What is Ethereum 2.0?
Ethereum 2.0, also known as Serenity and Caspar, is an upcoming hardfork of the blockchain platform Ethereum. Scheduled for release in late 2020, it will create a number of changes to the Ethereum ecosystem including a shift from Proof-of-Work to Proof-of-Stake as well as easier development on the blockchain.
EPIPHANY:
While Ethereum 1.0 is focused on smart contracts, Ethereum 2.0 will be focused on scalability, security, and enabling the use of a proof-of-stake consensus algorithm.
The Ethereum 2.0 fork is scheduled for release during the second half of 2020. At this time, it will be possible to run the Ethereum 2.0 client on each full node in a manner that shares all data between the clients such as balance information and transaction history. It will be possible to validate all blocks that are included in a specific Ethereum 2.0 client as well as transactions from any other Ethereum 2.0 clients within a specific network.
The Ethereum 2.0 hardfork will follow the same schedule for Caspar and Serenity as the previous hardforks - Byzantium (2017) and Constantinople(2018). This means that the Constantinople fork is scheduled for October 16th, 2018 and that Caspar / Serenity is scheduled to be released in the second half of 2020 during November or December of 2020.
Ethereum 2.0 Transactions
The hard fork that comes with Ethereum 2.0 is going to change block times from 15 seconds to 12 seconds. This means blocks are going to be produced 70 times a minute instead of 30 times a minute. In doing so, this allows for more transactions per day and reduces the amount of time it takes for your transaction to process.
There are also a few speed improvements that will help the network. The Ethereum 2.0 hard fork is going to allow the network to process 10 times more transactions per second than it does today! This means that you'll be able to send hundreds of transactions an hour instead of just a handful when this upgrade takes place. It will also allow for instant payment settlement which is a huge benefit for miners and other users with whom you are transacting.
The hard fork that comes with Ethereum 2.0 is going to change block times from 15 seconds to 12 seconds. This means blocks are going to be produced 70 times a minute instead of 30 times a minute. In doing so, this allows for more transactions per day and reduces the amount of time it takes for your transaction to process.
There are also a few speed improvements that will help the network. The Ethereum 2.0 hard fork is going to allow the network to process 10 times more transactions per second than it does today! This means that you'll be able to send hundreds of transactions an hour instead of just a handful when this upgrade takes place. It will also allow for instant payment settlement which is a huge benefit for miners and other users with whom you are transacting.
Will Ethereum 2.0 decrease Gas Fees?
Ethereum 2.0 will decrease gas fees to a minimum of $0.02 per transaction for simple transactions, and $1.00 for complex transactions that require many computations. Minimum gas fees will still be imposed and will be used to prevent denial-of-service attacks on the network.
Ethereum 2.0 has some big plans to change this with the advent of a new protocol and state-of-the-art transaction algorithm that will significantly decrease gas fees, not only on the Ethereum blockchain, but across all blockchains that support it.
Its a new algorithm that will provide much lower transaction fees than any other mainstream blockchain or cryptocurrency currently in existence, making it very appealing for applications to follow suit and make use of it.
Ethereum 2.0 Advantages?
Ethereum 2.0 is the next major release of Ethereum, which is planned for October 2019. This article discusses some of the major advantages that will be present in Ethereum 2.0
The introduction should discuss what Ethereum is, what are some advantages of this system, and why it's important to make this change.
There are many advantages in the Ethereum 2.0 version of the system. I will focus on the following points:
The advantage of security, flexibility, and stability The simplicity of Ethereum 2.0 The use of fundamental programming languages The elimination of scalability problems The elimination of centralization problems The elimination of load balancing problems Conclusion.
In order to see how stable and flexible the new release is compared to the old one, let's look at a quick comparison table: https://ethereumresearchteam.github.io/parity-gauge/
https://ethereumresearchteam.github.io/parity-gauge/ is a great resource for seeing the improvements in the new update.
Here you can read about the main differences: https://github.com/ethereum/wiki/wiki/Ethereum-2.0,-Serenity,-Shasper,-Beacon
In my opinion, one of the greatest advantages of Ethereum 2.0 is the fact that it is a lot quicker.
While in the old version, transactions could take up to a minute, now it takes around 15 seconds.
This is an important advantage, as most companies need a quick response from their systems.
Ethereum 2.0 will be much more efficient, as it has reduced the number of transactions that are required for each block
When Ethereum 2.0 is releasing?
The date is not declared yet but we can see there ETH 2.0 upgrades on there official website. They are working on it. I think in mid 2022, it will released.
If you have any questions or suggestions please feel free to comment it down. thanks!