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If you have even the slightest enthusiasm for technology or financial matters, then you must have heard of Bitcoin. Bitcoin is a digital currency based on a decentralized network of peer-to-peer users. Blockchain technology, first used in Bitcoin, has enabled fast, easy and cheap…
“Technology upgrades do not automatically change economic realities.” — DNA Crypto.
Since its inception in the financial markets, cryptocurrency has fundamentally changed our perception of them. Together with blockchain technology, cryptocurrency is reshaping financial markets worldwide.
They are also being adopted across industries such as manufacturing and healthcare. The main aim of the crypto world is to reduce the complexity and security risks associated with traditional financial transactions.
Bitcoin was the first cryptocurrency and remains the world’s most significant crypto asset. Ethereum was invented back in 2011. It was created with fully decentralised software that enabled other decentralised applications to be built on top of it. Today, Ethereum is the world’s second-largest and most famous crypto.
Its ability to operate as both a currency and technology has brought it to the centre of everyone’s attention. Ethereum developers have taken further steps by releasing an update to the 2011 Ethereum version, known as Ethereum 2.0. This article will briefly highlight what to expect with this new update.
As mentioned earlier, Ethereum 2.0 is an update to the initial Ethereum developed in 2011. It is designed to improve on issues such as scalability, speed and efficiency. Ethereum 2.0 is designed to operate effectively as transaction volume increases. Other names conjured to refer to Ethereum 2.0 include Serenity and ETH2. It has undergone significant structural and blueprint changes, making it very different from its predecessor.
Initially, Ethereum operated on a consensus mechanism known as proof-of-work. However, ETH2 will use a different consensus mechanism, proof-of-stake. Let’s briefly highlight the main changes in Ethereum 2.0.
This is the process of dividing a Blockchain into several parts. In Ethereum 2.0, several blockchains in the network are known as shards. Using this process, the network operates as a single validator, handling all workloads from a single entity.
Each shard stores data and is managed by a single validator. In ETH2, the validators are mixed to avoid manipulation and redundancy. A chain known as the Beacon chain enables shards to work together.
The proof-of-stake method uses validators rather than miners, as in proof-of-work. Like miners, validators are also awarded tokens for adding blocks to the blockchain.
Ethereum 2.0 has introduced more effective features to the crypto space. By addressing scalability, ETH2.0 will significantly reduce congestion in Ethereum and other cryptocurrencies.
Image Source: Adobe Stock
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
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