The first mainnet shadow fork for Ethereum went live Monday, signifying a critical achievement for the popular cryptocurrency.
Background: Ethereum’s network follows a proof-of-work (PoW) system, which can be a manual way of verifying a user. The network is now switching to proof-of-stake (PoS), which can be faster and more energy-efficient.
Details: A shadow fork basically is a critical point in this migration where data can now be shared on both chains. Basically, it is huge news for Ethereum developers and traders.
History: Ethereum, the second-largest crypto by market cap, has been pegged by some experts to overtake Bitcoin in 2022. Obviously, that hasn’t happened yet.
Numbers: Despite the shadow fork on Monday, the price of Ethereum fell about 6%. However, most cryptos had a bad Monday as well, which has been attributed to rising interest rates.
Final Thoughts: At this point, Ethereum is still down for the year.
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