Ethereum 2.0: Beacon Chain, Staking, & Sharding (A Simple Explanation!)

Cryptocurrency for Beginners: with Crypto Casey

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Show Notes

This is a simple guide about the Ethereum 2.0 upgrade and what's on the horizon for the future of this blockchain project.


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======== SUMMARY =======

This is an audio guide all about Ethereum 2.0.

Later this year, Ethereum will start to undergo a major network update that has been nicknamed Ethereum 2.0, ETH2, and Serenity.

Ethereum 2.0 will allow the platform to handle the growing demand for DApps and the DeFi movement at large.

There are many phases to this massive upgrade, so it will take a a few years until it's 100% complete.

Phase 0 is the initial phase of the Ethereum 2.0 upgrade.

Ethereum 2.0 is being built on a new blockchain network called the Beacon chain.

And on the Beacon chain, a new way of validating blocks of data will be implemented called proof-of-stake.

In Phase 1 of the ETH2 upgrade, shard chains will be implemented, which is also referred to as sharding.

And sharding is a database management technique that involves simply partitioning large databases into smaller and faster databases.

And in Phase 2, the EVM will be replaced by a new virtual machine called eWASM, which will be Ethereum’s version of WebAssembly code, or WASM.

Phase 3 and beyond will involve upgrades to consensus, upgrades to scaling,and basically any further technical upgrades that need to be implemented to maintain the Ethereum 2.0 ecosystem.


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