Ethereum Set for Upgrade
Posted on 04/05/2023
Ethereum (ETH) is holding over US$ 1,900 today as it is on the verge of getting its long anticipated Shanghai upgrade to make it a “proof of stake” network. This will mean that it uses far less energy to use and maintain, and users will be able to make passive income from it. The upgrade is named “Shapella.” This happens as regulators determine how best to manage cryptocurrencies. Chairman of the Commodities and Futures Trading Commission Rostin Behnam called Ethereum a commodity recently, in sharp contrast to the SEC Chairman Gary Gensler who considers it a security and wants approval to regulate it. Behnam said that he and his team at the CFTC “feel strongly that it [is] a commodity asset.”
Ethereum is a decentralized blockchain with smart contract functionality.