, if we usually have a lot of trouble managing gas fees for transactions, now the application takes care of everything. So you don't have to wait long for the transaction to complete. The process will be faster and more efficient.
Data Availability Sampling (DAS): This feature allows Ethereum to accommodate more transactions. So, no need to worry anymore if the network is busy. In addition, ETH is known for its expensive gas fees. Well, with this upgrade, transaction fees (gas fees) will be cheaper. So, you can send crypto or use applications on Ethereum without having to spend a lot of money.
Increased Maximum Validator Balance: In short, validators on Ethereum are fewer but stronger. This makes the network more stable and secure. In addition, with increased performance and security, Ethereum will become a more attractive platform for developers. This means that there will be many cool Ethereum-based applications and services emerging in the future.
Why is Pectra Important?
Ethereum is competing closely with other networks like $SOL which is known to be fast and cheap. Well, with Pectra, Ethereum can match and maybe even beat Solana in terms of user experience. So, for those of you who have been playing Ethereum for a long time, you will definitely be very happy with this upgrade. Benefits:
Crypto Users: If you own Ethereum or Ethereum-based tokens, this upgrade will make your assets easier & more convenient to use and potentially increase their value.
Developers: If you’re a developer, Ethereum’s faster and more efficient nature makes it a very attractive platform for building applications.
Everyone: Indirectly, this upgrade will encourage wider adoption of blockchain technology. This means that we will see many new innovations that will have a positive impact on our daily lives.
What Impact Does It Have on ETH Holders?
Well, for those of you who already have ETH, don't worry! This upgrade generally will not have a direct impact on your $ETH token ownership. However, with the increase in network performance, there may be several benefits that you can feel, such as:
Lower transaction fees: One of the main issues with Ethereum is the high transaction fees, especially when the network is busy. With the Pecora Upgrade, transaction fees are expected to be more affordable.
Higher transaction speed: This upgrade will also increase the transaction speed on the Ethereum network, so your transactions can be processed faster.
Security improvements: One of the main focuses of this upgrade is to improve the security of the Ethereum network, so your assets will be more secure.
Will It Impact ETH Price?
This question often arises when there is a major upgrade like this. In general, major upgrades often have a positive impact on the price of a crypto. However, crypto prices are also influenced by many other factors, such as market sentiment, current news, and global economic conditions.
So, while the Pecora Upgrade could have a positive impact on ETH price, there is still no guarantee. It all depends on how the market responds to the upgrade and other external factors.
Solana Has Competition!
So far, Solana has often been mentioned as a tough competitor to Ethereum because it is faster and cheaper. But with Pectra, Ethereum is ready to give a fierce fight. So, the competition in the crypto world will be even more exciting!
In essence, the Pectra Upgrade is a big step for Ethereum. With its new features, Ethereum will become a better and more attractive network for developers and users.
