The Ethereum network is going to make a number of important changes. This update is commonly referred to as Ethereum 2.0 although it may also be called Ethereum Serenity and will bring changes to the consensus and the way this network currently works.
Ethereum 2.0 plans to improve network scalability, increase performance and security, as well as reduce power consumption. Among the main new features of Ethereum 2.0 are:
- The adoption of a new consensus protocol called Casper FFG (Friendly Finality Gadget).
- The implementation of a new network architecture called sharding (This is a concept that is being standardized in cryptographic language. It refers to sharding data to increase scalability).
- The migration of the Ethereum blockchain to a new blockchain called Ethereum 2.0.
- The elimination of Ethereum's application layer (Ethereum Virtual Machine, EVM), which will be replaced by a new application layer called Ethereum 2.0.
- The elimination of mining, which will be replaced by a new validation model called Proof of Stake (POS).
- The elimination of smart contracts, which will be replaced by a new smart contract model called WebAssembly (WASM).
- The elimination of the ability to transact on the Ethereum network, which will be replaced by a new transaction model called State Channels.
Even if most of these things sound like another language to you. The important thing about the migration to Ethereum 2.0 is that fees will go down, energy costs will be reduced, transactions will be much, much faster (it is rumored that from about 20 block validations per second we would go to 100,000) and the security of the network is considerably increased.
It all sounds like good news, but it is not. Unfortunately Ethereum mining ends with this update by moving from the current "Proof of Work" system to "Proof of stake". ASIC miners will no longer be able to mine this currency and now instead we will have to do staking in order to generate tokens.
This is a pity because it negatively affects the mining economy as collateral damage such as the fall in the price of graphics cards and the uncertainty of the future of mining that this network brings to the table.
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