To create an unbeatable Ethereum, two separate upgrades are in the works. One is the Ethereum 1x and the other is Ethereum 2.0. Raul Jordan, the co-lead developer in the project, said that the sooner upgrades are added the Ethereum 1x, the better it would be for Ethereum 2.0. Currently, Raul is building software clients for the Ethereum 2.0. Since background clients are software implementations are written in different languages, users deploy these implementations so they can participate on the network.
Jordan insisted that the incremental enhancements for Ethereum 1x will not affect the roadmap long-term. In his words:
“I believe both development groups are orthogonal to an extent but we need to know what each group is implementing.”
The specifications for both development groups are still being prepared. Ethereum 1x will serve as an intermediary upgrade focusing on enhancements to the blockchain. On the other hand, Ethereum 2.0 has more ambitious features that originated in 2014. It has to do with fundamental changes to the Ethereum blockchain. Ethereum 2.0 is the same as Serenity, the upgrade that promises to revolutionize the Ethereum blockchain. It is a combination of mainly three different things:
1. Proof-of-stake Migration
The hallmark of the Serenity upgrade is the migration from proof-of-work to proof-of-stake. This consensus protocol is not as energy dependent as the proof-of-work protocol.
2. Implementation of Sharding
It also involves implementing a new scaling solution known as sharding.
3. Ethereum Virtual Machine Revamp
Another key component of the Ethereum 2.0 is the revamping of the EVM. The Ethereum virtual machine is a component that develops dApps on the Ethereum blockchain. It will be made to run on new programming codes.
The integration of the WASM can be tested on the initial roadmap for ethereum 1x will also be part of Ethereum 2.0. However, most of the work related to building ethereum 2.0 is going to be on a separate project.
Eight Teams Start The Development Sprint
So far, eight development teams across the globe have started working on the Ethereum 2.0 project. They are: ChainSafe Systems, PegaSys, Harmony, Parity Technologies,
Ethereum (ETH) Price Today – BTC / USD
Hopefully, these teams will be able to finish the project on schedule. The upgrade to Ethereum 2.0 is going to serve as a catalyst that will save the price of ETH as well as the relevance of the blockchain.
Ethereum (ETH) Price Analysis
The price of Ethereum (ETH) needs every boost it can get right now. At the time of writing, ETH was trading at $93.03. This shows that it was down by 0.73% against the USD and down by 1.16% against BTC. The trading volume over a 24 hour period is $1,821,858,636 and the market capitalization is $9,648,182,326.
When you consider the fact that ETH was preparing to hit its all-time high of $1,500 this time last year, you may be discouraged. Some analysts say that if BTC and other cryptocurrencies do not break out of this descending trend soon, these price ranges may remain like this long-term.