The first step of Ethereum 2.0 has been launched, which is among the expected big updates to the Ethereum blockchain, because it will transform the way the Ethereum blockchain works with regard to authentication, as the Proof of Work mechanism will be abandoned in favor of the Proof of Stakes mechanism, which should solve some of the long-term scalability problems that It was encountered by Ethereum.

Today, December 01, the first major part of the Ethereum 2.0 upgrade, known as Phase 0 or “Beacon” update, was released.

stated Mr. Vitalik Buterin, founder of Ethereum today, before the launch:

It is a great testament to the Ethereum community.

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Danny Ryan, a researcher at the Ethereum Foundation, said in the live broadcast of the launch of Ethereum 2.0:

The key to the health of this thing is that we see more than two-thirds involved.

Ryan added in his statement:

I’m excited, it’s four in the morning and I’m happy.

We’ve uploaded all the updates and I’m very excited.

I’m pretty confident about the launch but if something goes wrong, I’m pretty confident the developers can fix it.

But he admitted that the time had come a long time ago, and said in this regard:

We thought we were going, it was a long trip.

What is Ethereum 2.0?

This launch is stage 0 of the Ethereum 2.0 upgrade and its first stage is the Beacon stage.

According to the Ethereum website:

The Beacon update will bring Proof of Stakes to Ethereum.

And a new way to help keep Ethereum secure.

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He told Ryan in the live broadcast:

The upgrade lays the foundation for a new home for Ethereum that is scalable, safer, and more sustainable.

Here, Proof of Stakes refers to the concept by which a person can certify or validate transactions on the Ethereum network if they own – or bet – a certain amount of Ethereum.

Users will need to share a minimum of 32 ETH (about $19,000) in order to verify transactions.

According to Glassnode, nearly 900,000 Ethereum has been stored so far, well over the minimum amount required to launch Phase 0.

Hopefully, the more people who participate in the Ethereum PoS network, the more secure the network will be.

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Regardless of the obvious fact, scammers trying to attack the network will be discouraged, because the Beacon update will eventually randomly allocate blockchain validators.

It will also adopt the “Shard” mechanism that reduces network congestion, as well as increasing the total number of transactions per second.

The new update will provide rewards for coin collectors, in addition to keeping Ethereum mining working normally, and the mechanisms will work together until absolute dependence on the allotment mechanism in the future.

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