Ethereum 2.0 can be considered the evolution or next step in the progress of Ethereum network project. Nevertheless, the entire Ethereum 1.0 will be encoded as the starting point of Ethereum 2.0. The 2.0 project is still in the development stage as of now. Vitalik Buterin, the co-founder of Ethereum has made endless presentations on the upcoming project. The model was proposed at the 2019 DEF CON event, in front of a massive audience. Ethereum 2.0 is the next big news story after the recent bitcoin halving in May 2020. In this post, we will break down on the developments and roadmap of Ethereum 2.0 project.
Proof of Stake (PoS) and sharding
Proof of Stake (PoS) securing model and sharding architecture is very much part of its roadmap. Proof of Stake (PoS) is something; the team has been working on for a few years. It is a great alternative to the Proof of Work (PoW) model for securing the blockchain network. Rather than opting for non-stop computation, the blockchain can be secured by using coins inside the system, as the base for system security. People who stake these coins can validate transactions on the network. You can just have consensus in the network, which is much cheaper and energy-efficient.
More scalable and energy-efficient
As Vitalik Buterin puts it, PoS is more secure in many ways than POW. Sharding is just another upgrade to massively improve the scalability of Ethereum blockchain. It eliminates the need for every computer on the network to validate every single transaction. Each validator in the consensus has to just verify a small portion i.e. a shard in the network. Thus, the scalability of the network grows exponentially than just one computer in the system. Moreover, it discounts the massive energy requirement that existed in the PoW blockchain securing model.
The imminent and inevitable 2.0
Ethereum 2.0 is not a sudden idea from Vitalik Buterin. It was always part of the original plan in the Ethereum project. For a fact, the Proof of Work (PoW) was never intended to be the endgame. Now, the make shift arrangement will lead the way to the more efficient PoS model. The move from PoW to PoS is called the Serenity phase or final phase of the development of Ethereum. Even the three phases of Ethereum 2 including beacon chain, shard chain, and execution layer is pretty much part of the original plan.
Perks of Ethereum 2.0 project
Ethereum 2.0 is an improved protocol resulting from years of research and experience with the existing Ethereum chain. Newer technologies such as BLS aggregation, Casper FFG, Casper CBC and Merkie proofs are incorporated in the new chain. In addition, you have proof of custody and more data availability. It features the same currency and ecosystem, thereby making it easy for the project to migrate. Importantly, the focus is on simplicity, scalability and security. In addition, it paves the way for ultimate decentralization. These are some of the perks looking imminent by examining the progress of Ethereum.