Cryptocurrency is dominated by two players –Bitcoin (BTC) and Ethereum (ETH). However, while Bitcoin mining is an energy-intensive process, Ethereum uses a less energy-intensive process. Ethereum is also implementing three stages of a process Ethereum 2.0 in the forthcoming three years. If successful, Ethereum will finally topple Bitcoin from its numero uno position.
Next Three Years Crucial For Ethereum
The next three years, when ETH 2.0 will be implemented in three stages, will be crucial and involve a lot of technical intricacies. However, the gist of the update is as follows-
Part 1- Start a parallel, more straightforward proof-of-stake Blockchain in addition to the present Beacon chain to enable a better and easier switch from one system to another.
Part 2- Introduction of sharding to enable transaction validation in parallel in the Blockchain.
Part 3- Replacing EVM by launching eWASM.
Every stage of the up-gradation will be extensively tested to ensure that the system’s security is foolproof.
The Mainnet and the Beacon Chain merger will enable Ethereum 2.0 to support full staking. In addition, the network’s capacity will be further enhanced when the ETH shard chains are deployed in 2023.
Sources say that The Merge is planned to occur between April and June of 2022. However, developers James Hancock and Tim Beiko suggest that the difficulty bomb be delayed until June 2022 in EIP-4345. Beiko elaborated that the merger is impossible until the difficulty bomb goes off, even though testing is going well.
ETH 2.0 faces several bottlenecks, and its official launch is still in limbo. Despite these setbacks, the renovations may be completed sooner than anticipated. The investors can hope to accrue a slew of benefits with the upgrade. Consumers will have to pay less for their transactions, and consumers can also turn into validators if they have the requisite amount of ETH (32)