With so much advancement happening in technology, there’s always something new. This time it’s Ethereum 2.0. If you have an interest in the Cryptocurrency market and Mining, you must have heard it. It came after the negative wave against Cryptocurrency mining. It is coming up as a solution for Cryptocurrencies. Cryptocurrency mining was a lot in news. This second version of Ethereum will actually act as a ‘mining killer’. So do also want to know about it.
If you have questions like What is Ethereum 2.0? What does mining killer mean here? Then you are in the correct place. You will get answers to all your questions in the simplest possible way.
So let’s begin!
What is Ethereum 2.0?
In the simplest manner, one can understand this as an improved version. It is going to remove the disadvantage of high-powered Cryptocurrency mining. Ethereum 2.0 will use a PoS (Proof-of-Stake) concept instead of the traditional PoW (Proof-of-Work). Know more about them by reading the full article.
The developers are working really hard on it. It is going to be ready anywhere between 2022 to 2024. It is expected that with the release of this version. There’s going to be a boost in the price of Ethereum Cryptocurrency.
What are PoS and PoW?
PoW i.e Proof of Work includes high intensive usage of energy. This is done by highly powered computers to mine Cryptocurrencies. This was really harmful and wasn’t sustainable.
On the Other hand, PoS i.e Proof of Stake uses the concept of stake. This is done to identify and verify the transaction process via blocks.
Advantages of New Version:
There are numerous advantages to Ethereum 2.0, let’s know about them:
- The developers are going to use the Sharding technique. This will eventually enable ordinary users to operate Ethereum on a personal device. This would be a major turnout in increasing network participants.
- This would help in spreading the volume of storage. Also, it will reduce pressure on the system increasing the transaction process.
- The Sharding technique will make the network nearly 100% more energy efficient. This will be helpful for both mother nature as well as for users.
- This will also help in killing the Cryptocurrency mining process to a great extent.
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