Ethereum 2.0
Ethereum blockchain is being redeveloped with the Beacon Chain. Currently Ethereum is in need of a coordination mechanism and a new approach to how the nodes for the validation pool are selected. Currently plans are to integrate the new Beacon Chain with the existing Ethereum Mainnet. After these two networks are successfully merged Shard Chains will be implemented. These Shard chains in practice are much more efficient than current Ethereum network (10-30 Transactions Per Second), as reference the Interac Network is currently running at 7 transactions per second capacity. Visa can handle 1,700 transactions per second. Scalability is what is need for Cryptocurrencies to close the gap in the race for market capatilization.
The idea of proof of staking (staking 32 ETH) in order to maintain a higher level of security within the nodes validating the Chain. The idea being that the cost of influencing a majority of the validating nodes is much greater than in its predecessor. Proof-of-work method of verification is what the Ethereum blockchain is built on, this process involves a network of nodes that compete to solve each block and win the Ethereum block reward. The proposed network runs on a proof-of-stake method that requires each node in the confirmation process to have staked 32 ETH ($73,000CDN) to be allowed to compete for the blocks. This ensures that a majority influences on the network cannot easily be bought. The backing also helps to ensure the stability of the asset.
My interest
My current ambition is to create ERC20 tokens to create a liquidity pool for an ERC1155 NFT collection. These together funding an Ethereum staking, you can think of it as an art collection being used to fund an investment account. The assets in the art collection which are sold individually will have an ERC20 token backing the entire project for liquidity, kind of like selling shares for a concept as a whole and not as individual artwork assets. This whole project will be then used to stake in the Shard Chain. I am interested to see what people think about this idea.
