The new version of Ethereum may be coming sooner than expected. Ethereum founder Vitalik Buterin proposes a way to switch faster from Ethereum 1.0 to Ethereum 2.0.
Direction the new Ethereum
A few weeks ago there was an update, the hard fork Istanbul. That update paves the way for the new Ethereum
But the transition from Ethereum 1.0 to Ethereum 2.0 can be faster, according to Buterin. In a new blog post, he proposes a new way to merge the Ethereum 1.0 blockchain with the Ethereum 2.0 blockchain. According to Vitalik, this way ensures a smoother transition.
His explanation is, well, nice and technical:
“The Ethereum 1.0 system can live like a shard 0 on Ethereum 2.0. Validators can then sign up as Ethereum 1.0 validators, and must then run both a full node on Ethereum 1.0 and Ethereum 2.0. “
It has already been proposed to start the Ethereum 2.0 blockchain on 3 January 2020. The Ethereum 1.0 and Ethereum 2.0 blockchains will then co-exist. Slowly but surely Ethereum 1.0 is then transferred to Ethereum 2.0.
What is Ethereum 2.0?
The most important feature of Ethereum 2.0 is the transition from Proof of Work to Proof of Stake. With Proof of Stake, mining Ethereum becomes more energy efficient. At Proof of Work, someone can only add a block to the blockchain if they can provide enough computing power. And computing power costs energy.
At Proof of Stake someone can add a block to the blockchain if he proves to have enough coins. So mining is no longer done with the help of computing power, but by proving possession of coins. This method is a lot more energy efficient.
Who knows that the new version of Ethereum can give a boost for the price. That would certainly be welcome, since the rate has fallen by more than 60 percent since the summit of 2019. We will keep an eye on the developments for you!
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