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- Beacon Chain phase will launch ETH 2.0 as a digital asset which can be earned through providing validation to the Beacon Chain.
- The Beacon chain is going to be Live this year from its testing face, and the users can use ETH 2.0 after the Chain launch.
- The original plan was only a rough idea similar to the similar updates of the other cryptocurrency.
Ethereum has significantly gained in popularity this year as the number of adopters has continuously risen. Being the top second performing asset in the digital world, Ethereum is true as it is described.
But the Blockchain of Bitcoin and Ethereum are a whole lot different in functioning; Ethereum focuses on building a decentralized virtual computer as Bitcoin focuses on the decentralized working currency. This difference has yielded the Ethereum team to move from Proof of work consensus to Proof of stake consensus.
There are challenges implementing the Proof of stake algorithm on to the Blockchain but has higher advantages comparatively. It is energy efficient in the mining process and also has a better reach to a wider audience.
The original plan was only a rough idea similar to the similar updates of the other cryptocurrency. However, now the new consensus is building up the Blockchain required for ETH2.0, which is called to be more efficient than the Proof of work.
The migration of previous Ethereum wallet holders is expected soon with the process called sharding. It is inbuilt tech in Blockchain where the systems share info with ease to improve scalability and performance.
When the whole process of implementation is completed, it will add new features to the Blockchain such as a new virtual machine, 2.0 sharding, and Proof of stake which would be difficult to maintain on the older Blockchain network.
The testing phase and prototype model is launched and is in testing under the name Beacon Chain. The present version will maintain its transactions, and as well as the other shard Blockchain, Beacon Chain phase will launch ETH 2.0 as a digital asset which can be earned through providing validation to the Beacon Chain.
The Beacon chain is going to be Live this year from its testing face, and the users can use ETH 2.0 after the Chain launch, after the implementation of the updates and new features Ethereum is aimed to reach new heights.
With a background in journalism, Ritika Sharma has worked with many reputed media firms focusing on general news such as politics and crime. She joined The Coin Republic as a reporter for crypto, and found a great passion for cryptocurrency, Web3, NFTs and other digital assets. She spends a lot of time researching and delving deeper into these concepts around the clock, and is a strong advocate for women in STEM.
