Ethereum 2.0 Update – Scaling is Critical

2021-3-23 19:02

Ethereum 2.0 (Eth2) aims to solve issues coming with greater adoption by becoming more scalable, secure, and sustainable.

Ethereum has had enormous success since it launched in 2015. Improving on bitcoin, the blockchain utilizes smart contracts, which enable a host of decentralized applications (dApps). Platforms using dApps on Ethereum have exploded over the past year. The total NFT marketplace is estimated to be worth at least $1 billion. Meanwhile, the total value locked in DeFi protocols went from $63 million in March 2020 to where it currently stands at $43 billion, according to DeFi Pulse.

However, this increasing usage has been a double-edged sword. Higher demand means the existing infrastructure is becoming a bit overloaded. This means transaction fees and gas prices have become expensive for the average user. Running a node is becoming more difficult as disk space gets eaten up. And more usage means more energy needed to power it. Upgrades to Eth2 seek to solve these issues and more by making the blockchain more scalable, secure, and sustainable.

Ethereum’s Problems and Solutions

To accommodate the increased usage, Ethereum needs to scale up. Developers intend to do this by creating more nodes. The shard chain upgrade will spread the load of the network in 64 new chains. This will diffuse the load on the network significantly. It will also require less work from validators, which will only need to run their shard.

Security will also need to be bolstered as the network expands. Eth2 will move from a proof-of-work to a proof-of-stake model for validators. This will disincentivize potential abuse, such as a 51% attack to push through fraudulent transactions. This is because validators will have to stake a significant amount of ETH, which could be potentially destroyed if they abuse the network. The Beacon Chain upgrade will also randomly assign validators to different shards, drastically minimizing the potential for collusion to attack a node. Staking will also enable more users to become validators, as they’ll no longer be precluded for not having ‘elite’ hardware.

Finally, the upgrades will also make expanding the blockchain less energy-intensive. As the shard chains and Beacon Chain upgrades take place, the current Ethereum will run in parallel. Once they are up and running, they will merge or dock with Eth2. This will ultimately make the mainnet into a shard, requiring less energy to operate and expand it.

Update Expectations

The Beacon Chain is the first of the three upgrades. It is currently online, meaning users can already become validators and begin staking their ETH. The shard chains upgrade should take place sometime this year, depending on how well the Beacon Chain progresses. Once these two are operating, Docking is expected to take place by 2022 at the latest.

The post Ethereum 2.0 Update – Scaling is Critical appeared first on BeInCrypto.

Similar to Notcoin - TapSwap on Solana Airdrops In 2024

origin »

Ethereum (ETH) на Currencies.ru

$ 3800.82 (+0.39%)
Объем 24H $24.727b
Изменеия 24h: 1.33 %, 7d: 26.19 %
Cегодня L: $3731.37 - H: $3823.17
Капитализация $456.592b Rank 2
Цена в час новости $ 1691.95 (124.64%)

ethereum dapps decentralized applications host enable contracts

Источник: beincrypto.com

ethereum dapps → Результатов: 126


Number of Dapps on EOS, Tron and Ethereum growing but daily active user numbers stagnating

Dapps are new type of applications, decenralized apps that run on blockchain networks, such as Ethereum. The applications are called “decentralized” because blockchain platforms like Ethereum are decentralized and run on various servers or computers around the world, instead of on one server or computer controlled by a single person or organization.

2019-4-15 22:36


Разработчики DApps все еще выбирают Ethereum

Блокчейн-проект Tron (TRX) имеет наиболее быстро растущую пользовательскую базу децентрализованных приложений (DApps), однако платформа Ethereum, хотя и теряет пользователей, по-прежнему остается главным выбором для разработчиков.

2019-4-11 12:09


Let’s Look at How the SEC’s Regulatory Tactics Have Affected Ethereum and the Crypto Market

By the end of 2017, it almost looked inevitable that Bitcoin and Ethereum would take over the world of digital finance— primarily because they offered consumers with novel offerings (such as dApps and smart contracts) that made international monetary transactions highly streamlined and hassle free. Fast forward to the start of this year and the […]

2019-1-20 19:49


Фото:

Это провал: только 8 децентрализованных приложений на EOS и Ethereum пользуются спросом

Децентрализованные приложения (DApps) считаются будущим интернета. У них настолько большой потенциал, что даже крупные мировые компании стремятся получить свою долю этого рынка. Правда на данный момент из нескольких сотен DApps активно используются только единицы. В причинах происходящего разобрались Ethereum World...

2018-8-30 14:30


What is Ethereum ERC725? Self-Sovereign Identity Management on the Blockchain

Decentralized applications (dApps) are one of the most promising applications of blockchain technology, holding the potential to completely replace centralized third-party operated platforms. User identity management, however, remains critical to any dApps and is currently managed by “trusted” third parties—a problem the ERC725 identity standard aims to solve.

2018-8-8 14:00


Фото:

Metamask came back aftergoing from Google Chrome Webstore for many hours

MetaMask, which enables users to run Ethereum Dapps, announced its removal from the Chrome Web Store, the reasons for which were not explained. MetaMask, a popular Google Chrome plugin for interacting with the Ethereum network, is back to the Google Chrome Web Store, several hours after disappearing from there. On June 25th, MetaMask announced on its Twitter that it

2018-7-26 14:06


Фото:

MetaMask Google Extension Suddenly Gets Dropped From The Chrome Store

As per a tweet from the official MetaMask team, its popular Ethereum interfacing application was suddenly removed from the Google Chrome web store. For the uninitiated, MetaMask is an innovative plugin that allows its users to run and interact with Ethereum decentralized applications (DApps), requiring nothing but your browser and an internet connection.

2018-7-26 21:12


Who is the King of the Ethereum Decentralized Apps ? Two shameful Pyramid Ponzi Schemes

Two ‘self-sustaining’ pyramid schemes briefly became the most popular decentralized apps (DApps) on Ethereum this week. It describes itself simply as “the original autonomous pyramid, improved.” ‘Consider The Alternative’ Pyramids The sheer amount of interest in the schemes would usually be unlikely to see support from cryptocurrency proponents. https://t.co/fRizFx9CxK — JP Koning (@jp_koning) July 22,

2018-7-24 19:37


Фото:

Who’s King Of The Ethereum DApps? Two Self-Confessed Pyramid Schemes

Two ‘self-sustaining’ pyramid schemes briefly became the most popular decentralized apps (DApps) on Ethereum this week. Money Pours Into ‘Fomo3D’ and ‘PoWH’ Data from monitoring site DappRadar shows Fomo3D and PoWH 3D held the number one and number two spots among DApps July 22, pushing the highest-placed ‘legitimate’ offering – decentralized exchange IDEX – into third place.

2018-7-24 14:00


Фото:

When Smart Contracts Act Stupid: Is Your ICO Smart Contract Safe & Secure?

The potential inherent in smart contracts is immense. The nascent technology may be used for identity verification, secure data sharing, and for the management of tokens and raised funds in an initial coin offering/token sale – but just how clever are your smart contracts? The Ethereum network boasts more than 1500 decentralized applications (dApps), all of which make use of smart contracts to accomplish a wide variety of tasks.

2018-7-24 03:00


Разработчик децентрализованных приложений обвинил EOS в атаке на сеть Ethereum

Разработчик децентрализованных приложений (dapps) Justo обвинил владельцев токенов EOS в организации перегруженности сети Ethereum путем сомнительных airdrop’ов случайных токенов. Об этом пишет Trustnodes.

2018-7-16 15:51


В Берлине пройдёт глобальная конференция DappCon

19-20 июля в столице Германии — Берлине пройдёт Developer Conference for Ethereum Dapps & Infrastructure DappCon Berlin, Germany Postbahnhof Str. der Pariser Kommune 8, Berlin, Germany Описание: DappCon is a nonprofit global developer conference focusing on decentralized applications, tooling, and foundational infrastructure on Ethereum.

2018-7-13 10:34


дальше еще 77 новостей →

Партнеры Currencies.ru

Реклама на Currencies.ru

Самое свежее на Currencies.ru

Виталик Бутерин предложил упростить механизм PoS в Ethereum

В своём недавнем обращении Виталик Бутерин предложил идею упрощения работы блокчейна Ethereum. Главная идея заключается в уменьшении количества подписей, которые требуются от валидаторов. Этот шаг поможет значительно облегчить и упростить функционирование сети, а также снизить комиссии за газ.

Capitalization of PoS altcoins fell to $254b

The total market value of cryptocurrencies using the proof-of-stake consensus algorithm decreased by 7% at the end of Q3 to $254 billion. Such estimates are provided by the Kraken-related platform Staked.