It has come as good news for the cryptocurrency users that the highly anticipated Ethereum 2.0 that Ethereum officials posted of back in May 2020 has finally been launched and made available for the internet users to start trading.
The reason why Ethereum has launched ETH 2.0 is due to the negative feedback that they had gathered from the users’ experience. The issues that the Ethereum users raised were mainly related to the latency of the transactions and dis-connectivity that the users had to experience while processing their transactions. With time, the number of complaints had risen to an alarming number and had resulted in Ethereum losing users by the day.
To ensure that Ethereum (ETH) had heard their followers and to provide the users with more stable, reliable and secure blockchain, they started developing Ethereum 2.0. The most prominent upgrades and improvements to the features are related decentralization, security and scalability.
For the current users for Ethereum, it may also be a bad news that the Ethereum 2.0 would be a completely different platform where the transactions will flow as per the proof-of-stake (POS) instead of proof-of-work (POW), which is currently being followed for the normal Ethereum.
Ethereum has also revealed that Ethereum (ETH) 2.0 has been developed keeping the shards concept in mind. To be more precise, shards act as individual chains that manage the flow of transactions, contracts by staying connected/coordinated with a root chain that is mainly known as the beacon chain. It has been further elaborated by Ethereum that the shards allow the system to be scaled horizontally because, through shards, the transactions can be run through the proof-of-stake chain instead of proof-of-work.
At present, the cryptocurrency world is in a state of awe because of such a swift development that Ethereum has displayed in executing this task and launching Ethereum 2.0 in a matter of weeks. It was just in June when Ethereum had announced their deployment of the first-stage of transition from PoW consensus to PoS consensus would be completed by the end of the month and they have already launched the app to the cryptocurrency users for registration.