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October 27th, 2020
Ethereum 2.0
Explore the latest news about Ethereum 2.0, stay up to date on the major developments related to the event, check expert insights, Ethereum (ETH) price forecasts and more.
Quantstamp Audit Greenlights Ethereum 2.0 Launch
By James Lovett October 27th, 2020
Ben Edgington, an Ethereum developer, confirmed the completion of the audit of the Ethereum 2.0 client by Quantstamp.
Ethereum 2.0 Developer Gives More Hint about Possible Launch Date, Progress Made
By Benjamin Godfrey October 19th, 2020
Ethereum has made considerable progress particularly with the success of the Zinkel Testnet launched last week.
Vitalik Buterin Asks Ethereum Users to Start Moving to Layer-2 Scaling Solutions Like Rollups
By Bhushan Akolkar October 15th, 2020
The Ethereum co-founder Vitalik Buterin noted that the sharding implementation can take time. Meanwhile, he advised users to move to other layer-2 scaling solutions like rollups that offer 100x transaction throughput.
Ethereum 2.0 Zinkel TestNet Gives Reassurance for Launch in 2020
By Benjamin Godfrey October 13th, 2020
The progress made with the Ethereum 2.0 testnet Zinkel, Medalla as well as others, gives a renewed hope of the migration of the network before the end of this year.
CorionX Teams Up with Syscoin to Push Stablecoin Adoption
By Kseniia Klichova October 8th, 2020
The Corion Foundation, the non-profit behind CorionX, a platform that looks to usher in the next wave of adoption for stablecoins, central bank digital currencies (CBDCs), and decentralized finance (DeFi), has now teamed up with the Syscoin Foundation to help address market interoperability issues and drive stablecoin adoption.
As Ethereum Starts to Choke, Will DeFi Move to New Platforms?
By Andy Watson October 7th, 2020
Just as Bitcoin was a spark for the cryptocurrency movement, it seems that Ethereum is likely to take a similar role in the history of DeFi.
Vitalik Buterin Briefs Ethereum 2.0 Updated Roadmap, Hints 100x Scalability with Rollups
By Bhushan Akolkar October 5th, 2020
Using rollups, Vitalik Buterin promises a massive 100x in transaction throughput for the Ethereum network. When combined with Sharding the output can multiple to 6400x.
Ethereum Layer SKALE Phase 2 Decentralized Mainnet Goes Live with $80M in TVL
By Steve Muchoki October 2nd, 2020
The SKALE Network is a security and execution layer that connects with the Ethereum network and lets developers build their projects faster and with better performance.
DeFi Is Gradually Replacing Traditional Financial Systems
By Julia Sakovich October 1st, 2020
The DeFi ecosystems are developing so fast that stakeholders can barely keep up with the rate at which projects are launching today.
Ethereum 2.0 Spadina Testnet: Technical Error and Low Participation
By Chuks Chukwuka September 30th, 2020
Unlike Medalla which is a representative of how the proof-of-stake consensus could work out for Ethereum blockchain, Spadina would initiate the creation of the genesis chain for the migrated network.
Ethereum 2.0
Ethereum 2.0 or Eth2 is a massive improvement to the present Ethereum public mainnet. Its primary function is to make Ethereum more attractive to the general public and accelerate its adoption and usage. All these are hinged on a performance upgrade.
Ethereum 2.0, the long-awaited upgrade to Ethereum public main net, is expected to enter the market in 2020. The targeted month is July, however, it’s been speculated that the actual release might be postponed. The Ethereum 2.0 is posed to replace Proof of Work with Proof of Stake as the validators and stake are expected to become the main components of the Proof of Stake system.
A Brief History of Ethereum 2.0
The Ethereum community has been abuzz about the Ethereum 2.0 idea for quite a while now. This idea is all about a shift in the fundamental consensus mechanism of Ethereum in order to find a solution to the restrictions introduced by a Proof of Work blockchain, which has been around since the creation of the blockchain.
The coming of Ethereum 2.0 has more importance attached to it compared to previous upgrades. The main reason for this is because a Proof of Stake consensus mechanism will be implemented to take the network away from the Proof of Work architecture on which it currently operates.
Proof of Stake
Proof of Stake (PoS) is the main focus of Ethereum 2.0 because it changes the way the blockchain is validated with regards to the crypto-economic incentive structure. Presently the architecture of Ethereum is maintained by a Proof of Work (PoW) consensus mechanism. Ethereum 2.0 plans to change that by switching to Proof of Stake which will substitute the two main components of PoW (miners & electricity) with validators and stake. Validators will take the place of miners by overseeing the maintenance of the state of the network and getting rewarded for the random selection of the next block of data. For more details, please check our complete guide on Ethereum 2.0.
Staking in Ethereum 2.0
Staking in Ethereum refers to fixing a particular amount of Ether in a wallet with the aim of getting rewards from partaking in a blockchain process or operation. It is similar to contributing to a course while expecting earnings. Generally, staking is open to anyone who is ready to participate by locking up digital assets in their portfolio. Ethereun 2.0 is basically aimed at re modelling the ethereum blockchain network to better suit new system requirements.
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FAQ on Ethereum 2.0
What is the release date of Ethereum 2.0?
The year 2020 (most likely July with the chance to be postponed to a later date) will witness the official launch of Phase 0 of Ethereum 2.0. Come 2021 the Phase 1 is expected to launch. This will be closely followed by Phase 2 and any additional upgrades in 2021 or afterward.
What is Ethereum Proof of Stake?
Proof of Stake is the better alternative to the Proof of Work consensus on which Ethereum 1.0 currently operates. It brings an upgrade to the scalability and security of the entire Ethereum blockchain. For its smooth running, Proof of Stake will ensure the continuation of blocks on the Ethereum blockchain by relying on validators and staked ETH.
What is Ethereum 2.0 staking?
Enter the ansEthereum 2.0 staking simply refers to participating in the network with a certain amount of Ether (ETH) with the aim of obtaining rewards in return. On Ethereum 2.0, staking involves locking up 32 ETH in a wallet to take part in the operation of the Ethereum blockchain in exchange for benefits.wer in F.A.Q
How do you get rewarded for staking on Ethereum 2.0?
To get rewarded for staking on Ethereum 2.0 you’ll have to be a validator. Your reward as a validator comes when you correctly propose and attest to the next block in the chain. Rewards are made available in ETH for valid proposals and attestations.
How Can I Become a validator for Ethereum 2.0?
With a deposit of 32 ETH into the Ethereum 2.0 network, one can become a validator. The network has provided two ways to do this. The first method of becoming a validator is by running your own validator node and staking ETH yourself. Another option available to you is to engage the services of a staking provider who will help you stake your ETH. The staking providers will offer both custodial and non-custodial staking services. Validators are rewarded with ETH when they validate a block successfully. In the same vein, a validator stands to lose their deposit of 32 ETH if they attempt to compromise the blockchain’s truthful continuation.