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Rachel Welch

03 November 2022 65 Read Crypto

What Is Ethereum 2.0?

Ethereum 2.0 is an upgrade to the current Ethereum network that introduces a new Proof of Stake consensus mechanism. This new system has several advantages, and it is expected to be less wasteful than Ethereum 1.0. For example, it will process transactions at a rate of 100,000 per second, whereas Ethereum 1.0 only allows 30 transactions per second. This increase will enable Ethereum 2.0 to process more transactions in a shorter period of time.

The biggest difference between Ethereum 1.0 and Ethereum 2.0 is that Ethereum 2.0 is designed to be nearly 100% more energy efficient than Ethereum 1.0. Ethereum 2.0 also aims to reduce the cost of processing transactions by removing the need for hardware power. It will also introduce a new staking system, based on the amount of ETH deposited into an Ethereum Foundation deposit contract.

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