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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.
Here Is Our Pick of Top 10 News of 2020
By Benjamin Godfrey December 31st, 2020
While all companies across all sectors can not boast of milestone achievements this year, the few highlights of top news is an indication that the year was not doomed after all and market analysts are projecting a better recovery and growth in the coming year 2021.
Ethereum Co-Founder Vitalik Buterin Discourages Followers against Getting Loans to Buy Crypto
By Bhushan Akolkar December 15th, 2020
Buterin has asked users to maintain caution with the volatile asset class and revealed that he had sold half of his Bitcoin holdings in 2013 to avoid going broke.
MyEtherWallet Adds Support for Ethereum 2.0 Staking in Partnership with Staked
By Bhushan Akolkar December 9th, 2020
MEW has become the first Ethereum wallet to announced staking with the PoS Ethereum 2.0. The service launch comes in partnership with Staked who will be running validator nodes on behalf of MEW.
ETH 2.0: Total Ethereum in Deposit Contracts Surpasses 1 Million
By Benjamin Godfrey December 4th, 2020
With the full implementation of the scaling solutions, the Ethereum network will now be able to process up to 10,000 transactions per second.
Insiders Optimistic of How Fast Eth2 Will Unfold, Lubin Reveals
By John K. Kumi December 3rd, 2020
Speaking at the Asia Pacific Conference 2020, Lubin hinted that the next phase of the Eth2 may be rolled out in 9-12 months from now.
Vitalik Buterin: What’s Next After Ethereum 2.0 Beacon Chain Launch
By Bhushan Akolkar December 3rd, 2020
Vitalik Buterin presented a detailed roadmap ahead for the transitions to the PoS Ethereum 2.0. He talked about sharding implementations and the use of scalability solutions like rollups.
Ethereum 2.0: Beacon Chain Upgrade Goes Live
By Benjamin Godfrey December 1st, 2020
The launch of Ethereum 2.0 today will be followed by other significant events including the ushering in of the Shard Chains and subsequently the merger of the current PoW Ethereum and the PoS Ethereum.
Initial Phase of ETH 2.0 December 1 Launch Confirmed Hours Before Deadline
By Steve Muchoki November 24th, 2020
Approximately 16,384 validators got involved in ETH 2.0 deposit contract that saw the threshold achieved hours before the deadline.
Weekly Recap: Bitcoin and Ethereum Enter New Bullish Cycle, But Technicals Spell Trouble
By Kseniia Klichova November 23rd, 2020
Konstantin Anissimov, Director at CEX.IO, shares insights about the bitcoin and ethereum weekly price movements.
Ethereum 2.0 Delayed Launch Can Affect Its Dominance in DeFi Market
By Bhushan Akolkar November 23rd, 2020
The continuous delay in the launch of Ethereum 2.0 threatens its dominance as market analysts question whether its development will be able to keep pace with the DeFi growth. Some new DeFi projects have already started looking for alternatives in the meanwhile.
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.