The Release of Ethereum 2.0 is Coming, but More Testing is Needed
Five years after the announcement of the updated Ethereum project, global blockchain communities are anticipating its launch. Updated information indicates that Ethereum 2 is being introduced this fall.
ETH 2.0 is the final stage in the development of ETH 1.0. After successfully completing the first four stages, the fifth phase is expected to solve the impossible issues of Blockchain, specifically security, network scalability and decentralization. The significant improvements of ETH 2.0 lie in Proof-of-Stake, particularly in eliminating the algorithm of Proof-of-Work and replacing it with a new mechanism.
Switching to the PoS mechanism will completely eliminate objective physical facilities, which create the system’s energy. This will not only save money, but also improve security for all users.
Theoretically, POS systems would allow multiple transactions to be processed simultaneously on the same chain and more coins than Bitcoins PoW to be submitted. The new generation of tokens, such as Tron, EOS and Tezos, are using PoS variants. The key objective of the ETH 2.0 project is how to incorporate PoS without fraud.
In the last four months, ETH 1.x has seen pressure from users who have asked to use their blockspace in order to transform the program into a relentless friction. Ethereum killer, like NEAR Protocol, is betting on a future in which apps move to other blockchains to avoid charges from Ethereum. Other technological innovations, like positive roll-ups or EIP 1559, do not propose ideal solutions, but rather supplement others.
Beacon chain will be the first step of ETH 2.0 deployment and will function as the current PoS network orchestrator, which will be split into a multi-blockchain called “shards.” The “final” testnet will precede the rollout of the ETH 2.0’s first component, dubbed phase 0.
In an interview with Coindesk, Preston Van Loon – Prysmatic Labs founder said: “Maintaining the set of validators and progressing the beacon chain and reaching finality come with phase 0.”
“The hardest part of [Eth 2.0] is getting this backbone together. …Everything revolves around the beacon chain and then we can add other layers on top of it,” he added.
Ethereum should be one of the most promising coins in the crypto market, with its new deployed technology, greater network scope, more coding language supports and faster code execution on the blockchain chain, if upgraded successfully. Ethereum 2.0 is getting closer than ever but there’s still a lot to do.
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