Ethereum network is one of the largest and most widely used blockchain networks in the world. It is also the most popular launching pad for decentralized applications. Ethereum gives all the tools needed to create your own cryptocurrency, it provides a programming language and environment.
Ethereum was released in 2015. Since then the Ethereum team kept on developing their project to achieve Ethereum’s main goal of becoming a decentralized global computer that could one day replace many of the centralized applications that we use in everyday life.
In this article, we will speak about Ethereum’s upcoming new release known as Ethereum 2.0 or Serenity.
This is the most anticipated upgrade of the network and is supposed to improve nearly every aspect of it.
Here are the main issues that Ethereum 2.0 is supposed to solve:
- The problem of scalability.
This is the most important issue that the network is currently facing. The network only managed 20 transactions per second while Visa manages 1667. Ethereum 2.0 is supposed to solve this.
2. The issue of efficiency and environmental sustainability.
Ethereum currently relies on a proof of work (PoW) consensus protocol to ensure the security of its network. PoW consensus requires a huge amount of computational power and electricity and is very inefficient. Eth 2.0 is in design to transition the network from a proof of work protocol to a proof of stake (PoS) protocol called Casper, which seeks to solve this issue of efficiency and sustainability.
3. The problem of speed and usability.
Ethereum 2.0 will also be aimed to solve this problem.
There are other goals that Ethereum 2.0 will have.
Let’s hope that its release will have a good impact on the whole crypto community.
