Ethereum 2.0 is the next step in the Blockchain's move from a proof of work (PoW) consensus protocol to a proof of stake (PoS) algorithm. It is an integral part of Ethereum development to make the Blockchain more scalable, secure, and sustainable. The goal is to support thousands of transactions per second so that applications are faster and cheaper to use.
Security is a top concern, and the move to proof of stake should ensure that the protocol is more secure against all forms of attack. Last but not least, abandoning PoW is essential to limit the environmental effect of the Ethereum network. The grid, in its current state, requires a lot of computing power and electricity to remain sustainable.
The first phase is the Beacon Chain, which is responsible for introducing PoS into the protocol and was launched on December 1, 2020. Eth2 users can now stack with ETH and become a validator of the network. To be a full validator, users are required to commit to ETH and will see those users process transactions and create new blocks on the chain. This is envisioned as the future of Ethereum network security and will eventually replace the current power-saving PoW consensus mechanism.
With the Beacon Chain up and running, the next step is the launch of the Sharding chains, which is scheduled to take place sometime this year. Without going into details, Sharding allows you to divide a database to spread the workload. Ethereum will use Sharding chains to reduce network congestion and increase the speed of transactions. It will also greatly reduce the hardware requirements to run a node. The plan is to create 64 Sharding chains.
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