Ethereum’s Shadow Fork

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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