What Is Ethereum 2.0 (Serenity) & Its Importance?
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Ethereum took the blockchain technology to the next level by fostering hundreds of new blockchain networks and their native tokens. And, the upcoming Ethereum 2.0 upgrade on the public mainnet is expected to revolutionize its predecessor.
Ethereum initiated the concept of smart contracts and decentralized applications (DApps) to the broader community. Today, it hosts many blockchain projects, including those booming under the Decentralized Finance’s (DeFi) umbrella. Now, the platform co-founded by Vitalik Buterin is facing a significant transformation to stay on top of the league. That’s when Ethereum is starting to transition to Ethereum 2.0 gradually, and the new platform will be significantly better and more scalable.
Ethereum 2.0 is an essential upgrade implemented to address the limitations of the Proof-of-Work consensus. The Proof of Stake (PoS) algorithm supposedly uplifts the transaction speed and the accessibility of individual validators to participate and maintain the network’s truth.