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The changes made to the Ethereum (ETH) blockchain have been very apparent in the news recently. With Ethereum geared to go green with The Merge and attempting to use less energy, meme coins like Big Eyes Coin (BIG) and Shiba Inu (SHIB) run on the Ethereum blockchain and may also see considerable changes in their future.
What is The Merge?
The “Merge” is an upgrade to how the Ethereum blockchain works and has changed how crypto transactions occur on the blockchain.
Like their fellow crypto giant Bitcoin (BTC), Ethereum (ETH) used to us the original proof-of-work (PoW) method to add blocks to the blockchain. In a blockchain, files are dispersed among a collection of computers known as nodes. The previous block’s hash is included in each new block. Blocks are connected in this way, which also ensures the security of blockchain networks. For this to happen, computers are often used to compete to solve complex puzzles. Those successful can mine the next block of transactions and create new coins and subsequent payouts. However, this model used a lot of energy; the process has used approximately 94 terawatt hours (TWh) in 2022.
Due to all the energy expenditure, Ethereum (ETH) has decided to create and adopt a new model to add blocks to its blockchain, the proof-of-stake (PoS) model. This model relies on validators who own the blockchain-related currency. With proof of stake, a validator is selected randomly depending on how many coins they have locked up in the blockchain network, a process known as staking. Coins serve as collateral, and when a participant, or node, is selected to validate a transaction, they are rewarded. Many validators must confirm that a transaction is accurate with proof of stake. Once enough nodes verify the transaction, it can go through.
How Will This Affect Big Eyes Coin (BIG) And Shiba Inu (SHIB)?
Big Eyes Coin (BIG) and Shiba Inu (SHIB) utilise the Ethereum blockchain, so The Merge will directly affect them. Dogecoin (DOGE) is the meme coin with the highest market cap at $7,824,955,262 and has retained that place for years. However, unlike Big Eyes Coin and Shiba Inu, Dogecoin uses the Bitcoin (BTC) blockchain, which still uses the proof-of-work high, energy-consuming method to mine. Shiba Inu is not far behind in terms of the market cap, so this change may possibly help it take over Dogecoin.
But what will this mean for Big Eyes Coin (BIG)? As Big Eyes is new to the crypto market and currently still in the process of releasing, this may push more people toward the cryptocurrency and cause an even more successful launch. Alongside this, Big Eyes Coin has already differentiated itself from the other meme coins by using a cat as a mascot and a completely different art style: anime. The environmental benefits of the proof-of-stake method by reducing the worldwide energy usage needed to function and blocks also align with Big Eyes Coin’s mission to help save the oceans by putting away 5% of its tokens for ocean-saving charities, further enforcing the cryptocurrencies care for the environment. Both of these factors could end with Big Eyes Coin being a huge success and reaching the likes of the original meme coin Dogecoin (DOGE).
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