ETHEREUM 2.0-Explained in an easy way, Beginner’s guide
Recently, I participated in ETH 2.O Hackathon with a professional engineer, he is a person who is doing brilliant in blockchain world of coding, I was privileged to work under his aegis. Which made me write this article about ETHEREUM 2., because I learned it my own way before landing in a Hackathon. Don’t ask me how was ETH 2.0 Hackathon but surely its a sea full of new things.
What is Ethereum 2.0?
Ethereum 2.0 is a long-awaited upgrade to the Ethereum (ETH) network that’s promised most significant improvements when it comes to the functionality and experience of the network as a whole. Reason ETH is so generously loved by traders, miners, coders and more!
Let’s have a noticeable upgrades that will come into picture,
It include a shift to Proof of Stake (PoS), shard chains, and a new blockchain at the core called the beacon chain. All of this and more is expected to be phased in through a carefully planned roadmap. But that’s just the tip of the iceberg.
With Ethereum being one of the most popular cryptocurrencies on the planet, there are important details to what Ethereum 2.0 truly is and how it’ll impact the crypto-verse as a whole.
Introduction Since the release of Ethereum, the development of new technologies in the form of decentralized application (Dapps) and other blockchains has greatly expanded. More importantly, many of these technologies have been built on top of the Ethereum network.
Reason why Ethereum 2.0 comes into picture?
Think of some of the biggest innovations of Decentralized Finance (DeFi) — a significant portion of them are running on top of Ethereum.
- Scalability issues started to emerge.
- As the number of transactions increased on the Ethereum network, so did the cost of performing these transactions (which are paid in Gas).
If Ethereum is supposed to be the platform that ushers in the next generation of the Internet, the economics have to make sense. Otherwise, it becomes impractical to use. That’s where #ethereum 2.0 comes in.
The proposed ETH 2.0 upgrades to the Ethereum network are supposed to address,
- The scalability issue. These improvements will create a contrast to the existing version of Ethereum, all of which will be rolled out through a carefully planned roadmap.
What Is Ethereum 2.0? Ethereum 2.0 aka Eth2 aka “Serenity”?
It is the long-awaited upgrade to the Ethereum network that promises, among other things, to improve the network’s scalability.
Through the implementation of several enhancements, speed, efficiency, and scalability should be improved without sacrificing security and decentralization. This version of Ethereum has always been on the horizon, but it’s taken some years to roll out. The primary reason for this is that scaling a blockchain in a secure and decentralized way is a challenging task.
Thankfully, Ethereum 2.0 aims to solve this issue through the implementation of some very important features. These new features create several key differences between the Ethereum we know and the Ethereum we should expect. Differences Between Ethereum and Ethereum 2.0
The biggest differences between Ethereum and Ethereum 2.0 involve:
- The use of the Proof of Stake (PoS)
- Consensus mechanism
- Shard chains
- The beacon chain.
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