The much-awaited ETH 2.0 will be further delayed to late next year. As per Vitalik Buterin, the PoS chain will be operational from July 2023. How ETH 2.0 will be different from ETH 1.0.
ETH 2.0 and ETH 1.0
ETH 1.0 and ETH 2.0 use different consensus mechanisms. Where on ETH 1.0, there is PoW or Proof-of-Work, on ETH 2.0, there will be PoS or Proof of Stake. In a PoW set-up, those who validate the transaction get rewarded. However, ETH’s new version will have validator nodes who will stake Ethereum and validate the nodes. If any of the nodes fail to validate with authenticity, their staked ETH will be slashed.
From the energy point of view, ETH2 will consume much less electricity when compared to ETH 1.0.
The future of ETH will look like this;
The first instalment of the update went live with the Beacon chain upgrade on October 1, 2021. Though the Beacon chain is not live on the main net, the test net operations have been quite up to the mark.
The second phase which is the Merge where the execution and consensus layer of ETH 2.0 will be defined has been slated for the second quarter of 2022. However, bugs identified have further pushed the release date to 2023.
The final phase of ETH 2.0 will launch sharding that will make the blockchain highly scalable and suited for enterprise-level deployment.