What is Ethereum 2.0? A complete Guide For Beginners
Ethereum plays a major role in the crypto industry, Ethereum is one of the decentralized platforms and it will be run on the top of the blockchain platform .and it could be constantly improving large and specialized in the smart contract. It also enables smart contract and Decentralized applications (DApps) and it would be built and run without any interference from third parties and not to be controlled by a single governing entity. ERC is referred to as a protocol of the Ethereum blockchain network. In this article we have to see separately about what is Ethereum 2.0?, Difference between Ethereum 1.0 and Ethereum 2.0 and some interesting facts about Ethereum 2.0.
Table of the content:
- What is Ethereum 2.0?
- What is the difference between Ethereum 1.0 and Ethereum 2.0?
- What is the improvement of Ethereum 2.0?
- What are the interesting facts about Ethereum 2.0?
What is Ethereum 2.0?
Eth2 or Serenity is known as ETheruem 2.0 and it is the next upgrade to the Ethereum blockchain. Ethereum 2.0 will be released in multiple phases with Phase 0. Each phase will improve the functionality and performance of Ethereum in different ways. It will make the network faster and more efficient and might also set a new standard for the entire blockchain space. Ethereum 2.0 delivers a fundamental boost to the capacity that it can handle more transactions per second.
Serenity update is dedicated to making Ethereum blockchain more scalable, stable, and beneficial. Not only will lower gas fees contribute to cost-effectiveness but also ETH holders will be able to stake their coins and get rewards.
Ethereum 2.0 is now planned to be rolled out in a three phases
- Phase 0
- Phase 1
- Phase 2
It is the first phase of Ethereum 2.0. Beacon chain will be implemented in it, Beacon chain stores and manages the registry of validators and it will implement the POS - Proof of Stake consensus mechanism for Ethereum 2.0. Ethereum POW - Proof of Work will continue to run along with the new Ethereum POS Chain and it ensures no break in data continuity.
It is the second phase of Ethereum 2.0 and it will likely to roll out in 2021. Shared Chain is the primary improvement of Phase 1 and it is the scalability mechanism in Ethereum Blockchain and it is split into 64 different chains and allows the parallel transaction, processing of information and storing and enable 64 times more throughput than Ethereum 1.0 and able to handle more data compared with Ethereum 1.0.
It is the third phase of Ethereum 2.0 and it will expect to launch 2021 or 2022, it mainly involved in adding ether accounts and also enabling transfers and withdrawals, building execution environments and implementing cross-shared transfers and control calls, So now it's easy for scalable applications to build on the top of Ethereum 2.0. It also brings the Ethereum 1.0 chain into the Ethereum 2.0.
What is the difference between Ethereum 1.0 and Ethereum 2.0?
There are two primary improvements introduced by Ethereum 2.0 that will not exist in Ethereum 1.0
Proof of Stake:
Ethereum 1.0 currently runs on a consensus mechanism and it was called Proof of Work (POW). It relies on computer power(miners) and electricity (work) that helps to build blocks on the blockchain. POS - Proof of stake is an upgraded one and it enables the security, scalability and energy efficiency,
Instead of relying on miners and electricity, Proof of Stake can rely on validators (virtual miners) and it deposits of ether.POS is the most significant change in Ethereum 2.0, it reforms the crypto-economic and provides incentive structure for validating the blockchain. POW is an architecture and it is used for most utilized blockchains which include Bitcoin, Ethereum, Litecoin and more.
It is a scalability mechanism that improves the Ethereum Blockchain, normally a single chain made up of consecutive blocks and it's incredibly secure and makes the information easy to verify. Shared chains is a mechanism through which the Ethereum blockchain is "spilt". Each Shared Chain is like adding another lane to upgrade Ethereum from a single lane road to multiple lanes.
What is the improvement of Ethereum 2.0?
Ethereum 2.0 is to benefit the security of Ethereum mainnet, throughput and scalability. It does not eliminate the transaction records, asset ownership of Ethereum 1.0 chain and data history, we already know that Beacon chain in Phase 0, Beacon chain is the backbone of Ethereum 2.0 it is fully functional with the existing Ethereum 1.0 chain.
What are the interesting facts about Ethereum 2.0?
Ethereum 2.0 makes the network faster and more efficient and also set a new standard for the blockchain space. Proof of stake will be used instead of proof work because of better scalability You can be easily staked ETH and earn passive income and rewards Mining will continue until the final transaction
We hope that now you all are cleared about exactly what is Ethereum 2.0 and difference between Ethereum 1.0 and Etheruem 2.0
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