Ethereum 2.0 says goodbye to miners

The development version tries to be less harmful to the environment, and that means that mining will be extinct in this network

The great technological tangle that is the Ethereum network has been working tirelessly for 2 years to make an improved Ethereum, where the most worrying collateral effects of the network do not exist.

The details of the process are kept transparent so that fans and users are aware of how the new version will work, and what activities the developers carry out for that purpose.

It seems that Ethereum has gotten tired of always being second and is behind being the first in the list of cryptocurrencies market capitalization. Discover more by sliding!

Traditional mining: repudiated by a large percentage of the population

The miners are the entities that support the weight of the network of decentralized platforms, the way of function was believed to be the only way to maintain a blockchain. This as stipulated in the thesis of the queen cryptocurrency, Bitcoin.

As all cryptocurrencies are born from this ideal, those closest to Bitcoin also use miners to support the blockchain and the entire application as such.

Traditional mining works in such a way that the so-called miners certify the authenticity of the transactions carried out, by solving mathematical problems with the help of large processors.

These processors, apart from being cumbersome and heavy, consume an exorbitant amount of electrical energy (45,000 GWh per year), which is worrying about today's society, which takes the well-being of our planet earth as an important issue.

What does Ethereum want to do?

Ethereum wants to end this collateral effect of the effective verification of the blockchain, for this reason it leaves mining (PoW) aside to place proof of participation (PoS) instead.

In this new way of mobilizing the purchase, sale and ownership of a digital asset, the carbon footprint is dramatically reduced, due to the renewal of this immense market in the world belonging to the Ether currency.

A farewell to the way to discover the winning hash, or the way to pay the amount of gas for each transaction, with a much cleaner and more effective skeleton.

Ethereum 2.0 is shown as a model of future decentralized creations, and of the other blockchains that are below Ethereum in the list of market capitalization.

It is currently thought that the carbon footprint that Ethereum leaves per year will decrease by 99% less.

Ethereum has always wanted to improve the cryptocurrency market

The development carried out by the Ethereum platform software improves the Bitcoin protocol. In other words, progressing the world of cryptocurrencies from the beginning has been his goal.

Its founder Vitalik Buterin, with the thesis of another developer, made a fusion of his ideals where there would be many more possibilities to enter other decentralized activities, those that we call Dapps today.

Although one of the characteristics of the cryptocurrency market is to be unpredictable, every application placed within the Ethereum network is predictable.

Somehow achieving the tranquility of its users in terms of security of a website different from the one we still see today, a decentralized and also anonymous website.

Although he has already achieved a lot during these last years, Buterin does not want Ethereum to remain stagnant, for this reason the fans and insiders of the volatile market are waiting so much for the launch of Ethereum 2.0.

The Merge and Ethereum 2.0 Serenity

The meaning of "merge", both in English and Spanish, can be understood as "unir" (or other synonyms of this same word). It's just the exact name for the function you want the merge to perform.

The Merge is the structure in which Ethereum 2.0 is being developed, and with which the renewed network is methodically arranged in 64 parts. Where each of them will provide different facilities and contributions to the blockchain.

Such parts must be tested for a long time to prove that they are presentable enough for such a cruel market. The most talked about snippet in recent weeks is the Beacon Chain network.

Beacon Chain has been undergoing tests where several worrying flaws have been seen for the developers of this adjacent network.

The Merge had a launch date for 2021, but for reasons of internal problems it has been delayed until mid-2022. In other words, this means that the merger of Ethereum 1.0 and Ethereum 2.0 is expected this year.

Separate tests of Ethereum

All the tests that have been carried out and are taking place do not affect the traditional Ethereum network. The other separation of the network, which is the product of the 2016 fork, is also not affected.

This is due to the creation of another adjacent platform, necessary to not modify anything of the current Ethereum 1.0. This network is the aforementioned Beacon Chain ; It takes approximately two years in growth and gradual improvements.

Miners continue to work within Ethereum 1.0, but they will be turned into transaction validators, with a much more secure way of working and speeding up the number of transactions per second from a dismal 30, to a whopping 100,000 transactions per second.

How to become a transaction validator?

Although it is possible that with the disappearance of the large processors used for traditional mining (PoW), the market for new individuals to be transaction validators will increase.

However, being a transaction validator is only one step away: the investment of Ether or staking.

To become a transaction validator you must have a certain amount of power on the platform, and be in possession of the exact amount of 32 ETH. Which is currently priced at $99,588.8.

This is not easy to obtain, and in most cases groups of people are added to gather the total amount of ETH. And they are all merged together as a single transaction validator.

This feature has already been tested for several months, and they have millions of dollars in investment. Likewise, we contribute that Ethereum 2.0 grows like foam due to the support of the community.

What follows next is not to get impatient, since what we want is to be offered a network without errors. Although if they take much more time, the user satisfaction line will be above what it is at the moment.