Ethereum 2.0 is coming - Here's what you NEED to know

Ethereum 2.0 is coming - Here's what you NEED to know

Ethereum 2.0 is that it's going to bring a huge onslaught of much needed changes such as proof of stake and scaling to Ethereum.

Ethereum 2.0 (“Serenity”) is an upgrade to the Ethereum Network which improves the speed, efficiency, and scalability of the network. This will take Ethereum to new heights as it will be able to drastically more transactions, alleviating congestion, and high gas costs on the Ethereum network. Upon reaching the final phase of the upgrade, dubbed “phase 2”, Ethereum will meet her goals of becoming a transparent and open network for decentralized applications and finance (DeFi). 

Ethereum 2.0 will involve sharding to drastically increase network bandwidth and reduce gas costs, making it cheaper to send Ethereum, tokens, and interact with smart contracts. There will be fundamental economic changes too, Ethereum 2.0 will allow supports to staking nodes and earn Ethereum as passive income.

 In many ways, Ethereum 2.0 is the combined effort of thousands of developers who worked for years. The Ethereum 2.0 upgrade will be done in 3 distinct phases, starting with Phase 0 (after all, developers count from 0 instead of 1). Over the past few years, opponents of Ethereum have often criticized the network’s high transaction costs and fragility during peak usage. 

Will Ethereum 2.0 be able to fix this problem? Will the project scale to support the huge number of Decentralised Finance (Defi) and Blockchain games being built? This guide will cover the timeline for the upgrade to ETH2.0 and the solutions proposed. Testing for Ethereum 2.0’s deployment is currently underway with the “Medalla Testnet” – a multi-client test that involves the participation of 20,000+ validators worldwide. This will be the final official public test before Ethereum 2.0 Phase 0 is deployed.

Ethereum 2.0 is coming- Here’s what you NEED to know Key Features of Ethereum 2.0 Sharding – Ethereum will be broken into 18 “Shards” that operate at the same time. This will drastically improve efficiency. Staking – Ethereum will move to the Proof-of-Stake Consensus, a much more energy-efficient method of maintaining the network.

ETH2.0 will fundamentally change the current economics. The Ethereum update will completely erase the concept of mining. So my Ethereum miner will be retired once the Ethereum 2.0 update is fully completed.

What is the current state of Ethereum? 2.0?

As of the 4th August 2020, the “Final” testnet for Ethereum 2.0 named “Medalla” has been deployed. Unlike the other previous testnets, this test is open to the public and will allow any of the 5 clients – Prysmatic Labs’ Prysm, ChainSafe’s Lodestar, PegaSys’ Teku, Status’ Nimbus and Sigma Prime’s Lighthouse – to connect to the network and communicate with each other. 

Also, since it is public, network validators are not centrally coordinated by developer teams. So far, over 30,000 validators have joined the network and over 946,000 ETH has been staked. The test is expected to run until the end of this year, after which Ethereum 2.0 Phase0 will officially be deployed (mainnet). Currently, the ETH 2.0 mainnet is expected to launch in November 2020. What’s important to remember is that Ethereum 2.0 clients will not be developed by a single party – instead, it’ll have a robust developer ecosystem and 5 different client releases.

Source:Boxmining

Ethereum 2.0 is to explore the world in the upcoming days. Create Your Ethereum Tokens on any Ethereum Standards! Its Time to contact our experts at Ethereum Token Development Company

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