Ethereum 2.0 is the long-awaited upgrade to the Ethereum network that will enable it to scale to meet the demands of its growing user base.
The centerpiece of this upgrade is the Ethereum 2.0 Beacon Chain, which is a proof-of-stake (PoS) blockchain that will be used to manage the shard chains that make up the Ethereum network.
The Beacon Chain is an important step forward for Ethereum because it will allow the network to process many more transactions than it can currently handle. This is possible because each shard chain in Ethereum 2.
0 will be able to process its own set of transactions in parallel with the other shard chains.
The Beacon Chain will also serve as the foundation for a new type of smart contract called a “witness contract.” Witness contracts will allow users to create contracts that can be executed by anyone who holds a certain amount of ETH in their account.
This could potentially lead to a new wave of decentralized applications (dApps) built on Ethereum 2.0.
The launch of Ethereum 2.0 has been delayed several times, but it is finally expected to go live in late 2020 or early 2021.
Once it does, it will usher in a new era for the Ethereum network and lay the foundation for its continued growth into the future.