The project to create a faster, cheaper and more scalable version of Ethereum hits a key milestone this week, lagging long and lagging behind to build a better blockchain, marking the beginning of the end of the project that is increasingly needed. I did.
The Ethereum 2.0 project features top blockchain transactions per second (TPS) for games, non-fungible tokens (NFT), metaverse, and almost every other project, as well as centralized and decentralized finance (DeFI) projects. Strengthen. Developers claim from the current 12 to 15 TPS limit to 100,000 TPS. It also ends environmental problems.
reference: Ethereum 2.0 can’t be any faster, Vitalik Buterin said.But it will still be expanded on a large scale
The launch of Klin Testnet on March 15 is the final “test” before the Ethereum 2.0 merge, which shifts Ethereum transactions from the current Bitcoin-style proof of work consensus mechanism to the new Proof of Stake (PoS). Mark the blockchain. Competing “Etherium Killer” blockchains such as Polkadot, Cosmos and Solana have been used to steal developers and projects.
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Aside from the scalability to end the overburdened blockchain’s surprisingly high transaction fees (usually $ 2 to $ 4, but spikes to $ 70), Eth 2.0 keeps the number of transactions unchanged. Addresses transaction delays that occur when you exceed your ability to add new transactions to the blockchain.
It also shows the transition from an energy-intensive mining industry that consumes as much energy and causes as much pollution as the Netherlands.
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The Eth 2.0 blockchain differs from Ethereum in one important way. Instead of a single “Layer 1” blockchain that handles everything, Eth 2.0 has an execution layer where all smart contracts are executed and a consensus layer where only transactions are recorded. This alleviates a lot of pressure and allows you to significantly extend the consensus layer without or interfering with smart contracts running DeFI exchanges, games, metaverses, supply chain management projects, and more.
There are variations, but this is similar to the strategy used in competing blockchains.
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Another change is that you will receive a new ETH token block reward for the validator (minor PoS version) by writing a new block to the blockchain.
long time no see
The long-term delay project began in 2016, just a year after the first platform of self-executing smart contracts was launched, and is a blockchain that has pushed its capabilities beyond simple currency exchange cryptocurrencies like Bitcoin. The business revolution has begun.
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The delay was extreme, but it did not undermine widespread support for the project. About 10 million ETH tokens worth more than $ 26 billion have been bet. It is fixed to a contract alternative to mining as a means of protecting the blockchain and adding new transaction data in exchange for newly created ETH tokens.
The final merge to bring all past and future Ethereum transactions into the Ethereum 2.0 blockchain is planned for the end of the second quarter, probably between June and July.
The new testnet (basically a beta version of Eth 2.0 called Kiln) is a major player in the Eth 2.0 project to win the most influential 2021 location for the crypto industry news outlet CoinDesk. According to developer Tim Beiko, the list is smoothly generating new blocks.
It’s time for the Ethereum Foundation to advise developers to focus on testing off-chain features such as DApp front-end interfaces so that smart contracts work smoothly.
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