The upgrade to ETH 2.0 has been long awaited by the Ethereum community, which is finally making good strides.
Danny Ryan, a lead developer at the Ethereum Foundation, today officially submitted a proposal for moving the Ethereum blockchain from the proof of work algorithm (PoWCurrent to proof-of-stake consensus mechanism (PoS).
This proposal is being considered by the developers of Ethereum, if approved then it will move to the implementation phase "Phase 0" of Serenity or the Beacon Chain will mark the implementation of PoS. Expected to launch later this year or early next year.
Beacon chains will be introduced with the concept of sharding, which will solve Ethereum's scalability problems without compromising the security of the network and decentralization.
Phase 0 is just the first step in the rollout of the Ethereum 2.0 upgrade phases.
The remaining phases of ETH 2.0 are scheduled to be launched from here until 2021.
In general, the upgrade to ETH 2.0 is very necessary right now, as ETH 2.0 will solve the outstanding problems of Ethereum and help keep up with technology trends compared to other blockchains.
One of the main goals of ETH 2.0 is to improve the "simplicity, resilience, resilience, security, and decentralization" of the Ethereum blockchain.
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