What is Ethereum 2.0?
Ethereum 2.0 alludes to a bunch of interconnected updates that aim to make Ethereum more scalable, safer, and more reasonable. Numerous groups from across the ETH biological system are working on implementing these enhancements. But with numerous delays, there is no certain date for Ethereum product release. This update will make Ethereum, which is already a blockchain-based crypto platform, more scalable, secure, and supportable. Let’s see how:
- More Scalable: Ethereum 2.0 is more versatile when contrasted with conventional Ethereum since it needs to help 1000s of transactions per second to make applications quicker and less expensive to utilize. This upgrade increases its adaptability.
- More Secure: There has always been a need to make Ethereum safer. With Ethereum’s growing popularity, the convention needs to turn out to be safer against all types of attacks. Consequently, the recently improved variant will be much more secure and more accessible as per requirements. At present, this feature or ability is only available to some of the leading miners.
- Protocol Upgrades: Currently, Ethereum’s blockchain technology is using Poof-of-Work (PoW) protocol. However, Ethereum 2.0 introduced Proof-of-Stake (PoS) protocol, in order to enhance the staking and encourage safeguarding the network.
Why do we need a reformation?
One of the reasons that early blockchain executions (Ethereum included) experienced execution issues was the way that they depend on a preparing power-intensive cycle. It is the evidence of work to approve and record the transaction. In such a framework, taking part PC hubs contend to create cryptographic hashes that fulfill a highly determined degree of intricacy.
To build Ethereum’s scalability and productivity, Ethereum introduced Second Layer Solution, such as Sharding. With the current blockchain rendition, all information added to the chain needs to go through confirmation by all the included nodes. That implies that the speed of its slowest member will restrict the processing rate of the whole framework. Hence, the need for a more secure Ethereum 2.0.
The unclear future of Ethereum 2.0
While promising us a solution on scalability, security, and sustainability, Ethereum 2.0 is still far from its release. To successfully transfer the entire ecosystem to Ethereum 2.0, the project is going through multiple stages. Currently, the upgrade is in its first phase with its testnet launched on December 1, 2020. Nevertheless, there are still two more phases until the transition to Ethereum 2.0 is ready.
Estimated by experts, the complete launch of Ethereum 2.0 is expected to be by the end of 2022. However, this multi-phase rollout lacks a secured timeline. There is no certainty whether this next step would take months or years as the project has been suffering delays since phase 0. Eventually, the full transition to a more scalable, secure, and sustainable network is far beyond reach.
This unclear future of Ethereum 2.0 is no doubt, its greatest drawback.
Scalability solution: BLOOCK
While Ethereum is putting all its effort to make Ethereum 2.0 a reality, Layer 2 solution like BLOOCK is already available to deploy with similar optimal results to Ethereum 2.0.
BLOOCK is your answer.
Working on top of the Ethereum Mainnet, BLOOCK maximizes the value of the Ethereum connection while minimizing all the frictions.
- Response time: Our service does not influence the time to upload data to Ethereum.
- Improved Scalability: Improve radically the amount of data that can be recorded per second.
- Fluent Adoption: Permissionless Blockchains are the most trusted and recognized solution by millions of users.
- Transparency & Resilience: Highly decentralized Blockchains provide the most transparent and robust services.
- Data Privacy: Maintain the confidentiality of your data in your server to be compliant with rigorous audits.
- Accessibility & Cost-Efficient: Ethereum connection can be easily accessed while staying under your budget.