Ethereum 2.0 Upgrade – Is Ethereum 1.0 ending? #Ethereum #Ethereum2.0 #fintech – Fintech

💡Tryout HIVEOS Entirely Free:

greetings everyone and welcome this 
is neo and you are watching fintech if you enjoy our content please 
do not forget to leave a like   you can subscribe and hit notification bell if 
you want to be informed about our later videos   if you have any questions you can leave a comment 
below cryptocurrency decentralized finance bitcoin   and nfts and all sorts of things about online 
finance have been a big part of our lives   one of the most important installments on online 
finance is ethereum whether you already know what   ethereum is or not i will explain it for you 
in this video but most importantly i will talk   about ethereum 2.0 it's a new form for ethereum 
and it will change the ethereum game forever   with its new protocols and methods ethereum is a 
decentralized blockchain and if you do not know   what decentralized is you can check our video 
about defy the link is in the description below   ethereum is a technology that lets you send 
cryptocurrency to anyone for a small fee   it also powers applications that everyone can 
use and no one can take down sizing ethereum's   website in 2013 ethereum established itself as 
an infrastructure in which people can create   their own apps called depths using the solidity 
programming language ethereum aim to decentralize   the internet which is centralized by big companies 
such as google and facebook so ethereum opened the   gates for further evolution of the crypto 
world people have started so many projects   that took the internet world by storm such as 
nft to achieve that ethereum first launched   its cryptocurrency called ether which is placed 
in the heart of all transactions in the network   then it established its smart contract system a 
smart contract is a digital law on the ethereum   network that does not allow any changes in the 
system these contracts know if you have sent the   money and if it reached the other side and allows 
only this to happen this smart contract system   makes ethereum secure ethereum also works on proof 
of work method that means by mining you use the   processing power of your computer like many others 
in the network and your aim is to solve a problem   that is really hard to solve but easy to prove so 
when you solve this problem others who are mining   approve that your solution is in fact true and you 
can be rewarded these solutions are then blocked   encrypted and chained together which is why it's 
called the blockchain system so the system is   always kept under control by users themselves 
making it really secure and nearly impossible   to hack in 2021 ethereum announced that they will 
upgrade their system with some radical changes and   this will be called ethereum 2.0 first ethereum 
moves from proof of work to proof of stake   but what does it mean right now miners are 
rewarded for their process power so they use big   amounts of energy in order to solve and validate 
problems however in proof of stake you will be   rewarded if you commit your money to the system 
validators they call them should take 32 ethers   and by staking they create new blocks so that 
they can be rewarded the second big change is the   sharding system which will enable ethereum to make 
so much more in less time basically the blocks   will split into individual blocks that can be 
processed easily and by multiplying this number of   blocks that are easy to verify ethereum will use 
less power and that will enable users to make more   transactions for less money these changes will not 
arrive in a flash instead there will be phases in   which these changes will be executed so let's 
have a look at this phase structure phase zero   which launched in december 2020 implemented the 
beacon chain in the register of validators and   deployed the proof of work mechanism phase one has 
an anticipated lounge in 2021 the first iteration   of 64 shards will be launched phase 1.5 the 
merges when the current ethereum 1.0 chain   becomes an ethereum 2 chart at this point 
validators can both enter and exit the scheme   phase 2 shard chains is scheduled for the end of 
2021 or 2022 and it will be an upgrade where the   64 shards will be fully functional with smart 
contract compatibility and other added features   okay but what will be achieved by all of that 
these changes are user-friendly because users   will be paying less for their transactions also 
ethereum 2.0 will be much faster and combined   with lower costs it will create new opportunities 
for different types of tokens such as nft moreover   people will not have to have big and bulky 
missions for mining this will bring more people   in the network so in this episode we covered 
ethereum and its next form ethereum 2.0 which   will be a big step forward for the crypto world 
thank you for watching fintech until next time you

pexels photo 8358038

As found on YouTube

You May Also Like

Leave a Reply

Your email address will not be published. Required fields are marked *