Resource: Cryptoslate.com
5 months ago
Date: 29 Jul 2022 - 05:00

The Ethereum upgrade formerly Ethereum 2.0 or Eth2 is one of the most anticipated upgrades in the world of blockchain technology and Ethereum investors cannot wait.While the Eth2 name stuck the Ethereum Foundation itself changed the terminology. Today you would simply refer to it as the consensus layer that operates on the original blockchain.The upgrade which will be rolled out in several phases is intended to make the Ethereum network more scalable and accessible and increase the security of the network.Ethereums upcoming upgrade includes several changes to the networks infrastructure starting with the change from proofofwork PoW to proofofstake PoS consensus mechanisms followed by sharding chains and further updates down the road.A ProofofStake BlockchainThe move to PoS is significant for Ethereum as it changes the incentives for validating the Ethereum Blockchain.Previously miners ran the nodes and needed a lot of energy to mine the next block.These two elements miners and energy are eliminated in the PoS consensus mechanism and replaced by validators and staking resulting in a more than 99.9 reduction in power.The validators have to deposit 32 ETH to participate in the random validation process in which the network pays them for validating transactions.If a validator is not online and cannot execute its actions the block reward for this specific validator might decrease. Malicious attempts by validators to compromise the network would end in a worse outcome as their deposit of 32 ETH could be slashed.The advantages of PoS for Ethereum in overviewProofofWork required GPUs Graphic Processing Units in order to participate in the mining process demand was so high that the regular market was affected in form from shortages of specific GPU seriesLess centralization risk as anyone can become a stakerETH issuance dropped from 4.3 to 0.43 which can make it deflationary together with the burned ETH since EIP1559Strict penalties for bad actors attackers can be removed as stakers and there are also economic penaltiesThe Merge Beacon Chain Ethereum MainnetThe first phase began with the 8216Beacon Chain upgrade which went live on Dec. 1 2020.The Beacon Chain included the feature for native staking on the Ethereum blockchain as the basis for the switch to PoS. The new upcoming merge will combine the Beacon Chain with the Ethereum mainnet.In the final phase the focus is on blockchain sharding. To improve the scalability of the Ethereum mainnet all operations will be executed on 64 shard chains in the future.Ethereum Merge via Ethereum FoundationThis sharding technique makes it cheaper for layer2 blockchains to build on Ethereum the rollupbundled transaction costs will go down as well as the memory specifications required to run an Ethereum full node.More Coming For Ethereum After The MergeAt the Ethereum Community Conference in France from July 1921 Ethereum CoFounder Vitalik Buterin talked about what is next after the merge.Buterin said the switch to PoS increasing the scalability and the merge is just some of the first series of upgrades.Ethereum today can process about 1520 transactions a second. This Ethereum including the rollups including the sharding 8230 its going to be able to process 100000 transactions a second.To put those 100000 transactions a second into perspective the payment operator VISA executes on average just 17000 transactions per second Bitcoin just around 4.6 per second.Buterin also has the names for the next phases already they were also on the original roadmap surge includes the sharding verge Verkle trees purge purge of old network history and splurge All the other fun stuff.Moreover Buterin told the interested community members in France that he thinks that Ethereum is just 40 complete. After the merge which should happen in September it will be at roughly 55.Here is the full roadmap of Ethereum including the next phases after the mergeEthereum Consensus Layer Eth2 RoadmapExciting Times Ahead For EthereumVitalik and others have been working on Ethereum since 2013.In August 2014 the nowadayslegendary Ethereum ICO started the very first time one could have bought ETH in a public sale.With the proceeds the team has continued to build out the Ethereum blockchain and technology. While it has its flaws Ethereum is still the biggest blockchainecosystem out there with a tremendous network effect.In September the merge is expected to happen finally. Together with the upcoming introduction of shard chains scalability security and accessibility will all be positively influenced by the upgrade.The post Heres what you can expect from Ethereums longawaited Merge upgrade appeared first on CryptoSlate.

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