Ethereum 2.0 Update



It has been 5 years since Ethereum was created. Now the coin has became a great coin, the second most valuable and popular coin in cryptocurrency.

Ethereum 1.0 is a Proof of Work coin, same as Bitcoin. It requires hash power to mine it so we need some devices like ASIC miners or GPU cards to mining the coin. Different with Bitcoin, Ethereum using Ethash algorithm on it's network.

In Ethereum 2.0 - named Serenity, it will move from Proof of Work to become a Proof of Stake coin. In other words, we won't be able to mine with ASIC or GPU anymore. Instead mining with devices, we can mining by staking our coin into the network, the validation on network won't rely on computing power anymore.

The update of Ethereum 2.0 will improve energy efficiency because no large amount of electricity needed to mining the coin.

The long awaited Ethereum 2.0 may complete in 2021. Now is the phase for testing the network on testnet. Ethereum price has showing a significant changes in the market, many thinks this is because the upcoming update on Ethereum.





Author : Juice Shen

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