Altcoins Talks - Cryptocurrency Forum
Cryptocurrency Ecosystem => Ethereum Forum => Topic started by: highnayem34 on September 09, 2020, 12:03:19 AM
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What to expect from Ethereum 2.0?
The features of the latest updates will take years, and there is a lot of work to be done in every stage.
ETHEREUM 2.0 reolutinary blockchain update?
Everybody has heard of Ethereum 2.0 and is looking forward to its launch in 2020. While developers are working hard to bring it to life, let’s figure out why it’s such a big deal. Ethereum 2.0, or Eth2, is an upgrade to the Ethereum blockchain that aims to make the network more scalable and secure while keeping it decentralized.
Concepts Central to Ethereum 2.0
The idea is to enable blockchain transition from PoW to PoS to enhance transaction throughput, make the network more accessible, and resistant to cyber-attacks. There are three key concepts at the core of Eth2 that make it all possible:
Casper
Casper is a consensus algorithm serving as an overlay on top of PoW and enabling the transition to the new protocol. Besides, Casper will ensure security by punishing validators who vote for several forks or harm the network in any other way.
Shards
Shards are standalone chains into which the blockchain is divided to increase transaction volume and speed up the network performance. Each node will be assigned to a particular shard and have to process and maintain only the data on that shard instead of uptaking the whole network transactional load.
Beacon chain
Beacon chain delivers the Casper PoS protocol and provides consensus between all shards. Each shard reports its state and transaction history to the beacon chain that makes it available for the whole network, ensuring cross-shard communication.
Eth2 has been much awaited in the blockchain community. It promises to deliver the scalability, security decentralized networks need to break the new ground.
Now the question is will it be a successfull upgrade? What is your opinion on Eth-2.0 update? Share with us!! !
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We have already heard about the new technologies that will be applied in ETH 2.0, but we still have no information regarding the security, decentralization, and scalability of the blockchain. Currently 15tps is too low for the needs of the Ethereum community, making gas prices too high and inconvenient for urgent transactions. Expect ETH 2.0 to reach 150 - 1500 tps to allow users to get rid of the obsession of unsuccessful transactions :)
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Basically, Ethereum will experience something hard to make things under control. The upgrading will become risky at first. You know, to management ETH 2.0 is the most challenging aspect because the team must consider the project and investors at the same time.
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We have already heard about the new technologies that will be applied in ETH 2.0, but we still have no information regarding the security, decentralization, and scalability of the blockchain. Currently 15tps is too low for the needs of the Ethereum community, making gas prices too high and inconvenient for urgent transactions. Expect ETH 2.0 to reach 150 - 1500 tps to allow users to get rid of the obsession of unsuccessful transactions :)
Shard Chains, It creates a bottleneck, as the overall number of processed transactions depends on the transaction capacity of each network participant. Through sharding, Ethereum gets divided into 64 shard chains functioning simultaneously, each of them processing a block all at the same time. Such a solution leads to an enormous increase in transaction volume (~15,000 per second) by speeding up network performance.
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Basically, Ethereum will experience something hard to make things under control. The upgrading will become risky at first. You know, to management ETH 2.0 is the most challenging aspect because the team must consider the project and investors at the same time.
They are already facing huge problem. I think they will fixed it in time but slowly slowly.