The founder of the Ethereum cryptocurrency, Vitalik Buterin, released a series of tweets in which he explains what current network problems can be solved by the global update of Ethereum 2.0.

Image source: Twitter @VitalikButerin

Image source: Twitter @VitalikButerin

Vitalik stated that the current protocols have one big problem – they collect data from CENTRALIZED sources. According to the founder, services need to rely on a neutral infrastructure in order not to depend on other providers.

Image source: Twitter @VitalikButerin

Image source: Twitter @VitalikButerin

How network benefit from updates?

The change in protocols and the appearance of decentralized ones will lead to the fact that users will not need to store the entire network history in their storage, which will reduce the volume by about 5 times. Also, decentralized protocols to optimize the cost of gas to the transaction.

Image source: Twitter @VitalikButerin

Image source: Twitter @VitalikButerin

Vitalik Buterin also expressed hope that more efforts will be invested in these developments since this will directly affect all participants and users of the network.

What is Ethereum 2.0?

When the Eth 2.0 stage zero will be launched, little will change for users and DApp developers in the short term about Ethereum. That’s since the update Eth 2.0 mostly takes place on another network, unlike all the other system-wide updates in Ethereum past.

The first phase of Eth 2.0’s growth focuses on developing a separate blockchain proof-of-stake network called the beacon chain. In the form of an annualized return on their property, the ETH holders of at least 32, ETH will receive a payout in this new network.

ETH holders must have the proper hardware and software to link to the phone chain and outstanding knowledge of how the system performs in order to receive these incentives.

(Excerpt) Read more Here | 2020-08-02 10:40:48
Image credit: source

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