Ethereum 2.0 (Eth2) is an upgrade, which is being worked on for quite some time and ongoing. This upgrade is very considered important because it is focused on improving on the scalability and security of the network.
Mikhail Kalinin tweeted: “Eth2 Phase 1 client demo, a demonstration of a simple transfer. This prototype is capable of performing any Eth1 transaction in an Eth2 environment.”
The first stage of Eth2 is known as Phase 0 and plans are underway to launch it in 2020. ETH2 is focused on reducing energy consumption. If all works well, the network will be able to process more transactions and will be able to further increase security. Ethereum is all set to become the proof of stake blockchain and is set to introduce shard chains.
The intended goals of ETH2 are focused on bringing in huge changes, which will determine how Ethereum works and on how it should bring equally huge benefits.
The ETH2 road map consists of Phase 0: The Beacon Chain, Phase 1: The Shard Chains, Phase 1.5: Mainnet becomes a shard, and phase 2: Fully formed shards.
Ethereum Infrastructure to change with ETH2
The good thing of all is that ETH2 is only a change to the Ethereum infrastructure. Those who are already ETH holders, dapp users or dapp developers do not need to do anything as the Eth2 is designed to be compatible with the main Ethereum Network that all investors are using today.
Sydney Ifergan, the crypto expert tweeted: “Waiting for how the cryptocurrency world could become Topsy Turvey is things change from the ~15 transactions per second.”
While it is important for Ethereum to scale it should as well be secure and decentralized. Scaling a blockchain in a secure and decentralized way is hard.
Some of the networks are able to scale better, because they are probably more centralized than Ethereum.
All the waiting is for the Shard chains which will function like parallel blockchains which will sit within Ethereum and therefore take on a part of the network’s processing work. When this happens Ethereum will become the super highway of interconnected block chains.
Very recently, due to the belief by the community that ETH 2.0 might ship by the end of July, ETH and BTC were not trending in correlation with each other. ETH was following its own route. However, the correlation between Ethereum and Bitcoin are beginning to increase. It looks like ETC will continue to follow the BTC. The development activities in Ethereum Network is progressing and until the ETH 2.0 ships – perhaps the duo might trend together.