Morning Tea With Ethereum 2.0

Although many coins work on POS(Proof of stake) consensus, how is Ethereum 2.0 different from them. Is it a beginning of a New Era?

3 min readMay 3, 2021

Ethereum is the most popular cryptocurrency If we compare the bitcoin then this currency gives the platform where we can write our contract [Solidity Language] and it will verify by all the miners of Ethereum blockchain and we have to pay ETH as a fee. In December 2020, Phase 0 (Beacon Chain) launched. We can say that the process for Ethereum 2.0 started with POS consensus and many more new things.

In this article, we will discuss the below questionaries:

How ETH 2.0 different from ETH?
Is ETH 2.0 Hark Fork of ETH?
Can I put my ETH currency on the stack?
What is the Beacon chain and how it works?
Where can I check ETH 2.0 Transactions?

How ETH 2.0 different from ETH?

The first thing is consensus, ETH is working on POW (Proof of Work) consensus whereas ETH 2.0 uses POS (Proof of Stack) consensus. you can read in detail about the POW and POS consensus here.
What is the consensus? It is a strategy that uses by a group of computers to verify the ledger with the same state. Read more.
Beacon Chain: It is a bridge that helps to interchange the transaction/contract to ETH 2.0. As per the technical roadmaps, It proposed in Phase 0.
As per the plan, ETH 2.0 implement more robust infrastructures and increase the transaction speed.

Is ETH 2.0 Hark Fork of ETH?

No, It is not the Hard Fork as per the blockchain terms because the user who holds ETH can access their funds in ETH 2.0 using a beacon chain.
This fork happening in multiple phases. Phase 0, Phase 1, Phase 1.5, and Phase 2.0.

Can we put my ETH currency on the stack?

Yes, We can keep our Ethereum on the stack but the thing is that we require 32 ETH. If we make less than 32 ETH then we can do this by pool stacking.
The concept behind 32 ETH is that it is not working on the high-stacking high-probability model. Example: If you want to invest 100 ETH for stacking then you can apply (100/32=3.125) 3 times full stacker and the rest of the ethereum (0.125) you can share with the pool.

We can’t be able to withdraw our ethereum stake until future releases are deployed. As per the community, the ethereum is locked approx for 2 years.

What is the Beacon chain and how it works?

Beacon chain is a bridge that connects with Ethereum 1.0 and it helps to transfer the Ether or digital assets from 1.0 to 2.0
Beacon chain is similar to POW chain where block times are approximate. The smallest units of time is SLOT it takes less than 12 seconds and the block can be created in each slot.
The average of an epoch is 6.4 Minutes that has 32 slots. the first slot of each epoch called checkpoints.
In POW, there are Miners whereas POS will have Validators that take care of verifying the transactions.

Where can I check ETH 2.0 Transactions?

You can check the transaction at https://beaconcha.in.
Some new keywords coming in the transaction (i.e Slots, Epoch, Proposals, Attestations, etc.)

Those are the key elements of Ethereum 2.0. Walk with me for more things about Ethereum Blockchain.

Thank you for reading.. !! ##CryptoIsFuture.