ETH, ETH 2.0, Gas Fees, and NFTs

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Ethereum is a decentralized platform that runs smart contracts. According to Consensys, smart contracts are “applications that run exactly as programmed without any possibility of downtime, censorship, fraud or third-party interference.”

ETH 2.0 is the biggest update to the Ethereum protocol yet and it will offer significant improvements to the Ethereum network’s scalability and security.

The release of a new major version of Ethereum is a big deal, so it’s no surprise that ETH 2.0 has been in development for a while. The main goal behind the design and implementation of this update was to reduce the blockchain’s storage footprint to allow for faster, cheaper transactions.

In order to make the Ethereum network more scalable, Vitalik Buterin and his team plan to split Ethereum into separate blockchains through a process of sharding. This will allow the ETH blockchain to split into multiple blockchains. This should drastically increase efficiency on the Ethereum network.

Why is ETH 2.0’s Scaling Solution Important for NFT Gas Fees?

ETH 2.0’s scaling solution is important for NFT gas fees because it can help solve the problem of high gas fees and make NFTs more viable. As we’ve seen in projects such as Ethereum, enabling faster transactions and simplifying code can decrease the cost of gas and make the system more efficient.

ETH 2.0 is expected to be released this year and it will be an important step towards mainstream adoption of cryptocurrencies as a payment method.