When it comes to comparing the two OS versions, the reasons that come up as the igniting force behind the introduction of Ethereum 2.0 are the following challenges associated with current Ethereum
Scalability:- Ethereum was launched with an aim to be the world computer that manages all the financial transactions and host dApps and Smart contracts without being impractically slow. However, Ethereum 1.0 is not able to fulfill this requirement while operating with PoW (Proof-of-Work) algorithm
Security:- Though not a major issue, the security level and considerations associated with Ethereum 1.0 are not advanced. They have to be improved, which is what Ethereum 2.0 is focusing upon.
A Solution for Difficulty Bomb:- The developers have been continually compelled to shift from PoW to PoS by slowing down the mining rewards. However, this is increasing the difficulty associated with the process, and in the absence of any solution, it has been resulting in a dead end. Ethereum 2.0, in this case, will come up as a solution for the dApp developers to make better applications.
Now as we are familiar with the secret behind launching Ethereum 2.0, let’s dig deeper into what includes in this upgrade and when it will be live.
Ethereum 2.0 denotes a series of updates that will make Ethereum make better and faster by focusing on two prime goals:-
- Introducing PoS (Proof of Stake) consensus mechanism that will eventually eradicate the need to invest in PoW (Proof of Work) mining.
- Introducing Sharding which will boost speed and throughout of the ETH transactions.
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Now, when talking about the series of updates, the Ethereum 2.0 is making the update live in different phases. An outcome of which is that the 7 phases of the evolution of Ethereum 2.0 is expected to hit the market – with the Phase 0 just gone live.
