Ethereum is a smart contract platform that allows developers to build decentralized applications (DApps) on their blockchain. Ether (ETH) is the native digital currency of the Ethereum platform.
Ethereum is supported in part by the Ethereum Foundation, a non-profit organization that is part of the larger Ethereum ecosystem, along with Ethereum corporate consortia such as the Ethereum Enterprise Alliance.
Ethereum 2.0 will lead the blockchain from a proof-of-work consensus mechanism (also used by Bitcoin ) to proof-of-stake . This will be a marked departure from the tried and tested protocol that has been in use for five years.
This will not lead to the creation of a new cryptocurrency, your ETH will remain exactly the same. Instead, most of the changes will be on the backend, technical improvements that you probably won't even notice.
The ETH 2.0 blockchain network has been in development since 2015 and will not be rolled out overnight. One of the main goals is to increase capacity, which means that transactions can run faster. The explosive growth in the number of open source DApps , not to mention the decentralized finance sector , has put a heavy load on this blockchain network.
As an example, it's worth remembering what happened when CryptoKitties was launched in the heady days of 2017, when Ether and Bitcoin were nearing all-time highs. The demand for these collectible cats has reached such a peak that dozens of transactions are stuck waiting to be processed.
Making the backbone scalable in the future may be critical to its survival. Without it, crypto enthusiasts may end up moving their businesses elsewhere.
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