What is Ethereum 2.0 ?


so first off why is  ethereum upgrading well it's upgrading so that it is : more scalable ,secure and eco-friendly, let's go over  each one of these real quick :

1.scalability : 
  Right now ethereum can only  handle  around 15 transactions a second whenever  the network is very busy  this means that the cost of transactions  start to get very high  because all of these transactions are  competing with each other they'll each  pay higher and higher prices  in fact we've seen it get as high as 50  dollars for a single transaction  meaning if you want to send your friend  20 in ethereum  you would have to pay a total of 70$ ethereum 2.0 should have mechanisms in  place  that allow it to perform up to 100 000  transactions a second  and maybe even more.
 so ethereum 2.0 will also be much more  resistant  to 51% attacks due to how it works  in other words it'll be much more  difficult to attack the network or to do  something malicious to it.
 And lastly it's upgrading to be more:    
 right now ethereum uses the  proof-of-work mechanism  which uses a ton of electricity to help  secure the network  since ethereum has grown to such a large  size and the coin is believed in by  many people we can actually switch from  proof of work to the proof of stake  method which uses much less electricity  stick around and we'll teach you exactly  how it works  in simple words so now we know why  ethereum is upgrading.

  first off let's go over proof of stake  right now ethereum uses a consensus  model called proof of work  if you're not sure what a consensus  model is : basically a consensus model is a way for  a group of people to agree on something  in the case of ethereum the thing that  they are agreeing on is all the  transactions that are happening in the  blockchain now this model they use right  now is based on work  it's called proof of work think about it  like this there's a race and everyone  lines up to the race  now when the race starts everyone runs  to the finish line as fast as possible  the one runner who is the fastest will  win and since they won we will give them  a reward  however if you scale this everyone who  ran  technically wasted their energy  especially if they're running in a bunch  of races and they keep losing  in proof of stake instead we can do  three specific things to make this more  energy efficient  number one we make sure that the runners  put up collateral this is called their  stake  number two instead of letting a bunch of  runners run  we only pick one runner and lastly  number three  we shorten the race so that it's much  easier to win  this way nobody wastes their energy or  electricity when they're running the  race  in other words validating transactions .

 The next big thing about  ethereum 2.0 is something called the  beacon chain  so the beacon chain is a proof-of-stake  mega blockchain  that actually went live on december 1st  2020 ,it does not handle transactions or smart  contracts but you can think of it as the  heart of ethereum 2.0  right now it actually exists separately  from the ethereum blockchain  running side by side with it it is  essentially the ethereum 2.0 blockchain  running in parallel  with the version 1 blockchain until we  switch to it the beacon chain is also  responsible for selecting the runners  or the validators who get to validate  the proof of stake blocks  we found that we can't explain too much  of it without getting very technical but  the beacon chain's purpose  is basically to coordinate the entire  ethereum network  speaking of the entire network let's  talk about sharding  i'm going to say one more time to make  sure you actually heard me sharding  so sharding is a very interesting idea  and we're going to explain it in an  analogy  imagine you're wanting to go to work and  there is a one highway lane  that highway is so backed up that you  are now bumper to bumper  and your usual 10 minute drive is taking  three  hours this is currently kind of how  ethereum is working it has one  lane imagine if they made 50 other  highway lanes  that went this exact same route but this  way  a lot more cars could travel on the  highway this is essentially what  sharding is  they are essentially creating 50 more  highway lanes  so there's a total of 51 lanes they all  work together so that the cars can  travel  now in technical terms the idea of of  creating these shards  is so that they can split the  infrastructure of the ethereum network  into smaller pieces  that way each smaller piece can operate  independently of each other  with the goal of scalability now in  terms of ethereum these shards will  allow the storage and accessibility of  data but they won't be used for  executing code like our current  blockchain  eventually our current ethereum  blockchain will become one of the 51  shards  so we will keep all of the old data from  the old blockchain and then we'll have  50 new blockchains to start using  this process is also a big technical  term in the ethereum 2.0 update  and it's called docking it also marks  the last time we will actually use proof  of work in the ethereum network  so now that you know what proof of stake  is the beacon chain  and sharding you might be wondering when  all of this is going to take place  so just like developers roll out  software updates and slow  sections to make sure bugs and other  issues are reported and nothing horrible  happens  ethereum 2.0 will be upgrading in  sections and around the time period of  around  one to two years at least according to  their website now the plan is to upgrade  in phases  phase zero includes the beacon chain  which uses the new proof of stake  mechanisms  now as we have said this has actually  already happened on december 1st  2020 ,to do this a bunch of validators  have actually volunteered  to validate transactions on this new  beacon chain and each validator had to  stake  or in other words lock up 32 ethereum  which  right now is a lot of money there's  actually around 10 billion dollars  locked up as collateral for these  validators so actually right now the  heart of ethereum 2.0 is already running  and being tested on  the next phase is phase one and that  involves the sharding network  now the ethereum.org website says they  plan for this phase to happen around september 2022. this is when they want to launch  and start testing the shard blockchains  next is phase 1.5 and this is what they  are calling the docking  and final merging process this is when  they'll actually switch from the old  ethereum to the new ethereum  they will actually move from proof of  work to proof of stake  and then the old ethereum blockchain  will become one of the new shards  lastly we have phase 2 which is  essentially the final touches  the shards will be upgradable to include  new features  there's also a lot more technical stuff  outside the scope of this article that  happens in phase 2  but one of them includes an upgrade to  ethereum's virtual machine  which is actually the thing that runs  the ethereum code  now i do want to say it should be noted  that some of these specifics  have been changed in the past at least  the timings  and the dates rumored about each one of  these changes has changed a lot for  example  some developers thought phase 0 was  going to happen in early 2019  when in reality it actually happened in  late 2020  so let's go over to summary we've gone  over some of the benefits of what  ethereum 2.0 is  sharding is the ability to split the  load of the entire network among a bunch  of smaller chains  proof of stake will allow validators to  use much less electricity to secure the  network and finally ethereum 2.0 overall  should work in a very similar way to the  ethereum that we have today  however there are just a lot of major  improvements across.

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