The Ethereum 2.0 promises to solve several issues in its decentralized network by improving the system through the application of new techniques for better performance.
Ethereum 2.0 is a combination of features built over years in a constant way, in other words, a feature update in this Network.
The solution provided by this upgrade is to improve items that users struggle with every day, such as scalability, switching from PoW (Proof of work) to PoS (Proof of Stake) due to the complexity of mining and energy costs, and security, even though it does not present significant problems.
Ethereum 2.0 promises its new system called SERENITY, which is based on the old Ethereum 1.0 will improve specific items such as the Proof of Stake, Sharding and the implementation of EWASM.
The following is a description of the most relevant solutions of the upgraded network that Ethereum has worked on:
- Proof of Stake will provide a faster and more secure network, it will not allow to mine transactions on the network if SERENITY sees its security compromised. It will reduce energy costs and minimize the possibility of a network attack, all under a 3 Ether security deposit requirement.
- Sharding is in simple words the creation of subspaces in the network where certain nodes go to perform validation operations.
- The EWASM enhancement is an idea that emerged by observing the projection of users in a few years and it was concluded that to be the world computer of smart contracts, decentralized applications, and financial transactions, it is necessary to have a high-performance virtual machine. EWASM is a format created by Microsoft, Mozilla, and Google, designed to navigate in a safe, fast and efficient way. In other words, it is a specialized language of multiple data to solve complex processes in websites.
Ethereum continues in constant development, the new version has come to correct and improve the system. It will make Ethereum more scalable, faster and a better blockchain.