Cryptocurrency tokens are all built on blockchain technology. Blockchains are a shared form of an immutable ledger. These ledgers enable tracking assets and recording transactions in any network. There are many blockchain systems in the crypto world, with the first blockchain being created by Bitcoin (BTC). However, newer, better blockchains include R3 Corda, Hyperledger and Ethereum (ETH).
Most new cryptocurrencies and tokens are built on these blockchains. They often favour building on the Ethereum blockchain. Tokens built on the Ethereum blockchain are called “Ethereum request for comment – tokens” or ERC-20 tokens for short. These tokens have all the benefits of the Ethereum blockchain and their added facilities. Examples of ERC-20 tokens include Big Eyes Coin (BIG) and Polygon (MATIC).
What Is the New Step in Ethereum’s Roadmap?
On the fourth of November 2022, Vitalik Buterin, the founder of Ethereum, posted an edited version of Ethereum’s new roadmap. This new version included a new step at number three, the Scourge.
As of yet, Ethereum has only managed to complete the first step. This step was the world-shaking Merge. The Merge saw Ethereum move from the outdated proof-of-work consensus method to the proof-of-stake method. This caused stakeholders to validate transactions instead of solving complicated mathematical equations to build the blockchain.
The Scourge is the third step in this plan. This step aims to include reliable, fair and credibly neutral transactions. Alongside this, Buterin hopes this will solve the MEV issue. MEV (Miner Extractable Value) happens when a miner outperforms other network users by selecting which transactions to include in a block and what order. This makes the blockchain less decentralised, and solving this will improve the decentralisation of the Ethereum blockchain network.
Will This Boost Polygon Even Higher?
Polygon (MATIC) was the first Ethereum layer two scaling solution. A scaling solution runs alongside the main blockchain, so in this instance, Polygon runs alongside Ethereum. This allows for faster transaction speeds and lowers fees.
”Bridging” some of your cryptocurrency to Polygon allows you to access a variety of well-known crypto applications previously restricted to the main Ethereum blockchain.
Due to these additional benefits, Polygon’s native ERC-20 token MATIC is steadily rising in the ranks. If Ethereum’s Scourge is effective, it will boost the levels of decentralisation and enable even fairer transactions. This will add to Polygon’s list of benefits and may boost it higher in the rankings.
Big Eyes Coin May Out-Meme Dogecoin as an ERC-20 Token
Big Eyes Coin (BIG) is a meme coin currently in the sixth stage of its pre-sale. The meme coin has raised a total of $9.64 million so far and is only expected to go up. The native token of Big Eyes Coin is the BIG token. The BIG token is built on the Ethereum blockchain, like the MATIC token is also an ERC-20 token.
If the Scourge goes well, Big Eyes Coin may potentially edge out top meme coin Dogecoin from the number one spot. Unlike Big Eyes Coin, Dogecoin is built on the Bitcoin blockchain. As this is the first blockchain, it is old and outdated. Big Eys Coin is a meme coin that is far more decentralised and may have much faster transaction speeds in the future if the rest of Ethereum’s roadmap is complete, making it a more appealing choice.
Ethereum’s Scourge is fixing the problems caused by the Merge and focusing on creating a much more decentralised blockchain network. ERC-20 tokens like Big Eyes Coin and Polygon will hugely benefit from this extra step.
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Big Eyes Coin (BIG)
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