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Ethereum 2.0 What You NEED to Know

Ethereum 2.0 What You NEED to Know

02 Dec 2020

Reading Time: 3-4 minutes

Good News travels fast in the world of Crypto but never before has a major Cryptocurrency done something so drastic.

It is common place that when Cryptocurrencies change, they will fork into an altcoin, but Etherium have taken it to a whole new level.

Welcome Etherium 2.0.

What is Etherium?

Ethereum was invented by Cryptocurrency researcher and programmer Vitalik Buterin and was released to the public in 2015. This release came with 72 million coins into the market. Unlike  Bitcoin and Litecoin, Ethereum was coded to not have a cap on the number of coins that exist.

Ethereum is not just a simple cryptocurrency like Bitcoin, it is also a developer software platform which companies like Microsoft use to develop apps and programs. This is useful as a secondary fall-back if the coin were to drop in value.

There are many good things about Ethereum, but it has not been without its share of criticisms The biggest being its speed. The program itself has been at dial-up speed slow and near impossible to run at times compared to other coins on the market. This is but one of the reasons Vitalik Buterin decide to update his already successful cryptocurrency.

What is Ethereum 2.0?

Essentially, it is an overhaul of the original system that will make it much faster and easier to use for both developers and miners. That being said, these significant changes will affect a good majority of the Ethereum community.

Right from the start, Ethereum has used a “Proof-of-Work” model in their blockchain which means you would earn Ethereum once you showed you were working (through your own PC and it's GPU). This is changing now with Ethereum switching over to a “Proof-of-Stake” model.

What is Proof-of-Stake?

This new model will now operate independent of a GPU and instead will use a robot miner that will be powered by your own Ethereum. To put it simply, to mine Ethereum you have to deposit a certain amount of your own Ethereum to prove you are a stakeholder. To mine Ethereum on the 2.0 network, you need to have at least 32 Ethereum deposited.

What does this mean for the future of Ethereum?

This could prove to be greatly beneficial for Ethereum since people will now have to buy Ethereum in order to mine it. This is a smart move which is intended to drive the price of Etherium up. If you already have Etherium, this is great news! Ethereum's price is currently $568 AUD, but it is predicted to reach almost $4,000 USD within the next 5-10 years, according to the Crypto Research Report.

This move is considered risky as they may lose some of their loyal miners who have spent thousands on mining setups and with that, opens the door for more miners who never desired to build a mining rig. 

It is a bold and ambitious update and we could see it as soon as December 2020, but the changeover will take a few years, so keep mining and hold onto your rig for now!

To keep track of Ethereum, click here and use our crypto tracker.

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