The transition to Ethereum 2.0 and its proof-of-stake consensus mechanism is finally underway
✳️ Ethereum developers have launched a “validator launchpad” on the Medalla testnet, according to an announcement made on Monday. The purpose of this will be to inform and educate validators who would be part of the future multi-stage rollout of the network’s prime upgrade.
✳️ Ethereum 2 will prove to be a game-changer as it will shift from proof-of-work (PoW) to proof-of-stake (PoS), changing the world’s biggest smart contract platform.
✳️ In PoW, miners are responsible for securing transactions through complex hardware. This is then added to a cryptographically secured data block in a series or chain.
✳️ On the other hand, Po S, allows validators to keep in check the transparency and security of the network to gain it’s customer’s reliability and trust. This record would be retrieved without the use of any hardware.
✳️ Phases 2 and 3 will revolve around adding and storing Eth 2 data and enabling programs to be run on the network, respectively. This will add up to the network’s success.
✳️ The transition to PoS has been made because of the scalability issues of Ethereum. This happens due to the influx of large quantities of transactions under Po W. In addition, PoS is also more budget-friendly than mining.
✳️ Phase 0 will be the first phase of the rollout and its prime focus will be on the technology that is utilized in staking. This function will be achieved through keeping a track of the validators and their balances.
✳️ Before phase 0, there will be a launchpad that will help validators to keep a record of the track.
✳️ When phase 0 will arrive, validators will start locking up Etherum’s network with real stakes.
✳️ The legacy Ethereum platform will exist independently as a POW chain, but the developers declared in an announcement made yesterday that, this is the time to make the new shift toward PoS.