What is Ethereum 2.0? In this article on shetcoiner site, we want to examine this issue; so stay with us until the end of this article.
What is Ethereum 2.0?
Ethereum 2.0 or Eth2, is the first upgrade of the classic Ethereum Blockchain, designed to increase the speed, performance and scalability of the Ethereum network while increasing network security and stability. If you already have ETH do not worry, there is nothing you need to do; ETH 2.0 upgrades happen behind the scenes and owners should never know there is a difference. Eth1.0 users have detected problems and still need to increase the number of possible transactions per second.
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The next thing you need to know about stock proofs. This is a consensus mechanism for ETH Blockchain facilitators called validation, which looks at ongoing transactions rather than Ethereum -proof miners.
What is the difference between Ethereum Eth1.0 and Eth2?
The main difference between these mechanisms is the verification of a transaction. Ethereum uses Proof of Work (PoW); While Ethereum 2.0 uses stock proof (PoS). The Proof of Work, or PoW, mechanism in its current form is a robust computational process that solves a complex mathematical puzzle and is currently used by Ethereum miners to validate transactions. The fastest miner gets a prize for solving the puzzle.
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The PoW mechanism will also strengthen innovation in renewable energy. In Proof of Stake, transactions are validated by validation instead of miners. PoS is more energy efficient than PoW; Because securing a Blockchain by PoS uses much less computing power to create the block. The Ethereum Foundation estimates that ETH 2.0 consumes 99.95% less energy than ETH 1.0.
In this article, we reviewed Ethereum 2.0 on shetcoiner site, and after we explain it, we discussed its differences with Ethereum 1.0.
If you want to know more about crypto currencies read the following articles on shetcoiner site:
Who is The Founder of Ethereum?
How to sell Ethereum on Coinbase?
