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Ethereum 2.0: All You Need To Know About The Crypto

Ethereum is a Cryptocurrency that features smart contracts. However, this digital currency is planning to perform a series of upgrades known as Ethereum 2.0. It has gone through numerous iterations already, and it is not new to network updates. 

On 19th June 2020, it increased its gas limit by twenty-five percent from ten million to twelve and a half million. It also uses a Blockchain network like other Cryptocurrencies. Moreover, the main purpose of this update is to solve the issues of security and scalability of the network. In the initial stage of the update, i.e., at the end of 2020, you will notice its switch to a proof of stake agreement tool. 

After lots of effort, Ethereum is ultimately on the horizon. Ethereum 2.0 is also known as Eth2. The update has increased the speed and efficiency of this digital currency. 

How Ethereum Is Different Than  Ethereum 2.0?

Ethereum 2.0 uses a Proof of Stake (PoS) mechanism, while Ethereum 1.0 uses Proof Of Work (PoW). This is the major difference between Ethereum and Ethereum 2.0. 

Proof of Work relies on electricity and physical computing power to build blocks on a blockchain network. On the other hand, Proof of Stake is an update that enhances the efficiency, speed, and scalability of the network.  This improves the throughput of the Ethereum Blockchain. 

How Will Ethereum 2.0 Be More Secure? 

Keeping the security features in mind, Ethereum 2.0 has been designed. As already described above, the upgraded version of Ethereum uses Proof Of Stake, and it requires a minimum of 16,384 validators. 

Moreover, this makes Ethereum 2.0 more decentralized and secure. It is reducing the risks of cyberattacks on the internet. So, if you are searching for an upgraded Cryptocurrency, then this digital currency can be your best option.

Even the Blockchain security of Ethereum 2.0 has been improved, and it is carried out by organizations that are still working to improve its efficiency and network. 

Additionally, with the growing popularity of Altcoins, and other new Altcoins, there has been a rise in interest in using Cryptocurrency Hardware Wallets to store and protect these altcoins. Many businesses are providing option to Download Ledger Wallet (تحميل محفظة ليدجر)to provide their customers with a secure way to store their own private altcoins.

How Will Ethereum 2.0 Scale Better Than Ethereum 1.0?

The upgraded version (Ethereum 2.0) of old Ethereum attracted the attention of young investors to invest in this valuable asset. The primary reason behind the upgrade is scalability.

The delay in transactions of the old Ethereum (it can only support sound thirty transactions per second) made it’s ranking low among other digital currencies according to the market cap. However, at present, it promises up to one lakh transactions per second. Its main objective will be achieved via the use of shard chains. 

Who Is Developing Ethereum 2.0?  

This is one of the most common questions that usually come to the mind of several Crypto users, i.e., “who is developing Ethereum 2.0?”. Well, the answer is the new generation of developers who believe in a new blockchain environment.

To achieve the target of Ethereum 2.0, the Ethereum foundation research team is constantly working on it. There are more than seven independent teams who are working on various programming languages to improve its dull old features. 

The team of Ethereum 2.0 is also working on the design and specification of the same. It has been estimated by the experts that the features of Ethereum are going to give tough competition to other digital currencies in the market. 

Release Date Of Ethereum 2.0

The initial phase or phase 0 of Ethereum 2.0 is already launched. Now, the other phase, i.e., phase 1 of Ethereum 2.0, will launch in the year 2020. Moreover, the other phases will launch after 2021.

Ethereum 1.0 will become the initial shard of Ethereum 2.0. The old version will also continue the same way as the past, and the new version of Ethereum will get activated when you use it during the exchange. 

Closing Thoughts

According to BTC Era, the features of Ethereum 2.0 will continue to improve. So, it will be beneficial for you in the future if you plan to invest in this asset at the earliest.