Ethereum 2.0 is going to be massive

Ethereum 2.0 is a long-awaited update to the Ethereum network. It is expected to improve the functionality of the network so the associated user experience. A major change is the move to the Proof of Stake consensus. The new chain will be called the beacon chain. People predict that everything will be slowly and gradually implemented via Roadmap. Let's remember that Ethereum is one of the powerhouses of cryptocurrencies. What changes it will bring to the crypto world could change a lot.

DApps, DeFi protocols and new technologies gained a lot of popularity just thanks to Ethereum, they were built on this platform. Then there were problems with the scalability of the blockchain. The time and cost of transactions increased which caused frustration for users. Economics is the key if Ethereum is to continue to be a giant when it comes to new projects based on this network.

And such problems are to be solved by Ethereum 2.0. The main update is to be the end of the network scalability problem. This will help with speed, network performance without interfering with blockchain security and most importantly, decentralisation. Unfortunately such efforts to make things as good as possible take a long time and are work consuming. There are a few differences that will be on the Ethereum and Ethereum 2.0 possible to notice.

First, the change from Proof of Work consensus to Proof of Stake. PoW is Ethereum's legacy way of doing things and ensuring the security of the network through miners. The problem is that PoW and scalability are concepts that don't like each other very much. A bigger chain means an unaccountably higher computing power needed for the network. ETH 2.0 is supposed to solve this problem with the Proof of Stake method. If we have a minimum of 32 ETH we can Stake it and become a validator of the network. Consequently, we receive payouts by confirming transactions. The scalability mentioned earlier will also do a lot. The beacon chain is supposed to make it possible to synchronise shard chains and take care of information exchange in the chain.

Ethereum 2.0 has real potential to improve the Ethereum network and ultimately the user experience on the chain. It will still take some time to implement but it is certainly worth waiting for developments.