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Overview of What’s New in Ethereum 2.0
Ethereum 2.0 is expected to launch at Q4 2019. Learn what it will bring to the table
Ethereum is by far the most popular launching pad for decentralized applications. Ethereum gives you the tools you need to mint your own cryptocurrency, it provides a programming language and environment.
Ethereum is powered by Ether, which is the second most widely known cryptocurrency. The Ethereum project is backed heavily by the community and is being actively developed as we speak.
Ethereum 2.0 has been discussed and developed since 2018 and the first phase is proposed to roll out at the end of 2019. I’m super excited about what Ethereum will bring in the future.
Why Ethereum 2.0?
Performance
Ethereum can process roughly 25 transactions per second, which is clearly not sustainable if it would go mainstream. To put it in perspective, Visa is capable of performing 24,000 transactions per second, although the demand is only about 4,000 tps at peak hours.
More environmentally-friendly approach
Ethereum will switch from Proof of Work to Proof of Stake. In PoW, getting the right answer is very hard and expensive, and you get rewarded for getting it.
In PoS, getting the right answer is very easy, but getting the wrong answer is very expensive because you get punished for getting it.
PoW rewards doing the right thing, PoS punishes you for doing the wrong thing.
The downside of PoW is that there’s a lot of power consumption, which is the least environmentally-friendly option. For instance, Bitcoin energy…
