What is happening with Ethereum 2.0?
Previously pencilled in for a 2019 release, Eth-heads have been waiting patiently for the network’s planned upgrade.
The famous urban legends of ETH 2.0 pic.twitter.com/wKsM4d3cgP— ETERNAL GNOSIS (@EternaGnose) November 1, 2021
It seems like forever ago that the first phase of ETH 2.0, known as Beacon Chain, was implemented, bringing the concept of staking to the platform.
According to key developers, a date has (again) been set for the transition from proof-of-work algorithms to the proof-of-stake model to be completed.
The release date will be in June 2022, as per Tim Beiko and James Hancock.
ETH 2.0 looks like it been pushed out to June 2022— Jordan Lindsey (@jclcapital) October 17, 2021
Serious consideration is that they are never able to move from PoS from PoW. https://t.co/dQo52rBDGB
Before the full roll-out there remain two phases to be completed.
Two issues which could determine its ultimate success or lack thereof, are its high gas fees and the limits to its scalability.
ETH 2.0 will seek to improve its sustainability without raising its energy use for mining, while broadening its implementation of smart contracts, thereby improving its utility.
To solve the scaling issue, the Ethereum community is looking towards sharding, which will mean there is no longer a need for every node to verify each transaction.
ETH 2.0 will break the network up into 64 shards, each able to support the same amount of traffic as the current network.
The plan is for Ethereum to be more efficient and scalable, as well as more secure and decentralized.
Merging these concepts within one protocol is the golden ticket.
Eth-heads are eagerly anticipating June 2022 for that reason.
In order to understand these upgrades, we first need to understand $ETH 2.0$ETH 2.0 refers to an infrastructure upgrade of #Eth with the aim of creating a more secure, user-friendly, & scalable blockchain that can accommodate the growth required to become a global supercomputer— pastry (@PastryEth) August 12, 2021
When Vitalik Buterin revealed Ethereum to the world via a whitepaper in 2013, it was a proof-of-work concept.
Rather than be a commodity, like Bitcoin, Ethereum’s purpose is to become a global computing platform on which smart contracts are programmed to be used in a specific way on an ongoing basis.