Ethereum’s Upgraded Version ETH2, An Independent POS For The Next Decade

Priyanka Kulkarni
Priyanka Kulkarni, post-graduated in Business Administration holds worthy experience in market research and investment banking. She is passionate to flaunt her perception towards cryptocurrencies.
  • At the time when the cryptocurrency registered some recoveries, Ethereum was trading at $115.35.
  • On 12 March, Ethereum was recorded as the second-highest fee in a day, when the whole market was in a rush to sell their currencies with price rolling.
  • Director of Marketing ‘SetProtocol’ and Co-Founder of ‘ethhub_io,’ Anthony Sassano stated in his latest interview that Ethereum 2.0 could be a hopeful solution to the crypto ecosystem.
  • Vitalik Buterin, the Ethereum co-founder, notified that ETH2 was the future, but not exactly tomorrow.

Almost a week after the drastic drop of cryptocurrencies, the entire market is willingly selling their tokens. Indeed, the world’s largest altcoin tumbled 49.86% in the last 26 hours. At the time when the cryptocurrency registered some recoveries, Ethereum was trading at $115.35.

On 12 March, Ethereum was recorded as the second-highest fee in a day, when the whole market was in a rush to sell their currencies with price rolling.

The CoinMetrics recently twitted about Ethereum’s spiked fee that it is due to the investors quickening to make transactions among the market instability.

ETH2 an upgraded system to fulfill the intentions of Ethereum

Director of Marketing ‘SetProtocol’ and Co-Founder of ‘ethhub_io,’ Anthony Sassano stated in his latest interview that Ethereum 2.0 could be a hopeful solution to the crypto ecosystem. He addressed ETH2 as the central nervous system of Ethereum and emphasized that the upgrade version could fix many things, including the scalability issues.

In the latest podcast, Danny Ryan of Ethereum Foundation had briefed on the new proposal, along with other improvements relating to Ethereum 2.0.

Rayn further stated that due to a reduction in the number of parallel chains from 1,024 to 64 would ultimately decrease in the amount of on-chain computation. Moreover, substantial gains could be attained in terms of data availability.

Vitalik Buterin, the Ethereum co-founder, notified that ETH2 was the future, but not precisely tomorrow. He thinks that ETH2 will offer additional capacity for the users via sharding and scaling, privacy features, and many more.

Thus, Ethereum 2.0 assumed as a solution for the imperfection that Ethereum needs to work on.  A software engineer for Prysmatic Labs, Ivan Martinez, considers ETH2 is aiming to deliver an upgraded system that will fulfill the intentions of Ethereum.

It also intends to replace the fee auction market and gas prices about transaction fees with a different strategy named EIP1559. Ethereum 2.0 is also build to support funding miners.

How Ethereum 2.0 could prevent hacks?

Martinez pointed out that the low issuance, in combination with the big bucks, ultimately makes the attacks more expensive, and thus, decreasing the chances of a mass attack on the network.

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