"For the internet, Ethereum 2.0 launch will be Independence Day.
$ETH is internet independence. ๐"
h/t @AlexMasmej
The beacon chain is already here
Scared about your ETH price drop? this might ease your mind
ETH 2.0 for the average non technical user
a thread ๐งต
$ETH is internet independence. ๐"
h/t @AlexMasmej
The beacon chain is already here
Scared about your ETH price drop? this might ease your mind
ETH 2.0 for the average non technical user
a thread ๐งต
For Context
Ethereum did 1.46 million transactions yesterday, up 72% YoY
With the rapid adoption of ETH, for Dapps, NFT's and more. ETH desperately needed an upgrade
Ethereum did 1.46 million transactions yesterday, up 72% YoY
With the rapid adoption of ETH, for Dapps, NFT's and more. ETH desperately needed an upgrade
Upgrade 1: Moving from PoW to PoS
The simple version
transaction validation is moving from miners competing to solve math problems
to
Validators selected from a pool of people who placed/staked their ETH. They get a % of transaction fees and not block rewards
The simple version
transaction validation is moving from miners competing to solve math problems
to
Validators selected from a pool of people who placed/staked their ETH. They get a % of transaction fees and not block rewards
Outcomes:
- Less energy consumption
- Safer network - with aligned incentives, bad actors can loose their staked ETH
- Less likely for a network takeover(would need 51% of all ETH)
PoS has pitfalls but the ETH team is creating the Casper protocol to fix this
- Less energy consumption
- Safer network - with aligned incentives, bad actors can loose their staked ETH
- Less likely for a network takeover(would need 51% of all ETH)
PoS has pitfalls but the ETH team is creating the Casper protocol to fix this
Upgrade 2: Sharding
By removing the need for the entire network for consensus on transactions,
the ecosystem will adopt a common practice in Big data called Sharding
This means that a cluster of nodes will take every horizontal of transaction leading to better efficiency
By removing the need for the entire network for consensus on transactions,
the ecosystem will adopt a common practice in Big data called Sharding
This means that a cluster of nodes will take every horizontal of transaction leading to better efficiency
Outcomes:
Better efficiency leads to better scalability.
To put that in perspective
Currently ETH caps at 30 transactions per second
ETH 2.0 can handle upto 10,000 transactions per second
Better efficiency leads to better scalability.
To put that in perspective
Currently ETH caps at 30 transactions per second
ETH 2.0 can handle upto 10,000 transactions per second
So when is this being implemented?
The Beacon chain that runs ETH 2.0 launched on 1st December 2020
But this runs separately from the existing main net and will merge sometime this year
Beacon Chain Stats:
4.5 mil ETH staked worth roughly $13.5 billion
99% Network uptime
The Beacon chain that runs ETH 2.0 launched on 1st December 2020
But this runs separately from the existing main net and will merge sometime this year
Beacon Chain Stats:
4.5 mil ETH staked worth roughly $13.5 billion
99% Network uptime
TLDR: ETH 2.0
- No more mining so less energy consumption
- Better transaction speed and scalability
- Increased security
- No more mining so less energy consumption
- Better transaction speed and scalability
- Increased security
That's all, folks!
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2. Follow me @srinathariharan for more crypto breakdowns
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