Ethereum 2.0: The Impact Of Upgrade On Entire Ecosystem

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.
  • Jian in an interview with LLab’s AMA live broadcast discussed what all changes will be brought by upcoming ETH 2.0 to the entire ecosystem.
  • Jian stated ETH 2.0 is very much different from the current Ethereum.
  • Moreover, when Jian was asked about the impact of ETH 2.0 over currency holders. Jian stated that the impact on ordinary currency holders in different stages is different.

Recently, the head EthFans A chinese Community, A Jian in an interview with LLab’s AMA live broadcast discussed what all changes will be brought by upcoming Ethereum Upgrade ETH 2.0 to the entire ecosystem.

ETH Goal is to Enhance the Functionality

Discussing the concept name ETH 2.0 seems confusing by so many stage codes. Jian compared it with the codes of Olympic slogans. That say goals will accomplished at different stages are different. Likewise, for ETH the goal is to enhance the functionality of Ethereum. According to Jian, these codes have no special meanings.

Looking at the upgrades of Ethereum 2.0, the Ethereum fan leader notified that there are two major upgrades of ETH 2.0. Firstly, the consensus mechanism of proof of stake. Secondly, the sharding architecture of “beacon chain + multiple shard chains”.

Further, he added that the deployment of Ethereum 2.0 isn’t finished in one go, yet is deployed in three phases namely; Phase 0, Phase 1, and Phase 2. By Phase 2, Ethereum 2.0 was viewed as complete. Stage 0, which is required to go live this year, is only the beginning stage for Ethereum 2.0.

Moreover, when Jian was asked about the impact of ETH 2.0 over ordinary currency holders. Jian stated that the impact on ordinary currency holders in different stages is different. When he has questioned whether the upgrade of ETH 2.0 will generate new tokens, Jian replied that in the terms of phases the upgrade of ETH 2.0 will generate new tokens.

Forking Is A Misunderstanding

Further, considering the upgrade of ETH 2.0 as a fork, Jian responded “forking” is also a misunderstanding that everyone is prone to. The introduction of Phase 0 isn’t the case. Not a split of consensus, nor is it a fork of two chains dependent on a similar state. But a new chain has started, and the assets on this chain should be acquired by storing margins on Ethereum, he added.

Besides this, Jian commented about the duration of ETH2.0 Phase 0 to start. He indicated that Testnet developer Afri previously said at a public occasion that he believes the beginning of Phase 0 ought to be of 90 days. After the stable testnet launch.

As per this norm, it tends to be begun as right on time as November.

Launched in 2015, Ethereum Lovers (EthFans.org) is the very first Ethereum Chinese communities in China. Jian joined the community in 2017 and is doing editing and translation for Ethereum enthusiasts.

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