Ethereum 2.0 in comparison to Ethereum 1.0

 

ETH 1.0 and ETH 2.0

1. Proof of Work (PoW) to Proof of Stake (PoS) (PoS)
Proof of Work is the Ethereum consensus mechanism, while Proof of Stake will be used in Ethereum 2.0. In Ethereum, Proof of Work (PoW) aims to reward miners for creating and validating blocks on the blockchain. However, such a mechanism limits its scalability because the blockchain requires more constant computing power as it grows. Proof of Stake (PoS) was introduced to attract more validators; anyone with at least 32 ETH can be compensated for validating and confirming transactions.

PoS has the advantage of being more energy efficient than PoW because it decouples energy-intensive computer tasks from the consensus algorithm. This also implies that maintaining the blockchain does not necessitate a large amount of computing power.

2.Ethereum 2.0 is more scalable
Ethereum has long been regarded as the king of the public chain. Many popular projects, such as DeFi in the summer of 2020 and NFTs and DAOs in 2021, are running on the Ethereum public chain. However, users have criticized Ethereum network congestion and high gas fees. The reason for this is that the network in Ethereum 1.0 can only support about 30 transactions per second, resulting in delays and congestion. To address the issue of scalability, Ethereum 2.0 uses shard chains to achieve up to 100,000 transactions per second.

3.Ethereum 2.0 will be safer
Ethereum 2.0 is being planned with security in mind. To deposit ETH on Ethereum 2.0, at least 16,384 validators are required, making it more decentralized and secure. Simultaneously, the Ethereum Foundation has formed a dedicated security team to serve ETH2.0 and detect potential network security issues in cryptocurrencies.


Comments

Post a Comment

Popular posts from this blog

How to Open MEXC Global Exchange API?

Image
  How to Open MEXC Global Exchange API? Please follow the steps:   Step 1: Enter MEXC Global official website and log in:   www.mexc.com www.mexc.io   Step 2: Click the person icon and choose [API].     Step 3: Fill out the required infomation and click [Create ] button. Then complete the security validation.       Step 4: Remember your Access Key and Secret Key after completing security validation.          
Read more

MEXC Global Exchange Launches FLUX1 on Margin Trading and PoS Saving

Image
To bring the users a better trading experience and meet your diversified trading needs, MEXC has launched Flux (FLUX1) on Margin Trading and PoS Saving. The details are as follows: FLUX1/USDT on Margin Trading MEXC has launched FLUX1/USDT on Margin Trading with 4x leverage long and short available. The daily loan fee rate for buying long is 0.05%. The daily loan fee rate for selling short is 0.2%.   FLUX1 on PoS Saving FLUX1 is now added into PoS Savings. Details are as follows: 1. Minimum amount o f 1 FLUX1  required to participate.  2. The estimated annualized yield rate is 3% and it will be adjusted according to the actual revenue of the PoS Pool. 3. FLUX1 tokens will be used for yield calculation. Daily yield = FLUX1 position * (APR / 365). 4. Yield will be generated 1 day after joining FLUX1 PoS Saving. 5. A snapshot of users’ FLUX1 positions will be taken at a random time daily. The minimum position of the day will be used for settlement. 6. Users are not required to freeze their
Read more

What is the Exosama Network (SAMA) and How to Buy SAMA?

Image
The Exosama network, also known as SAMA, is a blockchain network for Moonsama. The Moonsama ecosystem started as a simple NFT project to add web3 support to the  shoppingmode  Minecraft  gaming universe. They are now large enough to have their own blockchain network. How Does It Function? Exosama Network is a multi-purpose blockchain that will host NFT projects from various industries such as gaming, music, and others. It also serves as a high-performance EVM platform, connecting to various metaverses and ecosystems. They hope to be the first enterprise-grade blockchain with a straightforward but equitable NFT-based governance mechanism. Furthermore, the gas tokens will be generated entirely by  shoppingmode Minecraft    carnage players. Exosama Network's blockchain is divided into two phases. We are currently looking at phase one. The first phase begins with the release of a limited feature set on an EVM-based standalone chain. They will enter phase two in the future, expanding th
Read more