As you know, Ethereum is currently one of the giants of the digital currencies after Bitcoin, and one of the most important news that has attracted the attention of many users today is the launch of Ethereum 2. Ethereum is one of the best decentralized platforms designed to run smart contracts. The Ethereum development team is launching Ethereum 2, the second version of this platform, which has created a lot of noise in the digital currency market.
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Ethereum 2 is also known as Eth 2 and Serenity, which we will soon see the unveiling of this new platform. Ethereum developers have promised a three-step process for updating Ethereum to Ethereum 2; In such a way that each stage is a part of Ethereum to improve performance and efficiency. According to the research, the launch of Ethereum 2 and changing the method of acquiring Ethereum will probably not happen in the middle of 2022. Ethereum developers have recently designed a test network, which is known as their last attempt to switch from Proof of Work to Proof of Stake before the end of the first phase. This trial version is called Kintsugi, which will cause major changes in the Ethereum network after launch.
Read more: What is Ethereum?
One of the main members of the Ethereum Foundation, Tim Beiko, has announced a few hours ago that the Kintsugi test network has been successfully launched; Therefore, we will soon see big changes in the Ethereum network. Beko has also announced that the Kintsugi test network will allow users to familiarize themselves with Ethereum 2 and identify its flaws. In addition to familiarizing users with the new environment of Ethereum, this topic also fixes bugs and problems of Ethereum.
Ethereum 2 launch in mid-2022
As you know, Ethereum update phase zero was implemented in December 2020, which was for things like the launch of the China Beacon Network. In Beacon China, staking was used to reward network nodes. Of course, the share proof method was not used in this section either; But as promised by the Ethereum development team, this will become a reality after the integration of the mainnet with China Beacon, which is called Phase 1.5 of the Ethereum update.
Sharding in the launch of Ethereum 2
After the integration of the two mentioned networks, Ethereum will enter the second phase of the update and it is supposed to unveil sharding in this phase. Sharding is a scaling method that allows Ethereum to dramatically reduce its transaction fees. If you are more familiar with the concept of comparability and sharding, read the articles on what is Cardano digital currency and the introduction of Near Protocol digital currency. Of course, Ethereum network costs are relatively low at the moment, but after the blockchain scaling method was unveiled, Ethereum thought of using it in its next update.
According to the Ethereum development team, the integration of these two networks will take place in the middle of 2022, however, based on previous discussions, the launch of Ethereum 2 was supposed to happen sooner, but as it turns out, things have gone differently. In the last few months, there have been reports showing the amount of user investments in China Beacon. In these reports, more than 8 million Ethereum units equivalent to 33 billion dollars have been invested in China Ethereum Beacon.