Let's talk about the history of
Ethereum 2.0 first. Ethery2.0 is not a new concept in the Ethery community. From the beginning, people had the idea of changing the underlying Ethereum consensus mechanism to solve the limitations of Proof of Work (PoW). Since the Frontier mainnet went live in July 2015, discussions on the upgrade of Ethereum 2.0 have not stopped.
Homestead (House), March 2016.
Metropolis (City): Byzantium (Byzantium), October2017.
Metropolis (City): Constantinople (Constantinople), February2019.
Istanbul, December2019, Itambul.
Compared with previous Ethereum upgrades, the launch of Ethereum 2.0 is of special significance because it will implement the Proof of Stake Consensus Mechanism (PoS), which will remove the Proof of Work (PoW) from the existing network .
Let's talk about the
first stage of the development of Ethereum.
Currently, the launch date of Phase 1 has not been determined, but it is expected to be launched within one year after the launch of Phase 0 beacon chain. The main improvement in Phase 1 is the implementation of shardchains, which is the scalability solution mentioned earlier in this article. For Ethernet 2.0, fragmentation will cause the Ethernet to be divided into 64 independent chains (ie, fragmented chains), which run in parallel and seamlessly interoperate. Fragmentation will solve the scalability problem by allowing Ethereum to process multiple transactions at the same time: in theory, 64 fragmentation chains mean that 64 blocks can be processed at a time. At present, Ethereum (and other PoW chains) can only process one block at a time, which means that subsequent transactions have to process one block before they can be confirmed in the following blocks. Since dozens of pieces of data are processed at the same time and seamlessly interoperate, the workload of processing data can be distributed among multiple blocks processed at the same time.
An important moment in the first phase is the merger of the original blockchain power company and the new retail chain company. This moment is called the 1.5 period in the Ethereum community. Specifically, the PoW chain will be brought into Ethereum 2.0 and coexist with the beacon chain as one of 64 blockchain blocks, which means that the data history will not be interrupted, that is, ETHHolders will not have to transfer or exchange tokens in any form between Ethereum 1.0 and Ethereum 2.0; on the contrary, they will be able to continue to use their Ethernet in Ethernet 2.0 without additional steps and no The risk of failure of the original Ethernet. Although the history of the original PoW chain will still exist, the PoW consensus mechanism will no longer be needed to maintain; it will operate like other PoS fragment chains on Ethernet 2.0.
second stage.
There is no clear phase 0 or 1 yet. But we know that with the implementation of PoS and shard chains, the second phase will realize the following functions (including but not limited to): ETH account opening, trading, transfer and withdrawal, and smart contract execution.
After the second stage.
After the second stage, the evolution of the ethereal piano will not end. In the years following the second phase, the coverage and functions of Ethernet will be greatly improved.
Ethereum1.x.
Although it has been mentioned above, it is worth emphasizing again that Ethereum 2.0 is not expected to be fully functional until Phase 2. During this period, the blockchain ecology will continue to develop, and Ethernet still needs to meet the needs of developers, decentralized application construction, enterprises and governments. So before entering the first phase, the EthereumPoW chain will at least exist in the form of "Ethereum 1.x". Even if the future Ethereum 2.0 construction plan is still being perfected, developers will still work to improve the performance of Ethereum 1.x.
in conclusion.
Ethernet 2.0 in the blockchainThe ecosystem has been awaited for a long time, and there are also many discussions in the blockchain ecosystem. PoS and fragmentation will greatly improve scalability, security and accessibility. For ETH holders, Ethereum 2.0 means a brand new opportunity to participate and get rewards for maintaining the network. For those who wish to become validators by promising 32 exchange counterparties, they can lower the barrier to entry by using a third party to bet on 32 exchange counterparties or by sharing funds with others. The Ethernet ecosystem will carry more products and solutions, including ConsenSysPegaSys and Codefiteams.