History of Ethereum 0
Ethereum 2.0 is a planned upgrade to the Ethereum network that is designed to improve its scalability, security, and sustainability. The upgrade is scheduled to be implemented in stages, with the first stage (Phase 0) expected to launch in late 2020. Ethereum 2.0 was first proposed in 2015 by Vitalik Buterin, the co-founder of Ethereum. The proposal was originally called “Sharding”, but was later renamed to “Ethereum 2.0” to reflect the significant changes that it would bring to the network.
The upgrade is being developed by a team of over 30 core developers, led by Buterin. The team is working on a number of different aspects of the upgrade, including a new consensus algorithm (called “Beacon Chain”), a new virtual machine (called “Ewasm”), and improved scalability solutions (such as “Sharding”). The goal of Ethereum 2.0 is to make the Ethereum network more scalable, secure, and sustainable. The upgrade is expected to allow the network to process more transactions per second, while also making it more resistant to attacks and more energy-efficient.
- Phase 0: The first stage of Ethereum 2.0, Phase 0, launched in late 2020. Phase 0 introduced the Beacon Chain, where it introduced a new consensus algorithm for the network.
- Phase 1: It launched in 2021 and introduced sharding, which improves scalability by splitting up the burden of handling the large amounts of data which is needed by rollups over the entire network.
- Phase 2: It launched in 2022. In this phase the Beacon chain was merged with the ethereum mainnet and currently it is existing as one chain, called Ethereum 2.0
Ethereum 2.0
Ethereum 2.0 is the next major upgrade for the Ethereum blockchain, which is currently the largest decentralized platform in the world. This upgrade brought several new features and improvements to the Ethereum network, making it more scalable, efficient, and secure. One of the most important aspects of Ethereum 2.0 is its switch from a Proof-of-Work (PoW) consensus algorithm to a Proof-of-Stake (PoS) algorithm. This change allows Ethereum to process more transactions per second while reducing energy consumption. Ethereum 2.0 is one of the most highly anticipated upgrades to the Ethereum network. It is designed to improve upon the current scalability, security, and energy efficiency of the Ethereum network. It is clear that this upgrade has the potential to revolutionize blockchain technology and take Ethereum to new heights. The article focuses on discussing Ethereum 2.0 in detail.