Ethereum 2.0 is coming — Here is what you need to know

Ethereum 2.0, a long-anticipated upgrade to the Ethereum network, will go live in the second half of 2020. Crypto-community around the world is hoping that Eth2 would solve the issues with decentralization and scalability, which have long been bottlenecks for Ethereum.

Core features in Eth2 include Beacon Chain, where consensus algorithm for Ethereum is changed to proof-of-stake from proof-of-work. The mining of Ether has become heavily centralized over recent years by a handful of mega-mining pools, which can lead to bad actors enabling double-spending. Eth2 hopes to solve this issue by implementing proof-of-stake consensus.

Another feature in Eth2 is called Sharding. Ethereum’s core developers hope to address the scalability issue by introducing Shard Chain, where the Ethereum network is split into a minimum of 64 shards, providing enhanced scalability for the network. Additionally, new concepts such as EWASM and Crosslink are to be introduced in later phases of Eth2 roadmap.

Ethereum 2.0 Phase 0 Diagram

Won from Hexlant