By Solomon Odunayo
As a report has it, the serenity Phase 0 proposal is finally submitted. This makes it look certain that the much-anticipated launch of Ethereum 2.0 is fast approaching.
Danny Ryan, a core developer at the Ethereum Foundation has today officially submitted a proposal to transition the Ethereum blockchain from the current proof-of-work (PoW) protocol to a proof-of-stake (PoS) consensus mechanism.
The approval of the proposal by Ethereum core developers will precede the rollout of Serenity Phase 0 or the Beacon Chain, which will mark the execution of PoS algorithm.
So, with this awaiting development, ETH 2.0 Phase 0 is expected to go live by the end of 2020 or early 2021.
The Beacon Chain will be introduced with the concept of Sharding, a means to proffer solution to the scalability problem of Ethereum network, without compromising its security and decentralized nature.
About Phase 0 of Ethereum 2.0
Phase 0 is the first step in a multi-stage rollout of Ethereum 2.0. The other phases are expected to run at least until next year.
In Phase 0, all ETH in the deposit contract will be locked for a couple of years. The ETH locked cannot be sold, used, or collateralized until tokenized staking is launched.
Above all, ETH 2.0 is purposely designed to improve the simplicity, resilience, security, longevity, and decentralization of Ethereum blockchain.
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