ArturRem
Large trader
Ethereum 2.0, also known as “Serenity,” is an upgraded version of the current Ethereum blockchain network. With this upgrade, the Ethereum community aims to enhance the speed, efficiency, and scalability of the Ethereum mainnet to process more transactions and elevate adoption.
Initially, the shift for Ethereum to Serenity was planned by a quick and straightforward hard fork. But the process was later found to be considerably more complex than anticipated, and that is why the team behind this transition decided it to be a lengthy and gradual process.
The transition of Ethereum to Ethereum 2.0 is primarily significant compared to past upgrades of the network because of the implementation of the Proof of Stake (PoS) consensus mechanism, shifting the blockchain network away from its existing Proof of Work architecture.
Why ETH 2.0?
The original Ethereum blockchain can only process and manage 15 transactions per second. Plus, transactions can be quite expensive compared to the modern-day Visa or Mastercard, which are relatively cheaper and process thousands of transactions per second.
The decentralized nature of Ethereum has its downsides, but to take over traditional fiat transaction markets dominated by Visa and Mastercard, Ethereum felt that there is a need to speed up the transaction process and make the process cheaper. The second generation of Ethereum blockchain comes with faster transactions, more reasonable fees, and more security.
Roadmap:
Source: Europeworldnews
Phase 0
The trial phase began on September 29, and the first phase, or phase 0, will be launched by this year.
Phase 0 will be launching the beacon chain of the Ethereum 2.0 network. The beacon chain will be a new blockchain at the core of Eth 2.0 that will ensure that the entire system is in sync with the same data. The beacon chain will execute Proof of Stake (PoS) and will manage and run the registry of validators, and begin attesting blocks into existence on Ethereum 2.0.
Phase 1.0
One of the significant developments of Phase 1 is the implementation of shard chains, the scalability solution for Ethereum. Sharding will result in the Ethereum blockchain being separated into 64 different chains (called shard chains). They will run parallel and operate almost seamlessly. Sharding addresses scalability by allowing Ethereum to process multiple transactions simultaneously: theoretically speaking, 64 blocks at a time.
Phase 1.5
An essential component of Phase 1 is merging the initial PoW Ethereum blockchain with the new PoS blockchain. This transition is being referred to as Phase 1.5 by the Ethereum community. Notably, the PoW Ethereum blockchain will be brought into Ethereum 2.0 and exist as one of the 64 shard chains alongside the beacon chain, meaning there will be no break in continuity or data history, and PoW will still continue.
Phase 2.0
We do not have much information on phase 2.0; however, we know that phase 2.0 will be started when both PoS and sharding are successfully implemented. There will be improvements in smart contracts, execution, functionality, and scalability. Phase 2.0 will also provide solutions for any other shortcomings found in the Ethereum network.
Initially, the shift for Ethereum to Serenity was planned by a quick and straightforward hard fork. But the process was later found to be considerably more complex than anticipated, and that is why the team behind this transition decided it to be a lengthy and gradual process.
The transition of Ethereum to Ethereum 2.0 is primarily significant compared to past upgrades of the network because of the implementation of the Proof of Stake (PoS) consensus mechanism, shifting the blockchain network away from its existing Proof of Work architecture.
Why ETH 2.0?
The original Ethereum blockchain can only process and manage 15 transactions per second. Plus, transactions can be quite expensive compared to the modern-day Visa or Mastercard, which are relatively cheaper and process thousands of transactions per second.
The decentralized nature of Ethereum has its downsides, but to take over traditional fiat transaction markets dominated by Visa and Mastercard, Ethereum felt that there is a need to speed up the transaction process and make the process cheaper. The second generation of Ethereum blockchain comes with faster transactions, more reasonable fees, and more security.
Roadmap:
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Source: Europeworldnews
Phase 0
The trial phase began on September 29, and the first phase, or phase 0, will be launched by this year.
Phase 0 will be launching the beacon chain of the Ethereum 2.0 network. The beacon chain will be a new blockchain at the core of Eth 2.0 that will ensure that the entire system is in sync with the same data. The beacon chain will execute Proof of Stake (PoS) and will manage and run the registry of validators, and begin attesting blocks into existence on Ethereum 2.0.
Phase 1.0
One of the significant developments of Phase 1 is the implementation of shard chains, the scalability solution for Ethereum. Sharding will result in the Ethereum blockchain being separated into 64 different chains (called shard chains). They will run parallel and operate almost seamlessly. Sharding addresses scalability by allowing Ethereum to process multiple transactions simultaneously: theoretically speaking, 64 blocks at a time.
Phase 1.5
An essential component of Phase 1 is merging the initial PoW Ethereum blockchain with the new PoS blockchain. This transition is being referred to as Phase 1.5 by the Ethereum community. Notably, the PoW Ethereum blockchain will be brought into Ethereum 2.0 and exist as one of the 64 shard chains alongside the beacon chain, meaning there will be no break in continuity or data history, and PoW will still continue.
Phase 2.0
We do not have much information on phase 2.0; however, we know that phase 2.0 will be started when both PoS and sharding are successfully implemented. There will be improvements in smart contracts, execution, functionality, and scalability. Phase 2.0 will also provide solutions for any other shortcomings found in the Ethereum network.
