Ethereum 2.0. Is Around The Corner, Here’s What You Should Know About It
In 2015, Ethereum co-founder Vitalik Buterin proposed a blockchain upgrade that would improve scalability and reduce the environmental impact of cryptocurrency mining.
Now, seven years later, Ethereum 2.0 is close to completion.
Dubbed Serenity by the ethereum team and popularly known as ETH 2.0, it’s a major overhaul of the network that will deliver significant improvements to transaction throughput and energy consumption while retaining backward compatibility with existing applications and smart contracts.
Ethereum 2.0 is a proof-of-stake blockchain, which makes it much more environmentally friendly than the older proof-of-work blockchain.
Unlike its predecessor, Ethereum 2.0 will support sharding and sidechains, which are two important features that make Ethereum 2.0 so exciting for developers and investors alike.
The Ethereum 2.0 network will be a scalable, decentralized, proof of stake blockchain that should be able to process transactions in the thousands per second.
This new system will solve many of the issues that have plagued Ethereum in the past and allow it to reach its full potential as a smart contract platform.
It’s still early days for Ethereum 2.0 but there are several projects already working on ways to utilize this technology including Uniswap which is creating an open source decentralized exchange (DEX) for ETH/ERC-20 tokens on ethereum 2.0 called UniDex.