What Is Ethereum 2.0?
-
Loading... - Pascale Messi
- 25 Aug 2022
- 214 Views
- 0 Like
- 0 Comment
Everywhere you look nowadays, there is an Ethereum-killer. At times, it seems as if protocol knights pop up monthly in fully-coded armor to slay the cyberspace dragon named Ethereum. Those who believe that Ethereums reign will come to an...
Everywhere you look nowadays, there is an Ethereum-killer. At times, it seems as if protocol knights pop up monthly in fully-coded armor to slay the cyberspace dragon named Ethereum. Those who believe that Ethereums reign will come to an end point to Ethereums high gas fees, low transactions per second and feature the revolutionary qualities of [insert X] blockchain protocol.
While it is certainly possible that future Ethereum will not be the blockchain of choice for the creation of decentralized applications (dapps), thousands of projects have already been built on the Ethereum blockchain. From the biggest decentralized exchange Uniswap to the largest NFT marketplace in OpenSea, Ethereums community is growing at a rapid pace.
What has many believe the Ethereum project will reach new heights is the much-awaited upgrade Ethereum Serenity, otherwise known as Ethereum 2.0. Set to be released sometime in 2022, it has Ethereum fans hopeful that it will succeed in alleviating all of Ethereums current woes. The release date in 2022 also has Ethereum aficionados concerned that other blockchain projects will catch up in the meantime.
Only time will tell if Ethereums first mover advantage will continue its solid position as the second best cryptocurrency in the world (as measured by market cap). Until then, let's take a brief look at the promises of Ethereum 2.0.
What is Ethereum 2.0?
Ethereum Serenity, or Ethereum 2.0, is not an alternate cryptocurrency. It is best to think of Ethereum 2.0 as an upgrade to the Ethereum network. This upgrade attempts to tackle many key issues of the blockchain, like scalability, usability and sustainability. Although Ethereum has reached unprecedented levels of market valuation this year, popular projects like Cardano, Zilliqa, Solana, AAlgorand and others could potentially threaten Ethereums position as the second biggest crypto coin if it doesn't solve many of its problems.
Not surprisingly, newer protocols boast of higher transactions per second, better scaling solutions and network fees that won't break the bank. Newer technology often has an advantage against older technology, since years of development takes place in bolstering blockchains, so upgrades are needed for older tech to keep up. Ethereum is no exception to this. Read More...
