ChainIDE#31 What is ETH 2.0?
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Ethereum has been wildly popular since its launch in 2015, but recently its high transaction fees and low scalability have negatively impacted the execution of complex applications, and the need for ethereum improvements has become increasingly urgent among users. Ethereum 2.0 has been in the works for some time and is the biggest change to the Ethereum network in years, aiming to address some of the problems with the current infrastructure.
Both Vitalik and Ethereum.org estimate that the Ethereum merger will be fully delivered in the second quarter of 2022.
The Ethereum upgrade is one of the most anticipated developments in crypto history. If all goes according to plan, the upgrade will bring a solution to scalability issues and add more accessibility for the average user.
Five big changes brought by the Ethereum upgrade:
1. Reduce Gas fees
High Gas fees are a major barrier to the average user trying ethereum. Gas fees fluctuate according to transaction demand. A high volume of transactions in a short period of time often clogs Ethereum, and in this case miners are more willing to choose deals that offer higher Gas fees. However, when Ethereum adopts PoS, transaction processing is simpler and can avoid congestion caused by mountains of unprocessed transactions.
2. Improve network throughput
Sharding is another important upgrade of Ethereum following the merger of Ethereum. Sharding horizontally divides a database into shard chains, all of which can process transactions independently of the main network.
The PoW blockchain records transactions on a chain, and Bitcoin can only process seven transactions per second, while Ethereum can only process 10-15 transactions per second.
Ethereum.org predicts that 64 shard chains will be available when shards are delivered in 2023. Each chain can verify transactions to share the load on ethereum's main network, significantly increasing network throughput.
3. Reduce hardware requirements
The high threshold of equipment is not conducive to attracting more verifiers to participate in the protection and construction of the network. The transition from Ethereum to PoS means there will be less competition for computing power. It is not necessary for the verifier to have a super miner, server level equipment is sufficient.
4. Expand the Ethereum ecosystem
A large number of DApps are running on Ethereum, and high load has a significant negative impact on EVM, making the network processing speed dramatically slow down. EVM is difficult to patch because its code is written in a complex programming language called Solidity. Ethereum 2.0 will introduce the Ethereum Web Assembly (eWASM) designed by the World Wide Web Consortium to replace EVM, according to leading Ethereum developers.
EWASM allows developers to program in simpler languages such as C++ and Rust. EWASM is also compatible with current Web standards, making it easier to run in regular browsers. Users can access the dApp without an extension.
The biggest benefit of eWASM is its impact on the developer ecosystem. With more language choices, more developers will flock to Ethereum, bringing more innovation and creativity to the community.
5. Reduce your carbon footprint
The transition to PoS will reduce energy consumption and environmental impact. Indeed, the energy-intensive nature of POWs has raised concerns among environmentalists and regulators.
According to ethereum's official blog, PoS will reduce Ethereum's power consumption by 99.5%. That would reduce environmentalists' criticism that cryptocurrencies are overblown, even though ethereum's power consumption is already much lower than bitcoin's. In addition, other scaling solutions, such as Rollup and sharding, will reduce the overall energy cost of a transaction by increasing the network's economies of scale.
- What do you think is the biggest difference between ETH1.0 and ETH2.0?
- What are the changes for traders after the update of ETH2.0?
- 2.0 and its importance to introduce] [the etheric fang (https://academy.binance.com/zh/articles/what-is-ethereum-2-0-and-why-does-it-matter)
- [for Eth2 upgrade] (https://ethereum.org/zh/upgrades/)
- [2.0 will bring the etheric lane 5 big change] (https://mp.weixin.qq.com/s/Zwpce4BmPcIMxifqbeR3-A)
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Welcome to our discussion
As ETH 2.0 continues to roll out, the Ethereum community eagerly anticipates the full realization of its potential, unlocking a new era of scalability, efficiency, and innovation for blockchain technology.
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