What is Ethereum 2.0
- 1. ETHEREUM 2.0
- 3. Bitcoin Bitcoin is a cryptocurrency and a digital payment system invented by an unknown programmer, or a group of programmers, under the name Satoshi Nakamoto. It was released as open- source software in 2009. - Cryptocurrency - Fully distributed - Blockchain - One shared distributed ledger - There is only one - No double spending
- 4. Ethereum Ethereum is blockchain-based distributed computing platform featuring smart contract functionality It provides a decentralized virtual machine ◦ Wallets ◦ Contracts ◦ Money transactions ◦ Method calls
- 5. What is Ethereum 2.0 ◦ Ethereum 2.0 is an upgrade to the existing blockchain. ◦ It aims to increase the speed, efficiency, and scalability of the Ethereum network, enabling it to address the bottlenecks and increase the number of transactions.
- 7. How Does Ethereum Work? ◦ The validators are an important aspect of Ethereum 2.0, as it is responsible of its infrastructure and maintenance ◦ Every validator has two keys - signing key and a withdrawal key. A signing key is used to perform work for the blockchain. There are three main functions of a validator: • To propose and add blocks to the Beacon Chain or one of the shard chains. • To attest the validity of the beacon and shard chain. • To report malicious behavior by other validators. ◦
- 8. Future of Ethereum 2.0 Ethereum is the largest general purpose blockchain in today’s market since its launch in 2015. More than 1400 projects Ethereum projects are built, the roll-out for the same would be carried out in three phases. ◦ Phase 0 was launched in December 2020 with the implementation of the Beacon Chain. ◦ Phase 1 is anticipated to launch in 2021 and the shard chains will be integrated. ◦ In Phase 2, the shards will become fully functional and compatible with smart contracts.
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