What is Ethereum 2.0?
Ethereum 2.0, sometimes referred to as Eth2 or Serenity, is the next major upgrade of the Ethereum network.
Ethereum 2.0 is designed to make the network more secure, efficient, and scalable. It was first proposed in 2015 and is expected to launch sometime in 2021 or 2022.
{getToc} $title={Table of Contents}
Proof of Stake (PoS)
Ethereum 2.0 is built on a new consensus algorithm called Proof of Stake (PoS). PoS is different from the current consensus algorithm, Proof of Work (PoW), which is used by Bitcoin and most other cryptocurrencies. PoW requires miners to use specialized hardware to solve complex mathematical equations. This process is resource-intensive, and it can take a long time to confirm transactions. PoS, on the other hand, requires users to “stake” their Ether (ETH) coins in order to validate transactions. This eliminates the need for specialized hardware and makes the process much faster.
Sharding
Ethereum 2.0 also introduces a new type of blockchain called sharding, which is designed to improve transaction throughput. With sharding, the Ethereum network is split into multiple shards, which are then independently validated by “validators.” This makes it possible to process more transactions in parallel, leading to higher transaction throughput and lower transaction fees.
Ethereum Virtual Machine (EVM)
Finally, Ethereum 2.0 also introduces a new virtual machine, the Ethereum Virtual Machine (EVM). The EVM is designed to make it easier for developers to build decentralized applications (dApps) on the Ethereum network. It provides a simpler and more efficient way to write code, which allows developers to quickly deploy their applications without worrying about the underlying complexity of the blockchain.
Ethereum 2.0 in Future
Overall, Ethereum 2.0 is a major upgrade to the Ethereum network. It will make the network more secure, efficient, and scalable, while also making it easier for developers to build dApps. The launch of Ethereum 2.0 is expected to be a major milestone in the history of blockchain technology, and it will likely have a major impact on the future of the cryptocurrency industry.