ETHEREUM 1.0 VS ETHEREUM 2.0

WHAT IS ETHEREUM?

Ethereum is a technology that:

• Is programmable ( it can be used for different digital assets).

• It Permits the use of digital money without payment providers or Banks.

• It Powers apps that is accessible and usable by everyone.

• It Permits cryptocurrency transactions to anyone and from anywhere.

Ethereum has led to the creation of new products and services that is improving lives, such products like the DeFi system, NFTs, and DAOs.

Now,

On the scale of comparison between Ethereum 1.0 & Ethereum 2.0, Ethereum 1.0 which is the traditional and the familiar Ethereum (the mainnet) we have experienced, is a staking platform that uses consensus mechanism for proof of equity, and of course, will never disappear. It’s a general purpose platform ready in any sence to offer improvements on contemporary web. Been a global open source platform for decentralized apps, is the most popular smart contract on blockchain but has shortcomings and flawed in wealth transfer. Some of these shortcomings include:

• Limited scalability (it can only process 15 transactions per second)

• It has bad user experience.

• Limited security of Ethereum public network.

With that been said,

In response to the flaws, an upgrade was granted to improve Ethereum 1.0 which is the birth of Ethereum 2.0. 2.0 is a natural transition from 1.0, a set of upgrades been worked on for better experience. It is the most complex and largest DeFi app on 1.0, remember, both platforms are closely connected.

Also,

Ethereum 2.0 refers to a set of interconnected upgrades that will make Ethereum:

• more scalable

• more secure and

• more sustainable.

Now,

In terms of SCALABILITY

Ethereum 2.0 will support the workloads and aid thousands of transactions per second, to make applications faster and cheaper to use.

And,

Concerning SECURITY

Ethereum 2.0 will become more secure against all forms of attack.

Regarding SUSTAINABILITY

Ethereum 2.0 will have computing power and energy for a better environment.

Although each is being worked on in parallel, they have certain dependencies that determine when they will be deployed.

Not withstanding,

Ethereum 2.0 is bringing:

• a transition from Proof- of – work consensus mechanism to proof – of – stake mechanism which will replace the energy cost by a financial commitment.

• An Introduction of shard chains where by nodes will have to download and process transaction history of the shard, not the whole network, to solve scalability problems.

You see, its all about developments for better experience and a lane towards perfection.

Still on the ride,

Ethereum 2.0 will run in 3 phases:

First,

• Introduction of the beacon chain: it is the first addition to the ecosystem, which is bringing staking to Ethereum.

Next is,

• Introduction of shard chains: it will validate transactions and expand Ethereum’s capacity to process transactions and store

data but won’t support smart contracts yet.

And then,

• Docking: Mainnet Ethereum 1.0 will need to merge with the Beacon Chain to enable staking for the entire network and signal the end of energy-intensive mining.

The upgrade show-case loads of benefits that makes the difference, and has uniquely made 2.0 a best fit for the future.

Now,

A quick recap of its benefits:

• Shard chain smart contract processing.

• Shard chain communication.

• Developers can uniquely design shards in their own ways.

Remember, it is currently in its experimenting stage.