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05 December 2020

What is Ethereum 2.0 and Why Does It Matter? - Decrypt

What is Ethereum 2.0 and Why Does It Matter? - Decrypt


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The major update aims to address the network’s scalability and security through a number of changes to its infrastructure—most notably, the switch from a proof of work consensus mechanism to a proof of stake model.

The upgrade aims to enhance the speed, efficiency, and scalability of the Ethereum network so that it can process more transactions and ease bottlenecks.

Ethereum 2.0 is launching in several phases, with the first upgrade expected to launch towards the end of 2020. .

While Ethereum 1.0 uses a consensus mechanism known as proof of work (PoW), Ethereum 2.0 will use a proof of stake (PoS) mechanism. .

However,accordingto Lior Yaffe, co-founder of Jelurida and lead core developer of the Ardor and Nxt blockchains, there is a potential vulnerability that focuses on the level of participation rates in the network.

In atweet, Ethereum 2.0 researcher Justin Drake stated that the research will include “fuzzing, bounty hunting, pager duty, cryptoeconomic modelling, applied cryptanalysis, formal verification”. .

The network is expected to launch with 64 shards (enabling 64 times more throughput than Ethereum 1.0) though at launch they won't support accounts or smart contracts.

Phase 1.5, an interim update due in 2021, will see the Ethereum mainnet officially becoming a shard and transitioning to proof of stake.

Ethereum 2.0 is on track for a November 2020 launch, according to one developer on the project.

Writing in September 2020, Raul Jordan, an Ethereum 2.0 developer with Ethereum infrastructure builder Prysmatic Lab, said that pending some security checks and polishes to the UX, “November is still looking good for a launch from our perspective.”.

Writing in October 2020, Edgington estimated that the deposit contract would be ready “in the next few days,” with beacon chain genesis following “6-8 weeks later”—placing its launch between late November and early December 2020.

In June 2020, Buterin noted that Ethereum 2.0 will need to rely oncurrent scaling methodssuch as ZK-rollups for at least two years before implementing shard chains.

Matt Cutler, CEO of Blocknative, a company focusing on the complexity of the mempool, is equally optimistic, particularly as gas fees may decrease with the launch of Ethereum 2.0

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