Excited about Ethereum 2.0 yet?🎉🥳
It's been long in the making, but the future of Eth2(Ethereum 2.0) comes closer to being a reality everyday.
In short, it will bring to the network
- 🌐Scalability upgrades
- 🔒Security upgrades
- 🗣️Proof of Work -> Proof of Stake
If you want to learn more about this long-planned upgrade, then follow along!
What is Ethereum 2.0?
Ethereum 2.0 (Eth2 or 'Serenity') is an upgrade to the blockchain network that Ethereum lives on.
It enhances
- 💨speed of transactions
- ⚖️efficiency of the nodes
- 💪scalability of the network
What are the phases involved?
Eth2 has several phases.
Phase 0
🚀The first phase(2020) included the launch of the 'Beacon Chain', which introduced native staking to the blockchain, paving the way for incorporating Proof-of-Stake to the Mainnet.
Phase 1
🫂The second phase 'The Merge' will merge the Beacon Chain with the Mainnet, and is expected in Q2 2022.
However, the community has the ability to and have in the past delayed this phase, so even as we rear closer to the second quarter this year, who know's could happen.
Phase 2 (Shard Chains)
💎The final phase is called 'Shard Chains' and involves separating the blockchain into 64 shard chains.
The purpose is to delegate the data storage and validation process to multiple blockchains that run in parallel.
☄️This change will spread out operations, which should increase scalability.
Proof-of-stake
Eth2 also signifies a switch to using Proof-of-Stake(PoS) to secure the network.
💦Right now, Ethereum uses energy-intensive Proof-of-Work to verify transactions and reward miners.
👥PoS has users stake(loan) assets to become validators.
The process of deciding which node validates transactions is decided in a kind of lottery.
A few other nodes in the network check that the chosen node correctly validated the transaction, then commit it to the blockchain and give the validator a reward
Validators who have a bigger stake get chosen more often then those with a smaller stake, and thus get a return on their investment faster.
Scalability
Eth2 will see the network processing transactions exponentially faster.
- 🥈Eth1: 30 tx/sec
- 🥇Eth2: 100,000 tx/sec
This upgrade comes from shard chains, which will see multiple blockchains running in parallel, instead of a single blockchain.
Security
🔒Eth2 will require 16,384 validator nodes, which is more than most other PoS networks, making it more decentralized, and thus secure
Eth2: First Stage Release
💡The Beacon Chain went live Dec 1, 2020
Afterward there needed to be 16,384 validators in the network by Nov 24 2021, each one staking 32 ETH.
That's a grand total of 524,288 ETH!!
Future of Ethereum
The future for Eth2.0 looks promising once layer-2 solutions incorporate the upgrade.
🥳Once that happens, the network will be estimated to process 100,000/sec!!
How do you think this will affect adoption?
Thanks for reading.
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This thread was a summary of the contents found in this article:https://decrypt.co/resources/what-is-ethereum-2-0
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