A Quick Review of the Major Changes on Ethereum V2.0
In Ethereum 2, the network will be upgraded to a proof-of-stake blockchain and present shard chains and a beacon chain. This advancement will lower energy consumption and improve the possible velocity and number of transactions.
Nevertheless, it has also raised considerable concerns regarding the future of the Ethereum network.
With Ethereum 1.0 being bottlenecked by its 15 to 45 transactions-per-second(TPS), it requires an infrastructural change to meet the request and lower the exuberant gas fees wrapping its transaction cost issue.
Therefore, understanding the transformations that come along with Ethereum 2.0 is necessary due to the natural change of the Layer Two solutions that will still be present after the move is finalized. As it stands at present, the changes coming with Ethereum 2.0 are as follows:
Sharding
A preexisting concept within other blockchains partitions the set of nodes into multiple smaller groups of nodes named committees. The committees are responsible for operating in similitude on disjoint blocks of transactions and maintaining disjoint ledgers. Such a partitioning of operations and data between multiple groups of nodes is often called sharding.
In ETH V 2.0, Shard chains will spread the network’s load across 64 new chains., This makes running a node more manageable by keeping hardware requirements low.
As the requirements for running a node become less, this makes a healthier network as running a node will become more attainable to more users. With sharding, the dramatic rise in memory required to store the current chain state should ease substantially and lower the growth rate to a fraction of what it is currently.
Proof-of-Stake
The Proof-of-Stake (PoS) model in ETH V2.0 is expected to enormously reduce the amount of energy needed to run a node on the chain.
\item \textbf{Beacon Chain) : The movement to ETH 2.0 cannot be rapid; therefore, an incremental merge between 1.0 and 2.0 must happen. The Beacon chain was launched in December 2020 to begin the migration towards PoS, allowing the staking of Eth and the usage of the new security features that come with it.
Security Changes in ETH 2.0
Upgrading from PoW to PoS reaches intrinsic security differences within the network. That being said, the transition to PoS will introduce greater disincentives against cyber-attacks because validators who secure the network must stake substantial amounts of ETH into the protocol. If they try and attack the network, the protocol can automatically eliminate their ETH PoS.
