The COVID-19 pandemic has brought many users to the cryptocurrency markets. However, the bear market in 2022, coupled with the collapse of several centralized exchanges, exacerbated investor concerns about digital assets.
For example, ethereum (ETH) reached an all-time high of almost $4,810 in November 2021, but its value plummeted to $1,060 after eight months. Despite the fluctuations in bear markets, many investors are considering investing in ETH, citing its stability and long-term growth potential.
Why Ethereum and why is the potential for growth and stability of altcoins important?
Altcoins considered stable with high growth potential are more attractive investments than meme coins with uncertain futures. This is because its value could increase over time, making it profitable for value investors.
Altcoins, whose core is based on innovation, can be attractive to investors because they offer high functionality and use cases.
Ethereum allows developers to build decentralized applications (dApps) using smart contracts, which provide various benefits such as transparency, security, and immutability. These benefits make the blockchain attractive to users and businesses, increasing its potential for growth and stability.
The Ethereum network experienced significant growth following the implementation of the “London Hard Fork” update on August 5, 2021. The update introduced an improved transaction fee mechanism, with users only required to pay a basic transaction fee. Additionally, a portion of the transaction fees is burned, leading to a deflationary effect on the ETH supply. The update initiated the change that saw Ethereum finally switch its consensus mechanism from Proof-of-Work (PoW) to Proof-of-Stake (PoS).
The London Hard Fork was pivotal in Ethereum’s history, as its activation also saw ETH prices rise. The coin rose from around $1,900 to $3,320 weeks after the hard fork. Overall, London Hard Fork has played a crucial role in the growth and development of the network, cementing its position as a leading blockchain platform.
Can NvirWorld grow as big as Ethereum?
Ethereum is a Layer 1 mainnet, just like Bitcoin and Polkadot. However, the main problems are high gas fees and slow transaction processing speeds.
Layer-2s introduced Rollups, bundling hundreds of transactions into one, increasing processing speeds and lowering transaction fees. Arbitrum and Optimism (OP) are popular Layer-2. Arbitrum daily trading outperformed Ethereum for the first time on February 21. As Layer 2 platforms gain attention, will it last? What difference can we expect in the future development of the mainnet?
Solutions like Arbitrum and Optimism are gaining attention as they can improve the scalability and efficiency of the Ethereum network. However, many blockchain projects aim to define layer 3, which promises to offer even more benefits.
NvirWorld is one of them. Their goal is to define their mainnet as Layer 3 by bringing high utilization and commercialization of blockchain technology.
NvirWorld owns several proprietary technologies that show its strong technical capabilities.
One of them is the “Stay-pending” technology patent, which can reduce the cost of transactions. They also have a separate patent that allows cryptocurrency payments and transactions without an internet connection. Therefore, despite being based on decentralization, NvirWorld Mainnet could provide services closer to centralization and can operate without an Internet connection.
This will make it easier for people in rural areas or with poor internet connections to make transactions without the need for a traditional bank account and increase mainnet utilization.
Investors believe that the launch of NvirWorld’s mainnet and its hardware wallet will provide a new level of security for user assets. This will be especially useful during disasters where traditional banking infrastructure and Internet connections are not available.
A combustion mechanism similar to Ethereum, what else to expect?
NVIR, the native currency, will be used to pay for gasoline. Also, the mainnet will adopt the exact recording mechanism used on Ethereum. As the scalability of NvirWorld’s Mainnet increases, this mechanism is expected to become even more useful.
Also, unlike Ethereum, the burning process takes place with a limited amount, which can increase scarcity and the value of NVIR.
In conclusion, the introduction of layer 2 solutions has improved the scalability and efficiency of the Ethereum network. However, developing Layer 3 solutions like the NvirWorld mainnet can bring even more benefits, including reduced costs and improved accessibility, making blockchain technology more accessible.
Also, the ‘recording mechanism’ via Mainnet could increase the NVIR value by a limited amount.
Layer-3 and more to come?
Some investors may be hesitant to invest now as their mainnet launched in the fourth quarter of this year. However, this can also be seen as an opportunity. NvirWorld has already made significant inroads into the altcoin world, and many believe it has the potential to become the industry’s next big player.
Last year, they launched their NFT Marketplace “Nvir Market” and DeFi Platform “N-Hub”. The company also signed an MOU with Solana, a popular Layer 1 blockchain network known for its high-speed, low-cost transactions. Additionally, NvirWorld partnered with ConsenSys, the company behind popular blockchain tools like MetaMask and Infura, to take their software development to the next level.
The launch of its decentralized exchange – INNODEX, this Q1, with a similar interface to centralized exchanges, could attract more traders and investors to its platform. The fact that gas fees are only charged once a day is also seen as a positive development.
Often, high gas fees can discourage users from transacting on the Ethereum network. NvirWorld has also developed a solution to address the current problems of the Play-to-Earn (P2E) model by creating a new game called Sugar Flavor, which is also scheduled to launch in March. On top of that, their betting game will be featured in Europe, Africa, and East and Southeast Asia.
These achievements demonstrate NvirWorld’s commitment to innovation and growth in the altcoin market. While there is still some uncertainty surrounding the Mainnet launch, investors can see potential in NvirWorld’s previous successes and partnerships, making it a promising investment opportunity.
Altcoin investors are looking for projects with infinite growth potential these days as they fear losing assets due to a lack of qualified developers on blockchain projects. Investors continue to buy ETH as Ethereum didn’t stop in 2014 and kept upgrading to provide better service.
As Layer 2 solutions outpace the Layer 1 backbone and continue to emerge, NvirWorld, with its clear roadmap and technology patents, could stand out as it deploys a Layer 3 backbone.
The focus is now on what kind of impact NvirWorld will have when it overtakes Ethereum and becomes the leader of altcoins in the near future.
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