Explained: What is Ethereum 2.0 and Its Benefits
Ethereum 2.0, popularly known as Eth2, is a major upgrade to the Ethereum blockchain network. Which aims to address some of the issues of the original Ethereum (Eth1) blockchain, such as scalability, security, and sustainability.
What are the benefits of Ethereum 2.0?
1. Scalability: Ethereum 2.0 will implement a technique called sharding, which divides the network into smaller, interconnected chains (shards). Each shard can process its transactions and smart contracts, significantly improving the network's scalability.
2. Security: The upgrade from Proof of Work (PoW) to Proof of Stake (PoS) is a significant security improvement. PoS is considered more energy-efficient and secure because it relies on validators who are required to lock up a significant amount of cryptocurrency as collateral.
3. Sustainability: Ethereum 2.0 improves sustainability by transitioning from energy-intensive to energy-efficient. (PoW to PoS) Reduce hardware requirements and a lot more.
What do you think about Ethereum 2.0? Share your thoughts.
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