Summary: What is Ethereum 2.0 and how is it preparing to upgrade itself?
“If you are willing to accept your weaknesses, you will give yourself a real opportunity to improve, even if it is not the best, you will get better. I think this is what will happen to the beloved Ethereum blockchain 2.0 upgrade. Things”
The Ethereum 1.0 blockchain has been widely adopted by the cryptocurrency developer community. Many decentralized applications and decentralized financial solutions are using the ETH1.0 platform to provide cryptocurrency pools, lending, exchange and transaction services.
However, high network congestion, rising gas fees, and slow transaction throughput are now becoming Ethereum’s obstacles and will not help its expansion. In order to solve this problem positively, Ethereum 2.0 was proposed. Today, we will see how Ethereum prepares itself to become
- More scalable
- More reliable
- More energy efficient
- More sustainable
What is Ethereum 2.0?
Ethereum 2.0 is a transition from the current blockchain 1.0 version to a new incarnation, the focus is
- Higher speed (TPS)
- Efficiency (process efficiency)
- Energy efficiency (reducing power consumption through PoS)
- High security
These upgrade proposals for the existing ETH 1.0 blockchain will increase transaction processing capabilities while reducing gas fees.
What is the proposed upgrade?
In order to gain insight into how Ethereum 2.0 will solve all the roadblocks and achieve the expected goals of scalability and speed, we need to understand which proposed upgrades will help achieve this vision.
Therefore, the following are the proposed upgrades:
1. Beacon chain: Migrating from “Proof-of-Work” to “Proof-of-Stake”
This upgrade has been released by the Ethereum developers at noon UTC on December 1, 2020.
The purpose of this upgrade:
Help Ethereum migrate to PoS consensus mechanism.
Ensure the security of the blockchain network through the new PoS consensus
Make the Ethereum network more reliable and healthy.
Give generous rewards to more responsible miners and punish miners who misbehave.
The main features of the Beacon chain:
- Equity pledge
- Shard chain
Proof of Stake (PoS):
Equity pledge is one of the key functions of the Beacon chain upgrade. Proof of Stake (PoS).
Proof-Of-Stake is one of the key functions of the beacon chain upgrade. The core idea is to introduce a new way to verify transactions and finally determine the block on the chain. Proof of equity hopes to make the blockchain network more secure through equity pledge.
The Ethereum 2.0 equity pledge requires participants to deposit 32 ETH to activate their validator software. As a verifier, you will be responsible for
- Store data
- Processing transaction
- Create and add new blocks on the main chain
Although validators will be rewarded for performing all the above operations, they may also lose all their pledged ETH f due to malicious behavior, offline, and verification failures.
“Therefore, if you want to invest your ETH and become a pledger to support your favorite EThereum 2.0 project and benefit from it, please make sure that your actions are responsible”
The second major upgrade is still “work in progress”, namely
2. The merger of the main network and the Beacon chain:
This phase is planned to be completed by the end of 2021, or within a few months beginning in 2022. The testing phase is in progress
Goals of the merger phase:
- The official migration of the main chain to the use of proof-of-stake (PoS) consensus marks the end of traditional proof-of-work (PoW).
- Become highly energy efficient
- Smoothly merge the existing main chain into the beacon chain to achieve complete migration. At present, the main chain using proof of work is active, and the beacon chain is also running in parallel with it using equity pledges.
- After this merger, the ultimate vision of scalability, security and speed of Eth 2.0 will be realized.
What is the merge phase?
In the first phase, the beacon chain has been deployed to work in parallel with the main network, but does not replace the main network. This mainnet is used by Ethereum 1.0, which uses proof of work, and the beacon chain is testing the proof of stake consensus, so it is this merger phase that will finally unify the two chains as a single main chain.
What will this merge phase lead to?
Therefore, once this merger phase is completed, it will enable the main network to run smart contracts into the equity proof system, plus all the history and current status of Ethereum, to ensure a smooth transition for all current Ethereum holders and users. At the same time, this will also mark the dawn of proof-of-work.
3. Fragmentation chain:
This phase is planned to start after the successful completion of the merger between the beacon chain and the main network. This stage can form the final form in 2022, and the date has not yet been determined.
What is the goal of the sharding chain stage?
In order to strengthen the storage capacity and data access of Ethereum.
The implementation of these shard chains is to enhance the capacity of the network and increase transaction speed by extending the shard chains. Capacity and improve transaction speed by expanding the network to 64 blockchains.
Another key goal of the Beacon chain upgrade is to ensure that no one stake has a dominant influence when verifying a block. In order to do this, the Beacon chain will randomly assign Staker to verify the block chain, which will ultimately prevent any single Staker from colluding and taking over the block.
What the hell is sharding?
It is the process of splitting your main database horizontally to delegate workloads. These individual shards will help the network to achieve
- Reduce network congestion
- Increase transaction throughput
- More validator nodes to help the network expand
Cool sharding function:
- Lightweight running validator:
Sharding will help the Ethereum blockchain become lightweight in terms of the hardware requirements for running validator software. This will eventually encourage a large number of users to act as validators, because now with the shard chain, validators only need to store/run data for the shard they are validating, not for the entire network.
This accelerates the development of things and greatly reduces the reliance on expensive hardware requirements.
- A more secure and decentralized network:
After slicing, anyone can easily use their laptop or smart phone to start acting as a validator or delegator via the Internet. More participation will ultimately lead to a more decentralized and secure network.
As the hardware requirements decrease, sharding will make it easier for you to run the client on your own without relying on any intermediary services at all. This will also help the Ethereum network become more effective, with maximum availability and minimal downtime.
EIP 1559 upgrade:
This proposed London upgrade (Testnet under test) has nothing to do with the scalability or speed of the existing Ethereum 1.0 network, but it is designed to solve the calculation method of network miner fees and how to grant approval for each successful block Verifier rewards.
EIP 1559 proposes the following key changes:
- The current gas limit will be replaced by two values: one is the “long-term average target” (equivalent to the current gas limit), and the other is the “hard cap per block” (twice the current gas limit).
- There is a transaction that needs to be paid for BASEFEE (burnt), which is adjusted on a block basis, with the goal of keeping the average gas usage of the block close to the current gas limit.
I have introduced EIP 1559 in detail in another article of mine. Please read the same article to learn more about the changes, benefits and features of EIP.
The future and the road ahead :
Eth 2.0 is perhaps the most anticipated and reported event in the history of cryptocurrency. After the Berlin upgrade is launched, the London upgrade is undergoing rigorous testing and is expected to be launched in 2021-2022. I think the transition from Eth 1.0 to Eth 2.0 will not be easy. It may have its own process, but if it is not in 2021, it will eventually be realized in 2022.
Both of these methods will make good changes to this traditional blockchain. The vision of Eth 2.0 is to make it the most secure, scalable and sustainable, which will have a positive impact on the sentiment of the cryptocurrency market to a large extent and will also encourage the developer community to innovate.
The field of decentralized finance will see more adoption of this new incarnation, and more Dapps will be launched on this evolved Ethereum platform, because their two main concerns about high network congestion and high network fees will eventually Largely subsidized.
Payment solutions will adopt the ETH 2.0 platform more widely, because higher TPS will help them serve millions of customers, while the existing ETH 1.0 TPS design is limited to 15-30 TPS.
Thought-provoking things :
“If you have the patience to do more, and have the curiosity to learn more, and honestly accept that you still know a norm, you have all the opportunities to extract the best from this life and obtain it in any life you choose. Success. This principle is also very effective in cryptocurrency or any investment field. I wish and hope that this most coveted and anticipated Eth 2.0 will bring a lot of opportunities to make people call with a smile.”
Posted by:CoinYuppie，Reprinted with attribution to:https://coinyuppie.com/what-improvements-will-be-made-to-eth2-0-soon-after-the-upgrade/
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