INFORMATION TECHNOLOGY
Ethereum 2.0 kicks off: upgrade of the second most popular cryptocurrency in the world.
Ethereum, the world's second most capitalized cryptocurrency, as well as the second-largest internationally referenced blockchain, has seen its biggest update in history.
For many years, the Ethereum developer community has been trying to implement second-tier solutions to develop a new level of proof-of-stake efficiency.
Unlike the proof-of-work algorithm, which requires miners to exercise an active initiative in order to process transactions on the blockchain, as happens with Bitcoin and the current version of Ethereum, in fact, PoS do not need the presence of miners to regulate transactions.
Therefore, this would be an important innovation which, if carried out successfully, could allow the network to process tens of thousands of transactions at once, rather than the few dozen current units.
Ethereum's long-awaited update - named Ethereum 2.0 - aims to solve network problems related to scalability and security. In its first phase, which began on December 1, 2020, the blockchain system will move to a proof of stake mechanism.
For many years, the Ethereum developer community has been trying to implement second-tier solutions to develop a new level of proof-of-stake efficiency.
Unlike the proof-of-work algorithm, which requires miners to exercise an active initiative in order to process transactions on the blockchain, as happens with Bitcoin and the current version of Ethereum, in fact, PoS do not need the presence of miners to regulate transactions.
Therefore, this would be an important innovation which, if carried out successfully, could allow the network to process tens of thousands of transactions at once, rather than the few dozen current units.
Ethereum's long-awaited update - named Ethereum 2.0 - aims to solve network problems related to scalability and security. In its first phase, which began on December 1, 2020, the blockchain system will move to a proof of stake mechanism.
