Lauren McDonagh-Pereira @lampphotography
Over 100 subscribers
Ethereum 2.0, also known as Serenity, signifies a profound evolution of the Ethereum blockchain, fostering scalability, security, and sustainability. As I guide you through the ongoing journey of Ethereum 2.0, we delve into the past, present, and the roadmap ahead, underlining the pivotal transformations that are reshaping the blockchain landscape.
Ethereum 2.0, or Eth2, is an ambitious upgrade, transitioning from the existing Proof-of-Work (PoW) consensus mechanism to a more energy-efficient Proof-of-Stake (PoS) model, aiming to enhance transaction speed, network efficiency, and scalability. This upgrade lays the foundation for more complex smart contracts and decentralized applications (dApps), driving Ethereum closer to mainstream adoption.
A pivotal moment called "The Merge" occurred in September 2022, marking the transition from Ethereum 1.0 (PoW) to Ethereum 2.0 (PoS), which significantly reduced energy consumption while bolstering network security. This shift has set the stage for upcoming upgrades like Danksharding, designed to further elevate Ethereum's scalability, speed, and efficiency.
The Shanghai upgrade, which took place in April 2023, brought about a notable update known as EIP-4895, enabling ETH validators to unlock their staked ETH within the network. Consequently, staked ETH and associated rewards became accessible, markedly increasing ETH liquidity in the cryptocurrency market. Alongside, a Capella upgrade on the Beacon Chain ensured validator nodes with staked ETH were fully prepared for the Shanghai upgrade by updating their withdrawal keys and broadcasting this information following the upgrade.
Post Shanghai upgrade, the focus shifts towards Danksharding, a novel upgrade aiming to bring horizontal database scaling to the forefront. Unlike traditional sharding, Danksharding employs distributed data sampling across blobs, easing its implementation on the blockchain, and minimizing data storage costs. This approach facilitates anyone to become a validator, leading to enhanced decentralization and security. Proto-Danksharding, a precursor to full Danksharding, is in a mature stage with agreed-upon specifications, aiming to alleviate network congestion by increasing block size and reducing gas fees. The full realization of Danksharding, enabling massive storage space for rollups and supporting numerous individual rollups, holds the promise of transforming Ethereum's network capacity, making millions of transactions per second a tangible reality3.
Ethereum 2.0 continues its evolutionary journey with a clear roadmap of upgrades aimed at achieving scalability, security, and sustainability. Through the completed Merge and the recent Shanghai upgrade, along with the anticipated Danksharding, Ethereum is steadily advancing towards becoming a more robust and efficient blockchain, capable of powering the global web3 movement.
