#ETH #Ethereum #EthereumNews
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📝 Ethereum 1.0 📝
Ethereum is a Proof-of-Work blockchain that allows users to build their own decentralised applications. iIt is a smart contract platform that supports a generalised scripting language.
The project was envisioned to be a global decentralised computer. This global decentralised supercomputer would execute anyone’s code in exchange for a fee
📈️ Scaling Challenges 📈
Ethereum is struggling to scale because it uses proof of work consensus.
Things have grown considerably since then and so have the number of dApps and transactions.
This has resulted in blockchain bloat that has greatly slowed the network down. Simple dApps like CryptoKitties have brought blockchain to a standstill.
Another problem comes from the fact that all transactions and dApp computations have to be confirmed by all nodes on the network. As the network has grown so too have the number of nodes.
If you have a simple dApp that you want to run on the network, all of these nodes will have to agree before the dapp can compute.
👨🏼💻️ ETH 2.0 Features 👨🏼💻
Casper Proof of Stake will be the first update that can help Ethereum scale. The Etheruem devs have been working towards proof of stake since 2017. What was initially proposed was a hybrid proof-of-stake proof-of-work consensus mechanism called “Casper the Friendly Finality Gadget”.
The Ethereum developers are also working on a solution to the issue of a singular blockchain. They want to implement sharding on the blockchain and have seperate shard chains.
These features will be rolled out in phases as per the Ethereum 2.0 roadmamp. Phase0 is the beacon chain which will be the transitory blockchain operating on PoS
Phase1 will introduce the sharding and shard chains.
In phase 2, the functionality of the entire system will come together. The shard chains will move from the simple data structure that they were in phase 1 to a structured chain state with smart contract functionality.
🗓 Development Progress 🗓
ETH 2.0 is not expected to launch in its entirety in the first half 2020. However, the developers are confident that phase 0 will launch in 2020. According to Ethereum researcher Justin Drake, he has “a 95% confidence we will launch in 2020”.
He also went on to say that phase 0 and phase 1 are respectively 99 and 90 percent complete
💰 Staking 💰
The upgrade to 2.0 also brings with it the ability to stake. Users with over 32 ETH could eventually start earning a staking return. The exact rewards are just estimates right now but the consensus seems to be about 5 to 6%.
More demand for Ethereum to stake could lead to an uplift in price. You also have broader positive sentiment across the markets which has driven Ethereum over the $200 level.
Over the long run, as the utility of Ethereum increases, so too could demand.
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