The long-planned upgrade to the Ethereum network aims to solve problems with the network’s scalability and security. In its first phase, the blockchain “world computer” will switch to a proof of stake consensus mechanism.
By Rene Millman and Liam J. Kelly 10 min read Sep 10, 2021
It’s been a long time coming, but the first phase of Ethereum 2.0 is finally up and running.
The multi-phased upgrade aims to address the Ethereum network’s scalability and security through several changes to the network’s infrastructure—most notably, the switch from a proof of work (PoW) consensus mechanism to a proof of stake (PoS) model.
What is Ethereum 2.0?
Ethereum 2.0, also known as Eth2 or “Serenity,” is an upgrade to the Ethereum blockchain. The upgrade aims to enhance the speed, efficiency, and scalability of the Ethereum network so that it can process more transactions and ease bottlenecks.
Ethereum 2.0 is launching in several phases, with the first upgrade, called the Beacon Chain, having gone live on December 1, 2020. The Beacon Chain introduces native staking to the Ethereum blockchain, a key feature of the network’s shift to a PoS consensus mechanism. As the name suggests, it is a separate blockchain from the Ethereum mainnet.
The second phase, called The Merge, is expected in the first or second quarter of 2022 and will merge the Beacon Chain with the Ethereum mainnet.
early polling suggests possible support for a 2021 minimum viable merge target
the merge comes after EIP-1559, itself slated for the London hardfork in July/August
"minimum viable" means no transfers, no withdrawals, no statelessness, no major EVM change pic.twitter.com/CzhSSKnT0r
The long-planned upgrade to the Ethereum network aims to solve problems with the network’s scalability and security. In its first phase, the blockchain “world computer” will switch to a proof of stake consensus mechanism.
By Rene Millman and Liam J. Kelly 10 min read Sep 10, 2021
It’s been a long time coming, but the first phase of Ethereum 2.0 is finally up and running.
The multi-phased upgrade aims to address the Ethereum network’s scalability and security through several changes to the network’s infrastructure—most notably, the switch from a proof of work (PoW) consensus mechanism to a proof of stake (PoS) model.
What is Ethereum 2.0?
Ethereum 2.0, also known as Eth2 or “Serenity,” is an upgrade to the Ethereum blockchain. The upgrade aims to enhance the speed, efficiency, and scalability of the Ethereum network so that it can process more transactions and ease bottlenecks.
Ethereum 2.0 is launching in several phases, with the first upgrade, called the Beacon Chain, having gone live on December 1, 2020. The Beacon Chain introduces native staking to the Ethereum blockchain, a key feature of the network’s shift to a PoS consensus mechanism. As the name suggests, it is a separate blockchain from the Ethereum mainnet.
The second phase, called The Merge, is expected in the first or second quarter of 2022 and will merge the Beacon Chain with the Ethereum mainnet.
early polling suggests possible support for a 2021 minimum viable merge target
the merge comes after EIP-1559, itself slated for the London hardfork in July/August
"minimum viable" means no transfers, no withdrawals, no statelessness, no major EVM change pic.twitter.com/CzhSSKnT0r
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