ETH 2.0 is coming!
What you need to know about the upcoming Ethereum upgrade
As a coder and a blockchain enthusiast, I want to briefly write about the upcoming upgrades to the Ethereum network. If you are interested but don’t really know anything Blockchain, you can check out my previous post here if you want a quick explanation on Blockchain and Cryptocurrencies.
What it is
ETH 2.0 aka project “serenity” is a set of upgrades to the Ethereum network to make it more scalable, more secure and more energy efficient as well.
Currently Eth can only supports around 15 transactions per second which is already twice the speed of Bitcoin but ETH 2.0 aims to become even more scalable by increasing the speed to up to 1000 transactions per second
ETH2.0 aims to become more secure by making it harder to perform 51% attacks by changing from proof of work to proof of stack. 51% attacks will still be possible in ETH 2.0 but controlling 51% of staked ETH seems a lot harder since you need to actually own that much ETH instead of the current proof of work system where you are able to perform an attack on the network with 51% of the mining power.
The current proof of work consensus model used by ETH requires too much energy as it requires more and more miners as the network grow and ETH2.0 aims to become more energy efficient by adopting proof of stake.
Proof Of Stake
The upcoming change from proof of work to proof of stake will eliminate the need of miners to validate new block, instead the Ethereum network will pay ETH owners to stake a minimum of 32 ETH to be on standby to validate new transactions on the network if they are picked. This is great for energy efficiency since it only requires the computational power of one ETH staker that is picked to validate transactions instead of using the computational power of multiple miners to validate one transaction.
Sharding is a common concept in programming which splits the database into multiple databases containing only portions of the whole database. ETH2.0 aims to use this concept to split their blockchain into 64 shard chains upon upgrade and this will allow multiple transactions to run on each individual shard chains. This is great for scalability since the new ETH network can potentially handle thousands of transactions per section depending on how large the network grows.
The Beacon Chain is proof of stake system and once ETH 2.0 is released, the Beacon chain will become a shard chain that governs all of the other shard chains . The other shard chains will handle transactions while the Beacon chain will be responsible for important stuff such as assigning random ETH stakers to validate new transactions, transferring state data between different shard chains and paying out validators.
Formally known as “Docking”. This will be the final phase when the ETH developers will merge the Beacon chain with the current Ethereum mainnet becoming the first shard chain and signifying the start of ETH 2.0. This is when proof of work ends and hopefully it will invite new users with the new scalability factor and be energy efficient enough for the Doge lord himself, Elon Musk.
As a Ethereum user I love all the upcoming upgrades to the Ethereum network and I can’t wait to see it’s performance when it will be released in Q1 of 2022.
Thank you for reading and please leave a comment if you‘ve enjoyed and follow for more coding and tech content.