The term Ehtereum 2.0 retired. The Ethereum Foundation announced that in favor of a “consensus layer’ Ethereum 2.0 is no longer a term. Essentially, Ethereum 2.0 is a network upgrade and not a whole different network. Once this notion is finalized, changes will be made.
Changes made – Ethereum:
The first will be that Ethereum will be going from proof of work to a proof of stake chain. And the whole idea of mining will no longer be available. However, certain features of the present network are being kept and combined with newer components, primarily at the software client level. We will refer to Eth1 as the “execution layer” and Eth2 as the “consensus layer” from now on.
In the execution layer, are all the smart contracts and network rules. Consensus layer monitors all devices, ensuring that it is running correctly, and penalizing those who don’t obey the rules. The two layers will merge into one Ethereum once the consensus layer is on board with the current mining system.
In December 2020, phase 0 of Ethereum 2.0, the beacon chain, went live. The beacon chain aids with staking, which is the process of Ethereum users locking their ETH in a smart contract to protect the network adequately. In return, they receive a payback.
On the other hand, the beacon chain was ready long before the rest of Ethereum 2.0. Developer Danny Ryan proposed a technique for presenting Ethereum client software to speed up the transition to proof of stake without requiring a network migration.
In terms of the roadmap, nothing changes. Staking and sharding to alleviate network congestion are still in the works, with the former set to arrive in 2022 and the latter this year or next. However, the foundation claims that the branding would help prevent frauds, like tricking consumers into exchanging their ETH for ETH2, by removing the idea that the network is fundamentally different.
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