Causes Ethereum 2.0 in a huge amount of Excitement in the field of blockchain and cryptocurrency. It is the first major upgrade of the platform Since its launch in 2015. what is meant by that, And what does this mean? For those who own An asset based on ETH or Ethereum? Here, we collect what Ethereum has it in store for the coming months and years. Today, Josh joined us إلينا Rager to talk about Ethereum 2.0. before discussion, Please subscribe to our channel And turn on the alarm And click the Like button زر And share this video with your friends. Let's Begin. Hi Josh, Before diving into Ethereum 2.0, What can you tell us about Ethereum 1.0? Hello, thanks for having me. When Ethereum was first launched in 2015, it was That's a great hack To develop blockchain technology. Ethereum offered a major upgrade to the functionality of blockchains existing Like Bitcoin. As you know, Bitcoin introduced a digital currency Peer-to-peer electronic cash. And Ethereum offered smart contracts to the world. What is a smart contract? How it works? enforce smart contracts العقود Certain conditions using the code.
It works on a different kind of "if this is then" logic, with vending machine It is a kind of common analogy. If you put a coin in the soda vending machine, it will shoot can of soda without the need for a third party. With Ethereum, smart contracts are programmed on the blockchain and used Ethereum-based digital asset management In many ERC-20 tokens that we all know For example , The Maker smart contract will automatically work on DAI deed when the user deposits sufficient collateral In the Maker, the secured debt center.
Although other smart contract platforms have been launched over the years, We can name a lot of them. However, Ethereum remains the most popular. According to the decentralized application (dApp) tracking website , State of the Dapps, There are nearly 3,000 Ethereum dApps Compared to about 330 on EOS. So, is Ethereum similar to an operating system? Yes, but the popularity of Ethereum on Over the years it has also caused her biggest challenge – lack of scalability, The main problem is In Ethereum’s ability to handle large transaction volumes quickly High traffic is a problem Because Ethereum can only process about 15 transactions per second. Which actually does align When it comes to the real world needs of blockchain Even when the volume is high, It can't work too well, it creates buildup What's more, when network traffic is high, Users end up having to pay more for transactions.
Ethereum transaction fees are called gas fees. The problem first appeared in 2017, we all laughed about this It's because it was first seen when it was the craze for virtual crypto-cats. Network down Because of all the high traffic because of CryptoKitties. Recently, the growing decentralized finance (DeFi) sector has witnessed Also, a rise in Ethereum traffic. So because of this great merchant, I saw myself You know all the problems that you have to pay a lot of money for this gas fee Due to peak volumes, This is a big problem. Is there a solution to improve it? So the Ethereum development teams are working فرق on different solutions to the scalability problem. Ethereum 2.0 is that solution. One of the important things to note about Ethereum 2.0 is that many people called this promotion, It actually includes a new blockchain implementation. Therefore, Ethereum 2.0 will be rolled out in phases. Each stage will involve major changes In the Ethereum consensus method It will include the transition from Ethereum 1.0 to Ethereum 2.0. Well, it's not a big change, There are several stages to upgrade Ethereum 2.0.
Can you introduce these stages to our audience? Well, I will try to introduce these stages . Phase 0, the first phase of the Ethereum 2.0 upgrade, is slated to launch, by the end of 2020. Here it is not long from now. So this stage will be launched The first iteration of Ethereum 2.0, It is called the Beacon series. It will mark the beginning of the Ethereum transition from consensus Proof of Work (PoW) to Proof of Stake (PoS). In PoW, miners used specialized hardware In computing power in competition for cryptocurrency mining as a reward.
We talked about this in the previous video How do we get the reward? in proof of stake, Miners are replaced by validators. In Ethereum 2.0, Validators are required to have a minimum of 32 ETH To have the right to validate blocks, which they will receive from ETH as a reward. On November 4, 2020, The Ethereum Foundation confirmed that can run Beacon Chain Origin Block By December 1, provided that at least 16,384 auditors participate يشارك At a minimum of 32 ETH by the November 24 deadline. If not met at a minimum, Then the formation begins after seven days of minimum attainment.
think about it, This is a lot of Ethereum you should bet on, So it might actually take a while We might see this thing pushed for a while, we might see this thing pushed for a while But as far as phase 0 is concerned, The Ethereum 1.0 mainnet will continue working in it in the same way as before, So even with a beacon string as a string parallel disconnected. Therefore, no one can connect 32 ETH to become a validator The Beacon chain has to withdraw its stake up to stage 1.5, When Ethereum 1.0 becomes online Built with Ethereum 2.0. After that, they will be able to decipher it. What about the next stage? The next stage of Ethereum 2.0 is the first stage, which from Due sometime in 2021. It will provide retail to the Beacon chain. What is hash? Shard strings are sub-strings Connected to a beacon chain. You can visualize a beacon chain As a kind of tree trunk with chains cut as branches Large single connected beacon chain.
Each part will be responsible for a share of Ethereum transactions and account data. Blocks will be produced using Proof of Stake consensus. The first stage will include firing 64 fragments. However , They will not work at full capacity Or they support smart contracts until a later stage. You mean stage 1.5? Right. Once the split strings run, The Ethereum 1.0 mainnet will join to the Beacon string as a piece. before that happens, Ethereum 1.0 will continue as a proof-of-work blockchain. Once connected to a beacon chain, It will move to Proof of Stake. The Ethereum Foundation said that This transition will be seamless for end users and dApps. This means that you don't need to do anything With ETH-based or ETH-based assets Ethereum to accommodate the change. You can still use them, and you can still trade them.
And then, it's the last stage, right? Yes, at this point, the pieces will become They are fully functional sub-strings that support all types of transactions and smart contracts. The parts will also be able to communicate with each other. The ability to process transactions will work via 64ستعمل Part in parallel to greatly enhance the productivity of Ethereum. Appreciate Vitalik Buterin (Founder of Ethereum) That with the Ethereum 2.0 upgrade, The network can scale to about 100,000 transactions In the second through the implementation of Phase 1. And it's faster Much of the current 15 transactions per second.
So it's very exciting. Wow, this is so cool! So what does all this mean for ether prices? It might be too early to tell. As far as the price actually goes. The market depends a lot on the price of Bitcoin. What does bitcoin do. However, we have seen that the value of Ethereum It has already gone up a lot Along with the value of DeFi markets. So the demand for Ethereum dApps is increasing in parallel With the scalability of the platform, it has The long-term outlook for ether is bullish. Prices jumped by about 18% In the days immediately following the news that The Ethereum Foundation has opened a staking contract.
We are looking here too About the highest price we've seen For Ethereum in 2018, that is more than two years, So again, there is a lot of excitement with price action at the moment Once again, it is closed Ethereum and install it to become a validator The more concerns we can see. Look there at Ethereum be. As concerns increase, we usually see an increase in price With the continued implementation of Ethereum 2.0. However, it is safe to say that a scalable platform creates A brighter long-term view of the entire Ethereum ecosystem. Thanks to Josh for introducing Ethereum 2.0. Thanks for having me. What do you think of Ethereum 2.0? Do you think the price of ETH will rise? Leave your comments below. You can also buy ETH on Phemex, and clicking on the link in the description, and create a Phemex account, And start trading today. You will get a 7-day free trial membership and other trading bonuses. To learn more about Phemex and cryptocurrency, Watch the videos in the box on the left! If you are new to the world of coding, Take a look at the videos on the right For some Phemex user tutorials.
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