Ethereum 2.0

What’s new in Ethereum – A Brief Overview about Ethereum 2.0

Ethereum was first launched in the year 2015 and the developers were having very high expectation from that. The current year saw an important upgrade in the OS of the Ethereum, The update was known as Ethereum 2.0 (Serenity).

Let’s have a brief overview of the Ethereum 2.0.

What is Ethereum 2.0?

Ethereum 2.0 is a distinct Blockchain from the existing Ethereum Chain, Where hard forking of the blockchain is not necessary and mandatory for doing proper functioning.

One can transmit the value present in Ethereum 2.0 from “Proof of Work” by doing a one-way deposit of smart contracts.

Let’s have a look at why this up gradation came into a frame or else in simple let’s have a comparison between Ethereum 1.0 and Ethereum 2.0.

Ethereum 2.0 vs Ethereum 1.0

While comparing between both the versions there came many factors with strong reasons for the need of the new Ethereum.

Level of Security:-  The security level and the consideration level associated with the Ethereum 1.0 was not advanced. The Ethereum 2.0 comes with more advanced security and consideration level.

More Scalable:- The main motto behind the launching of Ethereum was to manage all the DApps and Smart Contracts without getting slow. But Ehtereum 1.0 was unable to do so. To fulfill this Ethereum 2.0 came into action.

Providing more efficient solutions:- The developers working with the former version of Ethereum were facing some problems while shifting from PoW to PoS. This was creating some serious issues for them. Here Ethereum 2.0 came up with efficient solutions for the DApp developers to make better apps.

As we came up with few things about Ethereum 2.0 now it’s time to go deeper and to know a few more things about the Ethereum 2.0 and when it will be releasing.

The Ethereum 2.0 comes with the trust of a series of updates that will make Ethereum better and faster as compared to the former.

It focuses on two prime factors:-

  • Introducing the concept of sharding which helps in boosting up the ETH transaction.
  • The introduction of PoS mechanism that will eventually eradicate with the need for investing in PoW.

Let’s see the phases of Ethereum 2.0:-

Phase 0:-  PoS Beacon Chain

Beacon Chain is a PoS-enabled chain running on parallel to Ethereum’s PoW chain enabling dApp development company to gain more benefits of the network without investing their time into the process of re-shaping the parameters.

Phase 1:- Basic Sharding

Here in this phase, the shard chains will work in sync with the Beacon chains. This will help in increasing the speed of the transactions and will improve the output delivery after the transaction.

Phase 2:- EVM State transition functioning

The Ethereum Virtual Machine (EVM) is a virtual machine which is predicted to perform the execution of code more swiftly and efficiently supporting many programming languages at a time.

Phase 3:- Light Client State Protocol

This phase mainly focuses on the improvement of networks in terms of scalability, security, and decentralization.

Phase 4:- Cross-Shard Transaction

Focuses on the complete mind mapping of the architecture.

Phase 5: Tight coupling along with main chain sharding

This phase of Ethereum 2.0 Serenity completely focuses on the internal fork-free sharding and proof of available data.

Phase 6:- Exponential-Sharding

The last phase of Ethereum 2.0 serenity focuses on managing the recursive shards.

The complete processing of Ethereum 2.0 with all the 7 phases is expected to be implemented within the next 20-22 months, This means we will be able to enjoy and experience more faster and scalable network by the mid of 2022.

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