The open-source blockchain network is popular in this decade due to the vast system of Ethereum. Ethereum has stamped its footprints into the blockchain space in the year 2015. Blockchain developers leveraged the Ethereum framework and introduced many decentralized applications in the open-source platform. Ethereum platform paved the way for smart contract deals and distributed apps on the blockchain space.
Ethereum computing platform helped developers unleash the power of the blockchain framework to many sectors other than cryptocurrencies. In the past year, Ethereum announced a significant upgrade in its functionalities and features with Ethereum 2.0, also known as Serenity!
Let’s be serene and analyze all about Serenity!
What is Ethereum 2.0?
Ethereum 2.0 is an entirely distinct framework of blockchain from the existing Ethereum chain. The update does not prompt users to hard fork their blockchain for obtaining the functionalities of Ethereum 2.0. Instead, the Ethereum 2.0 supports previous features with enhancements.
Users can upgrade to Ethereum 2.0 by satisfying the “Proof-of-work” and depositing the smart contracts. Now, let’s compare the aspects of Ethereum 2.0 with 1.0!
Ethereum 1.0 Vs. Ethereum 2.0(Serenity) War!
Ethereum 2.0 has many significant features that have been scaled up from the existing Ethereum chain. Some of the stable upgrades in features include security, efficiency, and scalability! Let’s get into brief details of these aspects!
Enhanced level of security
Ethereum users faced a messed up situation with the continuous hacks that happened in millions. So, the Ethereum was in the urge to upgrade its security features with advanced technologies. Ethereum 2.0 evolved with advanced security features and specifications.
Extensible
Ethereum chain was hindering the DApp and smart contract users with slowness in process. But, Ethereum 2.0 was much more extensible for users to perform their operations. It supports multiple users and activities simultaneously with better performance.
Efficient Solutions
Blockchain developers faced severe consequences for PoW and PoS concepts with the Ethereum chain. Ethereum 2.0 upgrade helped developers to build better DApps and smart contracts as the PoS and PoW were parallelly enabled.
Let’s get into the technical details and phases of Ethereum 2.0 development!
Development Phases of Ethereum 2.0!
Ethereum 2.0 had significant updates in the functionality and features that helped developers to build better-decentralized applications. The significant changes in the Ethereum chain brought by Ethereum 2.0 update are:
- Data Sharding to enhance ETH transaction speed and performance
- PoS concept to reduce the expenses and investments on PoW.
Based on the aspects mentioned above, the development phases of Ethereum 2.0 were designed!
Phase-0: PoS Beacon Chain
Ethereum 2.0 evolves with the Beacon chain that supports the PoS mechanism in parallel with the Ethereum chain’s PoW. This inclusion of PoS in the side with the existing PoW concept helps DApp Development Companies to reduce their expenses in restructuring the components.
Phase 1:- Basic Sharding
The data sharding is the process of partitioning the extensive databases to enhance transaction speed and performance. Ethereum 2.0 allows the shard chain to process by synchronizing with Beacon chains.
Phase 2:- EVM State transition functioning
Ethereum 2.0 is crafted to support and execute multiple programming languages that can be of the developer’s choice. Ethereum Virtual Machine(EVM) executes the code of distinct programming languages efficiently and rapidly without any lag.
Phase 3:- Light Client State Protocol
Ethereum 2.0 enhances scalability, security, and distribution of data even at low-capacity environment users. To address the effective PoS and consensus mechanism, Ethereum 2.0 is enhanced with light client state protocol.
Phase 4:- Cross-Shard Transaction
Shard chains must synchronize with beacon chains to perform operations. In advanced levels of transactions, a transaction involving a particular shard must trigger the event or transaction in another one. However, to provide integrity among data shared across the Ethereum network, cross-shard communication is undeniable.
Phase 5: Tight coupling along with main chain sharding
Tight coupling, along with main chain sharding, eradicates the data availability issues. Serenity also focusses on internal fork-free sharding and manager shards with tight coupling.
Phase 6:- Exponential-Sharding
Exponential sharding brings up every transaction to enable an ethereum transaction. This phase helps the ethereum chain to traverse information from PoW to the main chain and sharding.
Final Verdict!
Ethereum 2.0 revolution is in progress and could hit our daily life within a couple of years. With the evolution of advanced security and efficient features, we could experience the most scalable Ethereum computing platform soon!
To Know More About --> Ethereum Dapp Development
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