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10 Aug 2020
4 min read

Ethereum 2.0: Everything You Need to Know

 

 

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Written by OspreyFX News Team
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Ethereum 2.0: Everything You Need to Know

Bitcoin has always been the undisputed shining star of the crypto scene even though others are now becoming increasingly popular. It can be said that Ethereum is a bit of a lesser-known co-star patiently waiting in the wings for its moment of glory. The launch of Ethereum 2.0 might do just that.

Read on for all the key details.

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What Is It?

Ethereum widely regarded as the second most important cryptocurrency platform was first launched in 2015.  Over the last 5 years, the platform experienced several changes including the notorious DAO Fork of 2016. Following this controversial split, the network went on to split on other occasions but this initial split between Ethereum and Ethereum Classic went on to become a pivotal moment in the platform’s history.

The launch of Ethereum 2.0 (or Serenity as this upgrade is also being referred to) is set to be another crucial moment for this platform. As the crypto world evolves and to a certain extent adapts to global events, various processes require a corresponding upgrade. The new and improved Ethereum will doubtlessly be a move in this direction.

Why Is It Important?

The significance of Ethereum lies in the fact that it introduced the concept of blockchain technology that is not used exclusively for a single digital currency. So, while there are similarities in the technologies that back up Ethereum and Bitcoin, Ethereum’s technology can be used for any decentralized platform.

So, what are the objectives for Ethereum 2.0? In a nutshell, here’s what you can expect according to researcher Danny Ryan:

1. Security:

Ensuring that more validators secure the network

2. Simplicity:

Reducing complexity, even if it entails forgoing some elements of efficiency

3. Longevity:

Preparing the network for the arrival of quantum computing

4. Resilience:

Making sure that the network is still live even if multiple nodes go offline

5. Decentralization:

Opening up participation to more typical consumers using standard laptops in a bid to preserve the decentralization of the network.

Ethereum 2.0

Is Ethereum 2.0 a Replacement for Ethereum?

Simply put, it’s envisaged that Ethereum 1.0 will be incorporated into Ethereum 2.0. Meanwhile, the current network will remain fully operational like it is at the moment.

What is the Launch Date of ETH 2.0?

The creation of Ethereum 2.0 is an endeavor of gargantuan proportions. We have seen a number of dates proposed but then (almost inevitably) pushed back when the time arrived. The specifications for the official testnet (also known as Medalla) were launched on the 22nd of July and activities began on the 4th of August. Meanwhile, in a recent Reddit session, the leading Ethereum developers have indicated that the update may optimistically launch by November 2020 or more realistically in January 2021.

Irrespective of the dates for ETH 2.0, we can be certain that it will create exciting changes across the crypto landscape. And we can’t wait to see this crypto actor in its (well-deserved) starring role.

 

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