What Lies Under The Umbrella of Ethereum 2.0?
Since the inception of Ethereum, it is rapidly growing and has become the second most comprehensive network in the Blockchain. Ethereum is now fastening its seat belt to launch an updated version of Ethereum 2.0 that will refurbish the network to eliminate the flaws in the existing version. If you want to start bitcoin trading check the quantum-code.app
A Brief History Of Ethereum 2.0
The idea of Ethereum 2.0 is not sudden. This concept of shifting towards proof-of-stake is under discussion since the birth of blockchain to overcome the issues of proof-of-work. And the development of Ethereum 2.0 is crucial compared to the updates launched in the past.
What Do You Mean By Ethereum 2.0?
Ethereum 2.0 is an updated version of the Ethereum Network that utilizes Stakes to validate a transaction. This mechanism will be an alternative to the POW consensus mechanism in which heavy-duty computers are used in competition for solving complicated mathematical and other puzzles.
An immense amount of power or electricity is required to run these systems for the verification of a transaction that later on is recorded on the public blockchain. With the launch of Ethereum 2.0, the trade of Ethers will become convenient like Bitcoins at Bitcoin Trading Software.
What Is The Reason Behind The Inclination Towards POS?
The adoption of Proof-Of-Work is mandatory to cope with the loopholes of the POW model including the modification in the validation process, energy consumption, and the computers needed for mining.
POW mechanism was a trial and test mechanism to find and add new blocks to the blockchain network, which was done by solving complex perplexes. But this is the most energy-consuming process for the miners. It is the main flaw of this mechanism, and the cost of computers required for mining is also not affordable for everyone.
POS comes up with the solution to these problems by offering more scalability and accessibility. An Ethereum Network is storage and time-bounded.
The transactions on the network will stay pending until they find a block. And if there is no block available, transactions will wait till the addition of a new block. The addition of “Sharding” to the POS network removes the obstacle of scalability.
Various Phases Of Launching Ethereum 2.0
Phase 0 (Zero)
Phase 0 brought the Beacon Chain to the network. This phase performed the task of managing the registry of block builders on the Ethereum Network. It also provided a structure for the upcoming phases.
Application of Shard Chains & Roll-Ups is the primary objective of Phase 1. Shard Chains permit the division of transactional information to the sixty-four blockchains present in the Ethereum Network.
The data sharing across the blockchains significantly increases the output of the network. When multiple chains work together, the data output can be shared around the network to minimize the load. Phase 1 might be released soon.
Make it clear that the functions of Phase 0 & Phase 1 will not work until the start of Phase 1.5 & Phase 2.0.
Phase 1.5 is the makeshift between both earlier phases, and it plays a role of an intermediary between Ethereum 1.0 and Ethereum 2.0. “Docking” is the term used for the integration of these two ecosystems.
The launch of Phase 1.5 is the signal of the development of 2.0, and its functions will affect the network solidly. There are bright chances that this phase will be launched in the current year.
Phase 2 of Ethereum 2.0 will commence immediately following the Docking event. This phase will initiate the synergy of Cross-Shard functionality, enabling the development and deployment of Decentralized Applications (DApps) on the blockchain network. Furthermore, Phase 2 will facilitate the implementation and execution of Smart Contracts and transactions throughout the network. Notably, each Shard Chain within the network will evolve into a fully operational mainnet. Additionally, ETH 2.0 liquid staking has already been implemented, allowing users to trade their staked assets as tokens prior to the completion of their respective staking periods, thereby offering greater control over their investments.
Beyond Phase 2.0
Ethereum will not stop here; it will evolve even after the launch of 2.0. In the future, Ethereum will become a network that will be easy to access (more accessible), and it will contain more features.
Ethereum 2.0 is long overdue in the blockchain ecosystem and has been the subject of hot debate. The inclusion and adoption of Proof Of Stake and Sharding will bring remarkable results and would make the network more scalable, secure, and accessible. Ethereum 2.0 will offer rewards to the individual holding Ethers (Ethereum’s Coin) for sticking to the network.