Ethereum 2.0 (“Serenity”) is an upgrade to the Ethereum Network which improves the speed, efficiency, and scalability of the network.
Ethereum core development team is working on a big upgrade, which is known as Ethereum 2.0. It involves re-create the entire Ethereum platform, launching a new, more better version.
Implementation will start this year and will run for another year or two until all three phases are complete. Part of the Ethereum 2.0 implementation involves moving Ethereum from PoW to PoS consensus.
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Phase 0 – Beacon Chain
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Phase 1- Shard Chain
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Phrase 2 – Execution Engine
Proof of Stake solutions like Beacon and Casper refer to switching how ETH is created. This refer to how the system is secured and how new coins are mined.
The following teams are either researching or developing a beacon chain / shard client:
Prysm- developed by Prysmatic Labs, written in Go. They have an excellent bi-weekly update on their progress.Lighthouse — developed by Sigma Prime, written in Rust.Nimbus — developed by Status, written in Nim.Lodestar — developed by Chain Safe Systems in JavaScript.Harmony — developed by Ether Camp, written in Java.Pantheon — developed by PegaSys the protocol engineering group at ConsenSys, written in Java. The team are focused on key Ethereum challenges including scalability and privacy for both public and private chains.Trinity — developed by the Trinity team (led by Piper Merriam), written in Python.
Plasma is an extra layer that sits on top of the network that can handle massive amounts of transactions. It is the Ethereum version of Bitcoin’s Lightning Network.
Raiden is an off-chain scaling solution, like Plasma. Thus, this is also an Ethereum answer to the Lightening Network.
eWASM The current EVM blockchain executes smart contract code immediately when a transaction is processed.
Every aspect of “Ethereum 2.0” offers an answer to the below problems… and it reminds us that the future is bright since Ethereum 3.0, 4.0, etc are possible for the future.
Problems that will be improved or resolved with ETH 2.0 are :
- Scalability.
- A solution for the difficulty bomb.
- Security
!!! IMPORTANT INFORMATION: FOR BECOMING A NODE VALIDATOR IN FUTURE ETH 2.0 NETWORK YOU MUST HOLD 32 ETHEREUM !!!
