Ethereum Founder informed on Twitter about one-year completion of Beacon Chain and stated about further plans of Ethereum 2.0
Ethereum 2.0 is the most awaited and might be the most talked crypto out there in the crypto market. Founder Vitalik Buterin has congratulated ‘happy birthday Beacon chain’ on its completion of one year. Further, he also stated how workings behind Ethereum 2.0 are going, how much is completed, how much is still needed to complete, and how much time it can take to have it in a working state. Although he had not clearly stated anything about the actual date, instead, he had told about the roadmap of ongoing work behind Ethereum 2.0.
Ethereum has already been a famous cryptocurrency platform since its launch. It also has the 2nd largest market capitalization after Bitcoin. With its launch, there were so many features that resolved many contemporary issues related to the transactions and other workings of the blockchain network. Ethereum Chain had an extra edge over existing blockchains, and it’s an open-source blockchain network. It allowed many other tasks to be done on Ethereum Chain. Be it Smart contracts, formation of Dapps, etc.
But despite being an advanced version of the existing network, Ethereum Blockchain started facing many issues related to transaction speed and GAS fees. There were so many apps and projects developing on the ethereum chain, but they faced issues. The Ethereum chain needed to get rid of these problems to stay relevant.
Ethereum needs to upgrade its scalability, security and work on its mechanism to transfer from proof-of-work to proof-of-stakes. To solve these issues and make an upgrade, the Ethereum community decided to have a new approach to resolve it by making a whole new chain. From there, the concept of Ethereum 2.0 came into existence.
Ethereum 2.0 would be almost the same working as the Ethereum chain but far better. It will be based on Beacon Chain, but not precisely because Beacon Chain does not contain the facility of smart contracts. Instead, Beacon Chain will be there to provide scalability to Ethereum Chain.
On top of that, Ethereum 2.0 will be working on a Proof-of-stakes mechanism being far more energy-efficient than a traditional proof-of-work mechanism. Many new Blockchains launched after Ethereum was called to be ‘ethereum killers’ because they could do a lot more transactions in fewer GAS fees than the Ethereum chain. Also, they were based on PoS instead of Pow, on which Ethereum Chain was based.
Ethereum 2.0 will have four phases in its launch, out of which it has completed its 1st phase, which is Phase 0, the launching of Beacon Chain. After which Phase 1 had planned to initiate, including the addition of the Sharding feature in Ethereum Chain, obviously for scalability concerns. Other Phases will be rolled out eventually with time.
How far Ethereum 2.0 will go than the existing Ethereum chain, it can be understood that where Ethereum Chain could do only 15 transactions per second, on the other hand, Ethereum 2.0 will be able to do 100k transactions per second, and that is a lot more than any transaction speed. It’s just one example of how much better Ethereum 2.0 will be than Ethereum. All eyes are eagerly waiting for the project to be complete as soon as possible. It will bring remarkable changes in the near future and evolutions in the Blockchain and Crypto industry.