If lately, all you hear about is Ethereum 2.0, eth2 and eth2 staking, as always, we’ve got you covered. We’ll walk you through all the changes that Ethereum 2.0 ensues.

Now you can understand how the transition from Proof of Work to Proof of Stake will take place, how a validator is rewarded, and the rules for becoming one. Also, we'll talk about the benefits that Staking Pools can provide.

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The main topics of the video are:

▶ What is Ethereum 2.0
▶ Proof of Work vs Proof of Stake
▶ How will Ethereum 2.0 work?
▶ When will Ethereum 2.0 be released?

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🟡 What is Ethereum 2.0
In Ethereum’s roadmap, both the expansion of the network in a decentralized manner and the transition to the Proof of Stake mechanism were documented. Both of these objectives - upgrading the Ethereum network and Proof of Stake were listed in a single roadmap in 2019 and it became what we know today as “Ethereum 2.0”.

🟡 Proof of Work vs Proof of Stake
Each of them comes with a set of advantages and disadvantages as follows: Proof of Work mostly focuses on preventing fraud, building a higher level of trust and increased security but it requires a higher computational power, thus consuming more electricity.

On the other hand, the Proof of Stake mechanism can provide a high transaction speed and it does that with fewer resources. We have a video on Proof of Stake vs Proof of Work if you want to explore the differences between them.

🟡 How will Ethereum 2.0 work?
Ethereum 2.0 will no longer need miners to validate the transactions or secure the Blockchain. For this, a rewards system will be used.

The members willing to secure the network will stake their Ether in order to become validators. To encourage them, they will get a certain reward amount from the transaction’s cost if they choose to validate.


🟡 When will Ethereum 2.0 be released?
The transition to the new consensus mechanism is done through a series of already planned improvements that will be integrated under the protocol.
The Beacon Chain is the first upgrade and it was completed on the 1st of December 2020.
It is meant to coordonate and grow the stakers network but it doesn’t deal with accounts or smart contracts.

“The Merge”, which is the next upgrade, will make the official shift to Proof of Stake and it’s planned to unroll in Q2 of 2022. It is the actual union of Ethereum Mainnet with The Beacon Chain.

The third planned upgrade is “Shard Chains” and it’s meant to improve the scalability and Ethereum’s capacity. It will optimise the data stocking systems thus lowering the cost of transactions and applications that run on the ecosystem. The upgrade is planned to take place in 2023. I recommend you watch our video on Sharding to understand how it works.

🟡 Conclusions
To sum it up, Ethereum 2.0 is an upgrade to the Ethereum Blockchain and it’s the transition from Proof of Work to Proof of Stake consensus mechanism. This shift is meant to take place in Q2 2022 and another upgrade will follow in 2023.


👉👉 Learn more about this content: https://cryptorobin.com/what-is-dca-s...

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- CHAPTERS -

0:00 Intro
0:57 What is Ethereum 2.0
1:53 Proof of Work vs Proof of Stake
2:32 How will Ethereum 2.0 work?
3:35 When will Ethereum 2.0 be released?
4:27 Conclusions
4:42 Outro


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⛓️ 🔗 Useful Links 🔗⛓️

►https://ethereum.org/en/upgrades/
►https://decrypt.co/resources/what-is-...
►https://www.computer.org/publications...
►https://www.coindesk.com/layer2/2022/...
►https://www.gfinityesports.com/crypto...


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#Ethereum #Ethereum20 #Eth2 #ETH #ProofOfStake #Cryptocurrency #Cryptomatics #Crypto #Blockchain