Ethereum 2.0 started to occupy the agenda of the cryptocurrency ecosystem with the presentation of Vitalik Buterin, one of the founders of Ethereum, at the Ethereum Developers Conference (Devcon) in 2018.
After Vitalik Buterin's schematic Ethereum 2.0 roadmap tweet shared in March 2020, the whole cryptocurrency world started to follow the Ethereum 2.0 update, which will progress through various stages.
With Ethereum 2.0, the primary purpose of which is to increase the transaction capacity of Ethereum, reduce fees and make the network more sustainable, it is aimed to switch to the Proof of Stake (PoS) protocol instead of the Proof of Work (PoW) protocol.
In this way, it is predicted that Ethereum 2.0 will use 99.95% less energy than Ethereum 1.0.
This update:
Stage 0 - Beacon Chain
Stage 1 - Shard Chain
Stage 2 - State Execution
The Merge, which was announced recently, is planned as an interim period added to the phases of Ethereum 2.0.
When the Merge is added to the roadmap, the transition to Ethereum 2.0 will be completed at the end of a total of 3.5 stages.
Phase 0 - Late 2020: Beacon chain launch and PoS protocol implementation.
Phase 1 - Mid 2021: Implementation of Shard chain seen as a key phase of scaling.
Phase 1.5 - First half of 2022: Merger of the original chain powered by the PoW protocol and the chain powered by the PoS protocol.
Stage 2 - and beyond: Development of Ether accounts, transactions, smart contract operation
It is planned that Beacon Chain, a PoS consensus layer that coordinates the network with The Merge, which will take place in 1.5 stages, will merge with the main Ethereum chain working with the PoW protocol, and then the entire network will switch to the PoS protocol.
The PoS model will maintain decentralization and lay the groundwork for the next update, Sharding.
Sharding is in scope to increase transaction throughput, contribute to Ethereum scalability and reduce gas fees for the end user.
It is expected that institutional investments will increase due to the decrease in the ETH supply to be released after The Merge, less energy consumption with PoS, and the expected security level to increase in the network.
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