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Ethereum 2.0 Upgrade - Is Ethereum 1.0 ending? #Ethereum #Ethereum2.0 #fintech - Fintech - YouTube
Channel: FinTech Channel
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greetings everyone and welcome this聽
is neo and you are watching fintech
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below cryptocurrency decentralized finance bitcoin聽聽
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and nfts and all sorts of things about online聽
finance have been a big part of our lives聽聽
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one of the most important installments on online聽
finance is ethereum whether you already know what聽聽
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ethereum is or not i will explain it for you聽
in this video but most importantly i will talk聽聽
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about ethereum 2.0 it's a new form for ethereum聽
and it will change the ethereum game forever聽聽
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with its new protocols and methods ethereum is a聽
decentralized blockchain and if you do not know聽聽
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what decentralized is you can check our video聽
about defy the link is in the description below聽聽
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ethereum is a technology that lets you send聽
cryptocurrency to anyone for a small fee聽聽
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it also powers applications that everyone can聽
use and no one can take down sizing ethereum's聽聽
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website in 2013 ethereum established itself as聽
an infrastructure in which people can create聽聽
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their own apps called depths using the solidity聽
programming language ethereum aim to decentralize聽聽
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the internet which is centralized by big companies聽
such as google and facebook so ethereum opened the聽聽
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gates for further evolution of the crypto聽
world people have started so many projects聽聽
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that took the internet world by storm such as聽
nft to achieve that ethereum first launched聽聽
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its cryptocurrency called ether which is placed聽
in the heart of all transactions in the network聽聽
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then it established its smart contract system a聽
smart contract is a digital law on the ethereum聽聽
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network that does not allow any changes in the聽
system these contracts know if you have sent the聽聽
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money and if it reached the other side and allows聽
only this to happen this smart contract system聽聽
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makes ethereum secure ethereum also works on proof聽
of work method that means by mining you use the聽聽
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processing power of your computer like many others聽
in the network and your aim is to solve a problem聽聽
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that is really hard to solve but easy to prove so聽
when you solve this problem others who are mining聽聽
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approve that your solution is in fact true and you聽
can be rewarded these solutions are then blocked聽聽
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encrypted and chained together which is why it's聽
called the blockchain system so the system is聽聽
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always kept under control by users themselves聽
making it really secure and nearly impossible聽聽
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to hack in 2021 ethereum announced that they will聽
upgrade their system with some radical changes and聽聽
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this will be called ethereum 2.0 first ethereum聽
moves from proof of work to proof of stake聽聽
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but what does it mean right now miners are聽
rewarded for their process power so they use big聽聽
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amounts of energy in order to solve and validate聽
problems however in proof of stake you will be聽聽
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rewarded if you commit your money to the system聽
validators they call them should take 32 ethers聽聽
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and by staking they create new blocks so that聽
they can be rewarded the second big change is the聽聽
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sharding system which will enable ethereum to make聽
so much more in less time basically the blocks聽聽
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will split into individual blocks that can be聽
processed easily and by multiplying this number of聽聽
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blocks that are easy to verify ethereum will use聽
less power and that will enable users to make more聽聽
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transactions for less money these changes will not聽
arrive in a flash instead there will be phases in聽聽
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which these changes will be executed so let's聽
have a look at this phase structure phase zero聽聽
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which launched in december 2020 implemented the聽
beacon chain in the register of validators and聽聽
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deployed the proof of work mechanism phase one has聽
an anticipated lounge in 2021 the first iteration聽聽
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of 64 shards will be launched phase 1.5 the聽
merges when the current ethereum 1.0 chain聽聽
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becomes an ethereum 2 chart at this point聽
validators can both enter and exit the scheme聽聽
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phase 2 shard chains is scheduled for the end of聽
2021 or 2022 and it will be an upgrade where the聽聽
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64 shards will be fully functional with smart聽
contract compatibility and other added features聽聽
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okay but what will be achieved by all of that聽
these changes are user-friendly because users聽聽
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will be paying less for their transactions also聽
ethereum 2.0 will be much faster and combined聽聽
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with lower costs it will create new opportunities聽
for different types of tokens such as nft moreover聽聽
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people will not have to have big and bulky聽
missions for mining this will bring more people聽聽
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in the network so in this episode we covered聽
ethereum and its next form ethereum 2.0 which聽聽
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will be a big step forward for the crypto world聽
thank you for watching fintech until next time
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