What to Expect With Ethereum 2.0
The ethereum platform has become one of the most popular blockchains in the world. However, the network has been plagued with scalability issues since it was launched. At the moment, the ecosystem processes an average of 15 transactions per second, which has led to numerous critical congestions. As a result of this, the development team has proposed the implementation of an upgrade dubbed Ethereum 2.0.
On September 7, Rocket Pool’s Senior Blockchain Developer Darren Langley released a report on the progress of ethereum 2.0 development. He revealed that the ethereum 2.0 is steadily taking shape as many smart people are being involved in the project.
Ethereum 2.0 will be utilizing eWasm, Casper and Sharding to resolve the platform’s scalability issues. Further, Langley revealed that ethereum 2.0 will immensely increase the amount of transaction the ethereum blockchain can process successfully. In addition, he revealed that Ethereum 2.0 will effectively balance the platform’s decentralized system, the security protocols, and the network’s scalability.
Langley noted that if the implementation of ethereum 2.0 goes to plan, then ethereum will become an ecosystem for global partnerships. Therefore, the platform will remain a major player in the world’s transfer of assets.
At the moment, there are several development teams working on implementing the Ethereum 2.0 protocol. As at the time of writing, all the teams involved in the project are currently focusing on building a beacon chain client. The progress made on the beacon chain client include peer-to-peer protocols, data structure serialization, validator shuffling, and data structures and persistence.
Further, the sharding system of the proposed ethereum 2.0 will most likely be implementing a delayed execution model. This will alter the current functionality of the ethereum blockchain which executes smart contract protocols immediately transactions are processed. In addition, the new sharding system will strictly be responsible transaction ordering and data storage. The system features an execution overlay which will detect transactions, execute protocols and write back results.
Instead of baking the sharding system into the blockchain, the system will be added as another layer to the blockchain.
Last week, the price of ethereum reached its lowest price this year by selling below $200. Hopefully, the launch of Ethereum 2.0 will help increase the value of the cryptocurrency.