One of the biggest stories in crypto in recent months has been the development and launch of The Merge, which saw blockchain giant Ethereum move from the Proof-of-Work validation system to Proof-of-Stake.
But what does The Merge mean for projects built on the Ethereum blockchain, like Big Eyes Coin and Shiba Inu? In this article, we will look further into The Merge, before assessing what these changes will mean for these ERC-20 projects.
Ethereum Goes Eco In Proof-of-Stake Initiative
The Merge has seen Ethereum shift its network to the Proof-of-Stake validation system. This is the system used to validate transactions made on the Ethereum blockchain and involves computers solving calculations to validate a block of data. With Proof-of-Stake, only machines with a stake in the associated blockchain can participate, with a higher stake meaning a higher chance of receiving the mining reward for validating the block.
This process massively reduces the number of machines used in the validation process, which is beneficial for many reasons. However, for Ethereum, the following two reasons were the main pushes behind the switch.
What Are The Benefits of Proof-of-Stake?
Firstly, Proof-of-Stake can validate transactions far quicker than Proof-of-Work due to using fewer machines, making it crucial for blockchains with large user quantities. Complaints against Ethereum often came from the fact that the network was slow and expensive, due to the number of users and the gas tolls that come from that. Proof-of-Stake reduces this, making the network far more friendly for day-to-day transactions.
Secondly, Proof-of-Stake is far more energy efficient. By limiting the number of machines participating in the system, this system wastes far less electricity in performing calculations, with The Merge reducing the Ethereum network’s energy output by 99.95%.
Big Eyes Coin Gets Ecological With Ethereum Energy Use Reduction
For meme token Big Eyes Coin, one of the primary reasons why they decided to build their project on Ethereum was because of The Merge, due to the reduced energy output previously mentioned.
Big Eyes Coin is a token based around its cat mascot, Big Eyes. As a cat, Big Eyes loves fish, and so cares greatly about protecting them and the oceans surrounding them. As the Big Eyes Coin website states; ‘We are also saving the oceans to save the fish. So we can eat the fish’.
Using a blockchain with a low energy output is crucial to achieving this goal, and with Ethereum’s energy output now down over 99%, the network was a perfect pick for the project. Furthermore, due to being one of the most successful blockchains on the market, Ethereum is known for being incredibly robust, making it ideal for new projects looking for a secure place to begin their venture.
Big Eyes Coin has just concluded its second presale phase, having raised over $3.2 Million so far. Many factors can be to thank for this, such as the project’s ecological message or frequent collaborations with influencers, however regardless of the reasons why it is likely that the project is not finished growing just yet.
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Shiba Inu Set To Receive A Boost Amidst Merge Hype
One of Big Eyes Coins’ biggest opponents in the meme token market is Shiba Inu- a token also built on the Ethereum network. Like Big Eyes Coin, Shiba Inu will also be able to experience the benefits of The Merge.
The meme token frequently dubbed ‘The Dogecoin Killer’ will also receive a boost in transaction speeds and a reduction in transaction costs, making it an enticing investment opportunity for those who believe in Shiba Inu’s possibility to overtake Dogecoin in the meme token arms race. It will also make competition for newer meme tokens like Big Eyes Coin even fiercer.
Which ERC-20 meme token will come out on top? While it is difficult to predict, what is certain is that the future of these two projects is looking bright, with the benefits of The Merge likely to leave interesting results.
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