A second wave of Ethereum: Ethereum 2.0

What is Ethereum 2.0?

There is always a need for new technology and innovation is key to transform the world to become smarter.

Why ethereum 2.0?

You will be having questions like the existing ethereum operation is efficient. why the ethereum 2.0 came into existence. What is the proof of stake? Why validators?

How does Ethereum differ from Ethereum 2.0?

  • Ethereum 1.0 uses a proof of work mechanism, whereas Ethereum 2.0 uses proof of stake.
  • Eth 1.0 requires miners to solve high algorithms, whereas in Eth 2.0 validators are assigned.
  • In Eth 1.0 30 transactions per second are made, whereas in Eth 1,00,000 transactions per second.

The working mechanism of Ethereum 2.0?

The working process is the same as Ethereum 1.0. Only changes are ethereum 2.0 have four keys, validators do verification instead of miners and involves proof of stake. Let us consider an example, when X person transfers the coins to Y person, that transaction should cross four keys. Validators have two keys: a private key and a public key. Withdrawal has two keys: a private key and a public key.

Ethereum upgrades in three phases

  • Phase 0
  • Phase 1
  • Phase 1.5
  • Phase 2

Closure

Ethereum 2.0 is the existence of change in the working mechanism, security, and reduction in time. Compared to Eth 1.0, Eth 2.0 decouples energy-intensive computer algorithms and the mining process makes slots more security-oriented. There are many co-founders and the Ethereum foundation is setting up a dedicated security team for Eth 2.0 to search for possible cybersecurity problems in the cryptocurrency. Ethereum 2.0 technology can be the biggest competition and this may lead to falling in Bitcoins.

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