eth 2 Things you need to know about Ethereum 2.0

[Whited35 15285]

First of all, why ETH 2.0?
As you know, the current Ethereum blockchain has a scalability problem that can not process more transactions in a second. This common problem has brought frustrations in ETH holders as most of the time network was seen clogged to claim higher gas fees for the single transactions. ETH 2.0 aimed to offer more scalable, more secure, and more sustainable services to all. 

 

Ethereum "Phase 0"
The most anticipated Ethereum 2.0 (Updated version of Ethereum) is live from 12:00 UTC Tuesday, Dec 1. Tuesday's launch of Ethereum 2.0(ETH 2) is known as "Phase 0" of the network that includes a launch of the beacon chain. Remember, ETH 2.0 will be fully upgraded in several phases as shown in the following figure so until then, it will not be fully functional. 
If you have some ETH holdings, you need to do nothing as PoS chain of ETH 2.0 is just launched and there is still a long way to be accomplished so that ETH 2.0 will be fully functional.

 

The steps
There are 4 phases which are Phase 0. Phase 1, Phase 1.5, and Phase 2.

• At "Phase 0" (PoS), ETH holders can lock ETH to expect block reward.
• At "Phase 1", there will be a creation of shard chains (maybe in 2021), and blockchain will allow handling so many transactions.
• At "Phase 1.5", is the most important phase at which ETH 1 meets with ETH 2 to replace miners and PoW algorithm and blockchain is expected to be used broadly.
• At "Phase 2", existing shards start to execute transactions natively.

 

Things which personally want to see in ETH 2
Things required to maintain the validator's nodes?
How ETH 2 will allow native ETH to combine a store of value, a capital asset, and a commodity?

 

So hopefully, ETH 2 will be fully functional in 2022. Some exchange sites like Coinbase and Huobi have already announced to support ETH 2 so wish all the best for ETH 2😊.  

[Syedbesharat 5423]

The ERH have upgraded it's network and gonna grew more in crypt world. But the process will take time but before that they have think about users and give them opportunity for earning in phase 0 .so after that the upcoming updates will be settle down. But the current update news not bring big reaction because of BTC hype.people are expecting BTC breakthrough and ETH price is effecting because of this now it have good price of  $608 at Yobit exchange.The price increase is expected as well. So it would be great if they upgraded during pandemic and we have the ETH 2.0 ready for Bull Run. 

[Whited35 15285]

3 hours ago, Syedbesharat said:

The price increase is expected as well. So it would be great if they upgraded during pandemic and we have the ETH 2.0 ready for Bull Run. 

It may take at least 1.5 years to Ethereum 2.0 fully functional. We will be still using existing Ethereum blockchain until Ethereum 2.0 phase 1.5 does not arrive into the existence. It takes a long time because all things from the decentralized system should be moved to the new blockchain and it is itself a challenging tasks. Hope Ethereum 2.0 will be successful. 

[Raqeebzy 6456]

We're currently at phase 0 if ETH 2.0. There is opportunity to stake and earn more ETH in the process. Although, there is need to have 32 ETH minimum to participate in the staking opportunity. It is great; at least we have it finally and good luck to stakers.

 

Good topic @Whited35 

[MuhammadSh 3067]

It's really important for all these people to know that we wouldn't use the Ethereum 2.0 technology now and it would take a long time before launching it.. but a news like this would affect positively on eth price and it would attract more and more people to believe in eth project and its great future and we can see that from the changes in eth prices during the last period! eth project is really one of the greatest technologies during the 21th century as many experts said so i hope that it would grow more and more by time..

[godislovefll 1880]

6 hours ago, Whited35 said:

En primer lugar, ¿por qué ETH 2.0?
Como saben, la cadena de bloques Ethereum actual tiene un problema de escalabilidad que no puede procesar más transacciones en un segundo. Este problema común ha traído frustraciones a los titulares de ETH, ya que la mayor parte del tiempo se vio atascada la red para reclamar tarifas de gas más altas para las transacciones individuales. ETH 2.0 tenía como objetivo ofrecer servicios más escalables, más seguros y más sostenibles para todos. 

 

Ethereum "Fase 0"
El Ethereum 2.0 más esperado (versión actualizada de Ethereum) está disponible desde las 12:00 UTC del martes 1 de diciembre. El lanzamiento del martes de Ethereum 2.0 (ETH 2) se conoce como "Fase 0" de la red que incluye un lanzamiento de la cadena de balizas. Recuerde, ETH 2.0 se actualizará completamente en varias fases, como se muestra en la siguiente figura, por lo que hasta entonces, no será completamente funcional. 
Si tiene algunas participaciones de ETH, no necesita hacer nada ya que la cadena de PoS de ETH 2.0 se acaba de lanzar y todavía queda un largo camino por recorrer para que ETH 2.0 sea completamente funcional.

 

Los pasos
Hay 4 fases que son la Fase 0. Fase 1, Fase 1.5 y Fase 2.

• En la "Fase 0" (PoS), los titulares de ETH pueden bloquear ETH para esperar una recompensa por bloque.
• En la "Fase 1", habrá una creación de cadenas de fragmentos (quizás en 2021), y blockchain permitirá manejar tantas transacciones.
• En la "Fase 1.5", es la fase más importante en la que ETH 1 se reúne con ETH 2 para reemplazar a los mineros y se espera que el algoritmo PoW y la cadena de bloques se utilicen ampliamente.
• En la "Fase 2", los fragmentos existentes comienzan a ejecutar transacciones de forma nativa.

 

Cosas que personalmente quiere ver en ETH 2 ¿
Cosas necesarias para mantener los nodos del validador?
¿Cómo ETH 2 permitirá que el ETH nativo combine una reserva de valor, un activo de capital y un producto básico?

 

Entonces, con suerte, ETH 2 será completamente funcional en 2022. Algunos sitios de intercambio como Coinbase y Huobi ya han anunciado que son compatibles con ETH 2, así que le deseo lo mejor para ETH 2 😊 .  

Let's hope this network does not fall into the isa that the main ETH network where fees are very high, although they say that with the launch of ETH 2.0 gas costs will drop considerably so it only remains to wait until 2022 in its full development.

[Whited35 15285]

1 hour ago, Raqeebzy said:

We're currently at phase 0 if ETH 2.0. There is opportunity to stake and earn more ETH in the process. Although, there is need to have 32 ETH minimum to participate in the staking opportunity. It is great; at least we have it finally and good luck to stakers.

@RaqeebzyStaking involves multi year's locking so bigger investors should roll out to initiate the chain. We small investors will not feel ETH2 unless it reach to the Phase 1.5 and that will occur in 2021. Anyway, I'm more concerned to its impact to the DeFi sector now. 

43 minutes ago, MuhammadSh said:

It's really important for all these people to know that we wouldn't use the Ethereum 2.0 technology now and it would take a long time before launching it

@MuhammadSh It is already launched but not fully functional, brother 😁 ! Phase 0 is the initial phase. 

[Barbarellah 2225]

In itself, this update is aimed at solving the problems of high energy consumption due to the presence of miners, speed and security in transactions, in order to offer a more efficient system. Ethereum 2.0 changes the consensus system used by Ethereum 1.0, moving from the proof of work (PoW) model to the proof of stake (PoS). With the launch of phase 0 we expected a large increase in ETH prices, which at this time have not yet seen changes, we will see what happens in the next few days with this project.

[Dorjoy12 8962]

From many days i faced the problem of eth transaction because of its high transaction fee which always make trouble to me.. But now eth 2.0 updated so i think soon we will be free from the high transaction cost of eth..  You know too that what once i faced about eth transaction just for decrease the gas limit as well gas fee..             

[jackycrypto485 1055]

Thank you for the really interesting topic, I personally am a fan of Ethereum and I was waiting for this big event, but frankly I did not have all this detailed information about the stages of the launch of ETH 2.0 I expected that it will be in one go, but I learned from your article that this will be in four phases and that It might take over a year for the final transition, so I'd like to thank you for the benefit.

[velasco19 1753]

As you mentioned, the problem with ETH has been its scalability because perhaps they did not dimension the full potential of its Blockchain, I hope that with the implementations of the ETH 2.0 phases we can reduce transaction fees to enhance the area of NTFs and blockchain games in which I am very interested but a limitation is the transaction fee due to network congestion.
It is a shame that the launch of ETH 2.0 has coincided with the Bitcoin Bullrun and is limited because in this phase 0 is where there is more speculation and interest in rewards and it could be even more beneficial.

[Whited35 15285]

9 hours ago, Dorjoy12 said:

From many days i faced the problem of eth transaction because of its high transaction fee which always make trouble to me.. But now eth 2.0 updated so i think soon we will be free from the high transaction cost of eth

@Dorjoy12 High transaction fees may not be solved soon as ETH2 need to reach Phase 1.5 to be widely used. It may still take a long time because upgrade to decentralized network takes a very long time. 

 

8 hours ago, haydermohd said:

Thanks, brother @Whited35 for that long brief explanation posts regarding new Eth 2.0. I think this process will gonna take so much to complete.

Thanks @haydermohd but check your bold words 😂 ! Brief and again long ?? 

[Dorjoy12 8962]

15 hours ago, Whited35 said:

High transaction fees may not be solved soon as ETH2 need to reach Phase 1.5 to be widely used. It may still take a long time because upgrade to decentralized network takes a very long time. 

@Whited35 if so then still eth transaction is a big problem for me as well as low capital crypto member to afford this high transaction gas fee..    Many member like eth to store or staking in their wallet but eth is not suitable    for us yet till the eth2 dont reach phase 1.5 as you mentioned..         

[Whited35 15285]

11 minutes ago, Dorjoy12 said:

@Whited35 if so then still eth transaction is a big problem for me as well as low capital crypto member to afford this high transaction gas fee..    Many member like eth to store or staking in their wallet but eth is not suitable    for us yet till the eth2 dont reach phase 1.5 as you mentioned..         

@Dorjoy12 Ethereum gas fee is relatively low now, keep your eyes on to notice less congested Ethereum blockchain network. Blockchain upgrade is not an immediate process for bigger public network Ethereum. DeFi sector is experiencing cooldown and I hope gas fee will even lower. 

[Dorjoy12 8962]

7 minutes ago, Whited35 said:

@Dorjoy12 Ethereum gas fee is relatively low now, keep your eyes on to notice less congested Ethereum blockchain network. Blockchain upgrade is not an immediate process for bigger public network Ethereum. DeFi sector is experiencing cooldown and I hope gas fee will even lower. 

@Whited35 unfortunately the  gas fee decrease now man because my last transaction of eth took around 45 gwei average but now the gwei is around 17 average which is really awesome..  Maybe for the eth2 eth gas fee now decreasing ❤         

[Whited35 15285]

3 minutes ago, Dorjoy12 said:

@Whited35 unfortunately the  gas fee decrease now man because my last transaction of eth took around 45 gwei average but now the gwei is around 17 average which is really awesome..  Maybe for the eth2 eth gas fee now decreasing ❤         

Awh, you managed to perform transaction at 17Gwei @Dorjoy12 ?  Fortunately, you may have found the right time i.e. less congested Ethereum blockchain network. It may cost more if you attempt to make the transactions of Erc-20 tokens. At phase 1.5, Ethereum blockchain can handle a massive overload of transactions in a second. 

[Dorjoy12 8962]

5 minutes ago, Whited35 said:

Awh, you managed to perform transaction at 17Gwei @Dorjoy12 ?

@Whited35 fortunately i able to do so after seen your comment about eth recent gas fee..  I did the transaction with 1 usd eth which gas fee was around 21 cent and gwei around 17..  Here is the screenshots of my transaction and you can look into it lil bit        

[Maaz sultan 265]

We have so many expectation from the upgrade of ethereum but as market is in bullish trend So we dont realize any difference of it performance but it uprates for making faster transaction and making high security .

[Amiami 1362]

I have a question regarding mining, will the new eth network change the way to obtain the currency? I have been reading some opinions on social networks and most of them show a concern that the famous mining rigs would no longer be useful, is it true?

 

By the way, this PoS system is undoubtedly interesting, although surely only the whales can take out all the potential as a profit.

[Whited35 15285]

8 hours ago, Dorjoy12 said:

@Whited35 fortunately i able to do so after seen your comment about eth recent gas fee..  I did the transaction with 1 usd eth which gas fee was around 21 cent and gwei around 17..  Here is the screenshots of my transaction and you can look into it lil bit   

@Dorjoy12 Looking like you have successfully moved ETH at the lowest fee. As I have previously told you, other token's transaction may cost quite more than this. In my experience, after or around mid-night in Europe, Ethereum blockchain network seems less congested.

[hasaan 289]

Thank to clear your statement, and i  think by your helpful post many of them like me will be benefited as well. Most of them always expect some approaches to a good conclusion from any coins, that the ETH 2.0 is not different. We hope this coins will be positively change and bring some good. 

[Dorjoy12 8962]

9 hours ago, Whited35 said:

my experience, after or around mid-night in Europe, Ethereum blockchain network seems less congested.

@Whited35  this information look new to me friend 😯  because first time i heard this..  Its true that Europe Country get affected mostly into crypto world so their traffic is much than the asian or another sub continent..   I will see this information prove next time           

[Froshk 1828]

On 12/4/2020 at 10:11 AM, Whited35 said:

• At "Phase 1.5", is the most important phase at which ETH 1 meets with ETH 2 to replace miners and PoW algorithm and blockchain is expected to be used broadly.
• At "Phase 2", existing shards start to execute transactions natively.

@Whited35I had issues understanding the whole concept of the ETH 2 project but thanks to these I believe I have gotten a clue, but my question is that the shift from PoW to PoS will it  affect the number of miners already available? Because it's like a shift to a total new  concept. 

[Whited35 15285]

1 hour ago, Dorjoy12 said:

@Whited35  this information look new to me friend 😯  because first time i heard this..  Its true that Europe Country get affected mostly into crypto world so their traffic is much than the asian or another sub continent..   I will see this information prove next time           

@Dorjoy12 It is relatable to me and give a try at your time to see if it works for your location too. Yes, less load for miners to mine the transaction so transactions fee gets dramatically lower than usual, give a try and let me to know if it works. 

[Whited35 15285]

1 hour ago, Froshk said:

I have gotten a clue, but my question is that the shift from PoW to PoS will it  affect the number of miners already available?

@Froshk Please be noted, once it gets fully upgraded, there will be no PoW and no miners. There will be software to run validator nodes by depositing 32ETH or small investors can stake their ETH by selecting the existing pool. User stake ETH to confirm the transaction being the part of Blockchain , it is the core concept that you have to know about ETH2.