Member-only story
New on the chain: Ethereum 2.0, a competitive blockchain for all businesses.
The new competitive advantages of the blockchain ecosystem for broader business models and institutions.
The start of the decade will be great. Ethereum, the most used blockchain ecosystem and the host of the second-largest crypto asset by market capitalization will launch a package of new updates: Ethereum 2.0. Starting in early 2020 and finalizing in 2022, the new set of developments and updates for Ethereum will be a major event affecting the new wave of digital transactions taking the stage in the global economy.
The transition to Ethereum 2.0 will set a precedent for the development of projects and developments being built in the blockchain platform. Thanks to the smart contract functionality, that allows plenty of use cases, Ethereum popularity is now global and it goes across multiple industries, especially among institutional players and large corporations. Many major international institutions and banks have preferred this blockchain ecosystem acknowledging it as the most trusted and secure public blockchain currently to write smart contracts and dApps.
With this article, we want to analyze in detail the new concepts and functionalities that will be introduced with Ethereum 2.0, to prepare for the transition that will improve scalability and lower the entry barriers for new developers.
What is it?
The Ethereum project 1.0 was started at the beginning of 2014 and launched in 2015. Since then, it has become the most used blockchain with the highest number of developers and projects built in the ecosystem. Ethereum 2.0 will be a new blockchain that will coexist alongside the legacy chain.
The new pack of improvements is not the first one to be done on the network, but it is expected to be the most substantial one, allowing the blockchain to compete with the global rate of transactions.
Ethereum 2.0 is much more substantial than many of the previous updates of the blockchain as it introduces many new ideas and concepts. However, it builds-in the current Ethereum project: it will, for instance, still use the same currency (ETH), since the improvement-package is…
