Another testnet closer to V2 – Ethereum (ETH) you are about to undergo a major upgrade with the change to your V2. This transition, started in December 2020, should accelerate during the first quarter of 2022, with the merger between Ethereum 1.0 and Ethereum 2.0.Ethereum 2.0 and “The Merge”: The Long-awaited Update
This is not news to anyone: Ethereum he is a victim of his own success. In fact, for the last 2 years, the network has been the cradle of the latest trends. In 2020, the network welcomed the creation and rise of decentralized finance (DeFi). In 2021, it was the turn of NFT to become Ethereum’s flagship attraction.
Obviously, when you say boom, there is a massive influx of users. However, the Ethereum blockchain can only process around 20 transactions per second. Consequently, the excess of transactions published in the network has involved a major congestion.
Therefore, it seems that it has become normal to spend several tens to hundreds of dollars to complete a transaction or interact with a smart contract on Ethereum. One of the solutions to this congestion problem is to switch to proof of stake (PoS). This transition in the consensus algorithm should partially mitigate the problem, increasing the throughput of the network.
Phase 0 of the transition to Ethereum 2.0 started in december 2020, with the launch of the beacon chain. As a reminder, the beacon chain will be the backbone of Ethereum 2.0. This ensures consensus and will coordinate the various shards planned for phase 2 of Ethereum 2.0.
The next phase, phase 1, is called “The fusion”. This is intended to connect the Ethereum application layer as we know it with the Ethereum 2.0 consensus layer. This step planned for the first quarter 2022 it will mark the transition to PoS.
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The Merge is right around the corner. For ...