- The long-awaited Ethereum 2.0 transition is closer than ever
- The Serenity Phase 0 proposal has already been submitted today
- Phase 0 is the first phase in a multi-stage launch of the Ethereum 2.0 upgrade
Ethereum News Today – the Ethereum network is now set to reach another milestone. The Blockchain network is now closer than ever to introduce the long-awaited Ethereum 2.0 upgrade. The transition which will implement several changes and improvements on the Ethereum network among other roles will get the green light soon.
According to reports, the Ethereum 2.0 upgrade will roll out in a multi-stage launch. The Ethereum Foundation has also confirmed the submission of the Serenity Phase 0 proposal today. This is proof that the upgrade which will address the network’s scaling issue is close to going live. A core Ethereum developer submitted serenity Phase 0 proposal.
The Serenity Phase 0 proposal has already been submitted today
Core developer at the Ethereum Foundation, Danny Ryan, has officially submitted a proposal today. The Serenity Phase 0 proposal is a proposal for moving the Ethereum network to a PoS (proof-of-stake) consensus mechanism from what is currently practiced at the network. That is the PoW (proof-of-work) consensus model. Once the proposal is approved by the Ethereum core developers, we can expect to see the rollout of the Beacon Chain or the Serenity Phase 0 that will initiate the execution of the PoS consensus mechanism.
The full rollout is expected to completely go live later in the year or at the beginning of next year. According to the report, the Beacon Chain will be brought into play with the concept of sharding. This is expected to solve the issue of scalability on the Ethereum network. This will be attained without compromising the security of the network and its decentralized nature.
Phase 0 is the first phase in a multi-stage launch of the Ethereum 2.0 upgrade
According to the report, the Serenity Phase 0 is only the first step of a multi-stage launch of the Ethereum 2.0 upgrade. There will be more phases following Phase 0. These additional phases are expected to run until 2021. All in all, the Ethereum 2.0 upgrade has been developed to improve the Ethereum network’s longevity, simplicity, resilience, security, and decentralization.
Most importantly it will address the scalability issues that have long affected the network without compromising decentralization or security on Ethereum. Of course, as is always the case we can expect this development to have some sort of impact on the price of Ether. Whether it will be a positive impact remains to be seen. At press time, the price of Ethereum is changing hands at $365.17.