The crypto space has been evolving from being just any reward to one of the payment options in recent times. Many crypto projects have incepted bringing out new characteristics of the crypto space and testing its vulnerability. Mainly in the past 2 years, the space witnessed huge top crypto project upgrades which have now mounted enough confidence over the asset.
The upcoming crypto project upgrades in 2022 like Ethereum Merge, Cardano Vasil hard fork or any Polygon crypto project update are expected to turn the tables for the entire crypto space. No doubt the markets remain marginally impacted, but with the updates, the crypto space is expected to become more reliant, faster, and is heavily secured offering tough competition to the traditional financial world.
Ethereum’s Crypto Project Upgrade: The Merger
Ethereum Merge is considered the most important crypto event in the year 2022 as the world’s most popular blockchain is set to undergo a radical change. The transition from Proof of Work to Proof of Stake is expected to make the chain greener, paving way for optimization. The Merger is pretty crucial for the DeFi & NFT space as it impacts the speed, scalability & fees.
Cardano Crypto Project Upgrade: The Vasil Hard Fork
The major upgrade on the Cardano network is fast approaching which intends to bring significant performance & capability movements to the network and the Plutus Smart Contracts. The upgrade is expected to enhance the network’s capacity and Cardano’s smart contract programming language-Plutus. The upgrade is very important for the network’s dApp developers as it reduces the latency of block transmission & introduces diffusion pipelining.
Monero Crypto Project Upgrade: The Hard Fork
The privacy protocol, Monero underwent a major upgrade which was implemented via a hard fork. The upgrade is intended to impact the transaction speed, upgrade to the bulletproof algorithm, and increase the speed of wallet syncing. The fees will be reduced significantly while improving the overall network security. Also, Multisignature functionality will be improved while adding several security patches.
Polygon Crypto Project Upgrade
Polygon, a Proof-of-Stake protocol and layer-2 scaling on Ethereum Network, intends to increase the transaction speed and reduce costs. Polygon ID is a new identity system being rolled out in recent times which is mainly for scalable & private verification using zk proofs. These are the means to verify data on a blockchain without revealing the data to the other parties. No doubt, Layer-2 intends to scale Ethereum, but Polygon’s zkEVM is launched to change the narrative of Layer-2.
Chilliz Crypto Project Upgrade: Penquin Update
Chilliz network is also set to undergo an upgrade called the Penquin. In a recent upgrade, the Chilliz team hinted at the upcoming testnet, Socville network upgrade. The CHZ price rallied as the Scoville mainnet approached fast. On the other hand, the Chilliz-powered Socios platform has established numerous partnerships in the sports industry.
Collectively, the crypto space is filled with huge opportunities to thrive in the upcoming days that may be ignited with the Ethereum Merge followed by Vasil Hard Fork and many more. The chains are constantly working to enhance the crypto space and make it compatible to the real world applications.