Ian Wright

Ethereum 2.0 for the uninformed


Hey, I'm here again! Yes, the crazy dude who writes stuff on the internet!

If you are reading my Post Maybe it is because you want to know what is going on with Ethereum 2.0. I'm not the best medium for in-depth information since I'm a newcomer to the Blockchain world, but as always I'll try to explain to you as best I can everything I've been able to understand.

Ethereum is an open source Blockchain that run smart contracts and allows the development of decentralized applications (no entity or person controls them, only the programmed code). Due to its early creation it is the platform with the highest market capitalization and currently supports all kinds of dAPPS (wallets, exchanges, games, etc...).

Ethereum 2.0 is not a new Ethereum, it is an update of Ethereum. This upgrade is happening in three stages: beacon chain, the merge and fragment chain. The first update has already been done and what is now being eagerly awaited is the merge.

This merge will gradually increase the number of transactions supported by the platform (it currently supports 15 transactions per second and should eventually support one million transactions per second).

Contrary to what many people think, it will not be during the merger that fees will be lowered, but rather when the chain of fragmentations is completed. This upgrade is intended to improve the scalability of the platform. It is going to change from PoW (Proof of work) to PoS (Proof of stake).

Well, the merge is ready. On June 8th it will enter the Ropsten testnet (the biggest of the network) and it is expected that in August it could be on the mainnet.

Come on, the serious part of the post is over so I'll tell you the truth. I am the one who is waiting for it!

The only thing true about it being expected in August is that Ethereum's lead developer said it could happen in August and Vitalyk Buterin confirmed it in the Permissionless Conference,  but it could be postponed until September or October even though no other previous test had so much Ethereum 2.0 staked accumulated.

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Do not forget to follow all my advice if you want to lose your wife because you have put the rent money in "coins that are worth cents but can be worth thousands of dollars"

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The Crazy Dude
The Crazy Dude Verified Member

I am interested in this new era we are coming into. Will post all the interesting things i´ll found.


Cryptoworld by the crazy dude
Cryptoworld by the crazy dude

Initial non financial advice for people who start their journey in this field, conspiracy news and personal thougts. Do not forget to follow all my advice if you want to lose your wife because you have put the rent money in "coins that are worth cents but can be worth thousands of dollars"

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