Ethereum 2.0 In a huge amount of The blockchain excitement And cryptocurrency. It is the first major upgrade to the platform Since its launch in 2015. What is meant by that, What does this mean For those who own ETH or Ethereum-based assets? Here, we collect what Ethereum has hidden it in the coming months and years.
Today, Josh join us Ruger to talk about Ethereum 2.0. Before the discussion, Please subscribe to our channel And the alarm is turned on And clicking on the Like button And share this video with your friends. Let’s Begin. Hey Josh, Before diving into Ethereum 2.0, What can you tell us about Ethereum 1.0?
Hi, thanks for hosting me. When Ethereum first launched in 2015, it was That’s a big breakthrough To develop blockchain technology. Ethereum offered a major upgrade to blockchains functionality Existing Like Bitcoin. As you know, Bitcoin introduced a digital currency Peer-to-peer electronic cash.
And Ethereum brought smart contracts to the world. What is a smart contract? How it works? Smart contracts are imposed Certain conditions using the code. He’s working on a different kind of “if this is then” logic, With a vending machine It is a kind of common analogy. If you put a coin in the soda vending machine, it will fire A can of soda Without the need for a third party.
With Ethereum, smart contracts are programmed On the blockchain and used Ethereum-based digital asset management In many ERC-20 tokens We all know For example, Your Maker Smart Contract will automatically run on DAI instrument when the user deposits sufficient collateral In Maker Secured Debt Center.
Although other smart contract platforms have launched Over the years, We can name a lot of them. Ethereum remains the most popular. According to the DApp tracking website. , State of the Dapps, There are nearly 3,000 Ethereum dApps Compared to about 330 on EOS.
So, is Ethereum similar to OS? Yes, but Ethereum’s popularity is on Over the years it also caused her greatest challenge Lack of scalability, The main problem In Ethereum’s ability to handle large transaction volumes quickly High traffic is a problem Because Ethereum can only handle about 15 transactions per second.
Which actually does not align When it comes to the real-world needs of the blockchain even when the volume is high, I can’t work very well, it creates a buildup, What’s more, when network traffic is high, Users end up paying more for transactions. Ethereum transaction fees are called gas fees. The problem first came out in 2017, and we all laughed about it It’s because it was first seen when it was the craze for virtual coded cats.
The network crashed Because of all the high traffic due to CryptoKitties. Recently, the growing Decentralized Finance (DeFi) sector has Ethereum traffic has also increased. So because of this Big merchant, I saw for myself You know all the problems You have to pay a lot of money for this gas fee Due to peak volumes, This is a big problem. Is there a solution to improve it? So Ethereum development teams are working On various solutions to the problem of scalability.
Ethereum 2.0 is that solution. One important thing to note about Ethereum 2.0 Is that many people called this promotion, It actually involves implementing a new blockchain. Therefore, Ethereum 2.0 will be rolled out in stages.
Each stage will involve major changes In the Ethereum consensus method It will include the transition from Ethereum 1.0 to Ethereum 2.0. Well, it’s not a big change, There are several stages to the Ethereum 2.0 upgrade. Can you introduce these stages to our audience? Well, I’ll try to introduce these stages.
Phase 0, the first phase of the Ethereum 2.0 upgrade, is slated to launch. By the end of 2020. Here is not long from now. So this stage will be triggered the First iteration of Ethereum 2.0, It’s called the Beacon series. It will mark the beginning of Ethereum’s transition from consensus Proof of Work (PoW) to Proof of Stake (PoS).
In PoW, miners used specialized devices In computing power in a cryptocurrency mining competition As a reward. We talked about this in the previous video How do we get the reward? In proof of stake, Miners are replaced by validators. In Ethereum 2.0, Auditors are required to have obtained a minimum of 32 ETH To obtain the right to validate blocks, Which they will receive from the ETH as a reward.
On November 4, 2020, Ethereum Corporation confirmed that Can run Beacon Chain Genesis Block By December 1, provided that at least 16,384 auditors participate In the minimum for 32 ETH by the deadline on November 24. If not fulfilled Minimum, Then the formation begins after seven days from Reach the minimum.
Think about it, This is a lot of you should bet on, So this may actually take a while We might see this paid off for a while, and we might see this paid off for a while But as far as stage 0 is concerned, The Ethereum 1.0 mainnet will continue To work in it in the same way as before, So even with a beacon string as a chain Disconnected parallel.
Therefore, it is not possible for anyone who links 32 ETH to become an auditor The Beacon chain has to withdraw its stake Up to stage 1.5, When Ethereum 1.0 becomes online With Ethereum 2.0 architecture. After that, they will be able to decipher it.
What about the next stage? The next stage of Ethereum 2.0 is the first stage, from which Scheduled to be introduced sometime in 2021. Will submit retail to the Beacon Chain. What is retail? Shard strings are subchains Connected to a beacon string.
You can visualize a beacon string As a kind of tree trunks with cutting chains as branches A large single attached to a beacon string.
Each part will be responsible for a share of Ethereum transactions and account data. The blocks will be produced using a Proof of Stake consensus. The first stage will involve the firing of 64 fragments. However, They will not be running at full capacity Or they support smart contracts until a later stage. Do you mean stage 1.5? True. Once you run the split strings, Ethereum 1.0 mainnet will join To the Beacon series as a piece.
Before this happens, Ethereum 1.0 will continue as proof of blockchain work. Once connected to a beacon string, It will move to the proof of stake. The Ethereum Foundation said that This transformation will be seamless for end-users and dApps. This means you will not need to do anything With ETH-based or Ethereum to accommodate change. You can still use it, and you can still trade it.
And then, it’s the last stage, right? Yes, at this point, it will become the chops They are fully functional subchains that support all types of transactions And smart contracts. The parts will also be able to communicate with each other. The ability to process cross-64 transactions will work Part in parallel greatly boosts Ethereum productivity.
Vitalik Buterin (founder of Ethereum) appreciated That with the Ethereum 2.0 upgrade, The network can expand its reach to about 100,000 transactions In the second by executing the 1st stage.
It is faster, Much of the current 15 transactions per second. So it’s very exciting. Wow, that’s so cool! So, what does all this mean for ether prices? It might be too early to tell.
As far as the price actually goes. The market depends a lot on the bitcoin price. What does Bitcoin do? However, we have seen the value of Ethereum It has actually gone up a lot Besides the value of DeFi’s markets. So the demand for Ethereum days is increasing in parallel With the scalability of the platform, it has The long-term outlook for Ether is bullish.
Prices jumped about 18% In the days immediately following the news that Ethereum has opened a staking contract. And we’re looking here as well About the highest price we’ve seen For Ethereum in 2018, more than two years, So again, there’s a lot of excitement with price action right now And again, it is closed Ethereum and install to become an auditor The more fears we can see.
Look over there at Ethereum be. As concerns increase, we usually see an increase in price Ethereum 2.0 continues to be implemented. However, it is safe to say that the scalable platform creates A brighter long-term view of the overall Ethereum ecosystem. Thanks to Josh for introducing Ethereum 2.0. Thanks for hosting me.
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