fbpx
  • Price Tracker
  • Guest Post
  • Advertising & Partnership
  • Press Release
  • Editorial Policy
Coin Culture
  • News
    • Bitcoin
    • Ethereum
    • Ripple
    • Business
    • Policy & Regulation
    • Tech
    • People
  • Markets
    • Forecast
      • Ethereum Price Predictions
      • Bitcoin Price Predictions
  • 101 Guide
    • Blockchain Guide
    • Trading Guide
    • Bitcoin Guide
    • DeFi Guide
    • Ethereum Guide
  • Product Reviews
    • Crypto Exchange Reviews
      • CoinSpot Review
      • Swyftx Review
      • Binance Australia Review
      • MEXC Review
      • BitMart Exchange Review
      • Bybit Australia Review
      • CoinSpot Mastercard Review
    • Exchange Comparisons
      • CoinSpot vs Swyftx vs Binance
      • Coinspot vs Binance
      • Crypto.com vs. Binance
      • CoinSpot vs Kraken
      • Swyftx vs Coinbase
  • Contact
    • About Us
    • Submit Press Release
    • Submit Querry
    • Submit Guest Post
  • Crypto Wiki
No Result
View All Result
Coin Culture
  • News
    • Bitcoin
    • Ethereum
    • Ripple
    • Business
    • Policy & Regulation
    • Tech
    • People
  • Markets
    • Forecast
      • Ethereum Price Predictions
      • Bitcoin Price Predictions
  • 101 Guide
    • Blockchain Guide
    • Trading Guide
    • Bitcoin Guide
    • DeFi Guide
    • Ethereum Guide
  • Product Reviews
    • Crypto Exchange Reviews
      • CoinSpot Review
      • Swyftx Review
      • Binance Australia Review
      • MEXC Review
      • BitMart Exchange Review
      • Bybit Australia Review
      • CoinSpot Mastercard Review
    • Exchange Comparisons
      • CoinSpot vs Swyftx vs Binance
      • Coinspot vs Binance
      • Crypto.com vs. Binance
      • CoinSpot vs Kraken
      • Swyftx vs Coinbase
  • Contact
    • About Us
    • Submit Press Release
    • Submit Querry
    • Submit Guest Post
  • Crypto Wiki
No Result
View All Result
Coin Culture Logo
No Result
View All Result

Home » What is Ethereum 2.0?

What is Ethereum 2.0?

Lucas N by Lucas N
July 1, 2022
in Tech
Etherium on top of 100 dollar bills
Share on FacebookShare on Twitter

You might also like

Ethereum EIP 7742 added to Pectra Upgrade

TON Struck by Network Outage: No New Blocks for Over 3 Hours

Mac Users Alerted to New ‘Cthulhu Stealer’ Malware Targeting Crypto Wallets

Ethereum will soon undergo evolution and change to Ethereum 2.0. But what does that mean for the network and what is going to change? This article explains Ethereum 2.0 and its implications.

What is the Ethereum Network?

Ethereum is a blockchain that separates itself from Bitcoin by its ability to run smart contracts. Whereas Bitcoin is known as a decentralised currency, Ethereum can be seen as a decentralised world computer. The smart contracts feature of Ethereum allows it to run censorship-resistant programs without the possibility of downtime or third-party interference.

In contrast to Bitcoin, Ethereum is not limited to being a payment network and a store of value. Bitcoin was designed with those two uses in mind, making its architecture very simplistic and unable to host more complex applications. Ethereum can do precisely that, which has contributed to its rise in popularity.

What are smart contracts?

A smart contract is a self-executing code that carries out instructions when a particular condition is met. That can be something as simple as a transaction or something as complex as a digital bank, built with a combination of smart contracts interacting with each other. You need to pay to use smart contracts. This payment is called gas.

What is gas?

Gas is fuel for the Ethereum network. Imagine Ethereum like a highway and smart contracts like cars. These cars need gas to get from point A to point B. Gas is paid in Ether, the native coin of the Ethereum blockchain. Ether are mined, and because of Ethereum’s rise in popularity, gas has been getting more expensive. The gas price has risen so much at times that it made the blockchain unusable for regular users. For this reason, an update was required.

What is Ethereum 2.0?

Ethereum 2.0 is a set of updates to create a scalable and more robust version of the Ethereum blockchain. It will introduce proof-of-stake to replace the current proof-of-work consensus mechanism. That means instead of mining, users will be able to stake Ether with the blockchain to validate transactions. Ethereum 2.0 also introduces sharding to improve the blockchain’s transaction speed.

When will Ethereum 2.0 launch?

The Ethereum 2.0 release is planned in three phases. The first phase started in December 2020. It included connecting the shared chains to the legacy Ethereum blockchain. Sharding is a way of splitting up processed data into smaller pieces. This increases scalability and decreases the workload for individual nodes. In total, 64 shards are planned.

Phase 1.5 and phase 2 will merge the shards together and enable smart contracts on the shared chains to work. At that point, shared chains will be able to communicate with each other. These phases will take place in 2022. Phase 3 will be the continuous improvement of Ethereum 2.0. It will include constant upgrades and bug fixes to ensure full functionality.

What will the Ethereum 2.0 launch change?

The change from proof-of-work to proof-of-stake will be a massive change for Ethereum and the blockchain ecosystem as a whole. Proof-of-stake requires much less energy, making Ethereum a viable “green” blockchain. It will phase out the mining of Ether and make Ether the biggest proof-of-stake blockchain to date. The update should also lead to lower fees and increase its mass appeal for users and developers alike.

Conclusion

If everything goes according to plan, the launch of Ethereum 2.0 will turn Ethereum into the dominant blockchain for decentralised applications of all kinds. Considering the advantage it already has over other blockchains, this could turn Ethereum 2.0 into a piece of infrastructure that is as important to web 3.0 as Google and Facebook are to web 2.0.

 

 

Tags: Ethereum
Lucas N

Lucas N

Lucas N is Coin Culture's managing editor for people and market, covering opinon, interview and market analysis. He owns Near, Aurora and Chainlink

Recommended For You

Ethereum EIP 7742 added to Pectra Upgrade

by John Hobbs
October 18, 2024
0
Ethereum EIP 7742 added to Pectra Upgrade

Ethereum has just released a new update for Ethereum Pectra. Vice President of Galaxy Christine Kim stated that the development team addressed the upgrade during their 144th All...

Read more

TON Struck by Network Outage: No New Blocks for Over 3 Hours

by John Hobbs
August 29, 2024
0
TON Struck by Network Outage: No New Blocks for Over 3 Hours

The Open Network (TON) has halted transaction validation and hasn't produced any new blocks for more than three hours. On August 28, Tonk Inu, a TON-based community platform,...

Read more

Mac Users Alerted to New ‘Cthulhu Stealer’ Malware Targeting Crypto Wallets

by John Hobbs
August 27, 2024
0
Mac Users Alerted to New 'Cthulhu Stealer' Malware Targeting Crypto Wallets

Apple Mac users are being alerted to a new malware threat called "Cthulhu Stealer" that steals personal information and targets cryptocurrency wallets. “For years, there has been a...

Read more

Ethereum’s Dencun Upgrade Spurs Surge in L2 Bot Activity and Transaction Failures: Galaxy Research

by John Hobbs
August 24, 2024
0
Ethereum's Dencun Upgrade Spurs Surge in L2 Bot Activity and Transaction Failures: Galaxy Research

The Ethereum Dencun upgrade in March inadvertently led to an increase in transaction failures across layer-2 (L2) networks, Galaxy Research says.  Christine Kim, a Galaxy researcher, highlighted this...

Read more

Starknet-Based ZKX Protocol Closes Due to Low User Engagement

by John Hobbs
August 1, 2024
0
Starknet-Based ZKX Protocol Closes Due to Low User Engagement

The ZKX Protocol, a social derivatives trading platform built on the Ethereum Layer-2 network Starknet, has closed down due to insufficient user engagement. Founder Eduard Jubany Tur announced...

Read more
Next Post
multiple cryptocurrencies

Top 4 Cryptocurrencies to Consider Buying in 2021

Please login to join discussion

Most popular

  • Why Brands Should Adopt A ‘Hybrid DAO’ Model

    Why Brands Should Adopt A ‘Hybrid DAO’ Model

    184 shares
    Share 74 Tweet 46
  • Kucoin Review 2024: Features, Fees & More

    156 shares
    Share 62 Tweet 39
  • Coinbase vs Binance: A Side-By-Side Comparison 2023

    270 shares
    Share 108 Tweet 68
  • 20 Best Crypto Copy Trading Platforms: A Curated List 2024

    672 shares
    Share 269 Tweet 168
  • 11 Best Crypto Debit Cards In Australia: A Curated List 2024

    428 shares
    Share 171 Tweet 107

Recommended

Ethereum Foundation Reveals $788 Million in Crypto Holdings, Mostly in Ether, Amid Transparency Push

Ethereum Foundation Reveals $788 Million in Crypto Holdings, Mostly in Ether, Amid Transparency Push

November 9, 2024
Solana Surpasses Binance Coin (BNB) as Fourth-Largest Cryptocurrency

Solana Surpasses Binance Coin (BNB) as Fourth-Largest Cryptocurrency

November 8, 2024
Trump Declares Victory - What will the US Crypto be?

Trump Declares Victory – What will the US Crypto be?

November 6, 2024
Kraken Introduces Crypto Derivatives Suite for Australian Wholesale Clients

Kraken Introduces Crypto Derivatives Suite for Australian Wholesale Clients

November 5, 2024
coin culture logo

Your Australian news source for all things cryptocurrency. Coin Culture is an independent media outlet that aims to provide an Aussie take on crypto, digital assets, and investing.

Hot Topics

  • DeFi
  • NFT
  • Gaming

Top articles

CoinSpot Review
Swyftx Review
Best Crypto Exchanges Australia
CoinSpot vs Swyftx

BROWSE BY TAG

Altcoin News Bitcoin CoinSpot Cryptocurrencies Crypto Exchange Crypto Tax DeFi Dogecoin Dogecoin News ETF Ethereum Feature FED FTX Games hacks Layer2 Markets meme Metaverse Mining NFT Opinion People Policy and Regulation Polygon SEC Security Solana News Stablecoins Tech Top Crypto News Australia | CoinCulture Trading US web3 XRP News

RECENT POSTS

  • Ethereum Foundation Reveals $788 Million in Crypto Holdings, Mostly in Ether, Amid Transparency Push
  • Solana Surpasses Binance Coin (BNB) as Fourth-Largest Cryptocurrency
  • Trump Declares Victory – What will the US Crypto be?

© 2023 CoinCulture. All rights reserved.

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In
Please enter and activate your license key for Cryptocurrency Widgets PRO plugin for unrestricted and full access of all premium features.
  • bitcoinBitcoin(BTC)$106,724.00-0.89%
    BITCOIN
    24H : -0.89%
    Volume : $34,952,206,432.00
    Marketcap : $2,120,770,085,941.00
  • ethereumEthereum(ETH)$2,647.33-0.29%
    ETHEREUM
    24H : -0.29%
    Volume : $26,571,607,904.00
    Marketcap : $319,506,813,353.00
  • tetherTether(USDT)$1.000-0.01%
    TETHER
    24H : -0.01%
    Volume : $62,744,336,266.00
    Marketcap : $153,030,778,993.00
  • rippleXRP(XRP)$2.280.850%
    XRP
    24H : 0.850%
    Volume : $2,174,027,822.00
    Marketcap : $133,731,464,953.00
  • binancecoinBNB(BNB)$679.16-1.05%
    BNB
    24H : -1.05%
    Volume : $883,604,090.00
    Marketcap : $99,081,221,627.00
  • solanaSolana(SOL)$168.53-1.67%
    SOLANA
    24H : -1.67%
    Volume : $3,658,847,345.00
    Marketcap : $87,725,429,318.00
  • usd-coinUSDC(USDC)$1.0000.00%
    USDC
    24H : 0.00%
    Volume : $8,738,971,427.00
    Marketcap : $61,238,778,737.00
  • dogecoinDogecoin(DOGE)$0.219-0.43%
    DOGECOIN
    24H : -0.43%
    Volume : $1,340,925,782.00
    Marketcap : $32,797,138,384.00
  • cardanoCardano(ADA)$0.735-1.75%
    CARDANO
    24H : -1.75%
    Volume : $622,759,101.00
    Marketcap : $26,524,567,593.00
  • tronTRON(TRX)$0.2760.280%
    TRON
    24H : 0.280%
    Volume : $623,507,343.00
    Marketcap : $26,212,441,264.00

Add New Playlist

No Result
View All Result
  • News
    • Bitcoin
    • Ethereum
    • Ripple
    • Business
    • Policy & Regulation
    • Tech
    • People
  • Markets
    • Forecast
      • Ethereum Price Predictions
      • Bitcoin Price Predictions
  • 101 Guide
    • Blockchain Guide
    • Trading Guide
    • Bitcoin Guide
    • DeFi Guide
    • Ethereum Guide
  • Product Reviews
    • Crypto Exchange Reviews
      • CoinSpot Review
      • Swyftx Review
      • Binance Australia Review
      • MEXC Review
      • BitMart Exchange Review
      • Bybit Australia Review
      • CoinSpot Mastercard Review
    • Exchange Comparisons
      • CoinSpot vs Swyftx vs Binance
      • Coinspot vs Binance
      • Crypto.com vs. Binance
      • CoinSpot vs Kraken
      • Swyftx vs Coinbase
  • Contact
    • About Us
    • Submit Press Release
    • Submit Querry
    • Submit Guest Post
  • Crypto Wiki

© 2023 CoinCulture. All rights reserved.