Ethereum 2.0 - The Game Changer? / Eth2 Explained / Animation

If lately, all you hear about is Ethereum 2.0, eth2 and eth2 staking, as always, we’ve got you covered. We’ll walk you through all the changes that Ethereum 2.0 ensues.

Now you can understand how the transition from Proof of Work to Proof of Stake will take place, how a validator is rewarded, and the rules for becoming one. Also, we'll talk about the benefits that Staking Pools can provide.

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The main topics of the video are:

▶ What is Ethereum 2.0 ▶ Proof of Work vs Proof of Stake ▶ How will Ethereum 2.0 work? ▶ When will Ethereum 2.0 be released?

🟡 What is Ethereum 2.0 
In Ethereum’s roadmap both the expansion of the network in a decentralised manner and the transition to the Proof of Stake mechanism were documented. Both of these objectives - upgrading the Ethereum network and Proof of Stake were listed in a single roadmap in 2019 and it became what we know today as “Ethereum 2.0”.

🟡 Proof of Work vs Proof of Stake
Each of them comes with a set of advantages and disadvantages as follows: Proof of Work mostly focuses on preventing fraud, building a higher level of trust and increased security but it requires a higher computational power, thus consuming more electricity.

On the other hand, the Proof of Stake mechanism can provide a high transaction speed and it does that with fewer resources. We have a video on Proof of Stake vs Proof of Work if you want to explore the differences between them.

🟡 How will  Ethereum 2.0 work?
Ethereum 2.0 will no longer need miners to validate the transactions or secure the Blockchain. For this, a rewards system will be used.

The members willing to secure the network will stake their Ether in order to become validators. To encourage them, they will get a certain reward amount from the transaction’s cost if they choose to validate.


🟡 When will Ethereum 2.0 be released?
The transition to the new consensus mechanism is done through a series of already planned improvements that will be integrated under the protocol.
The Beacon Chain is the first upgrade and it was completed on the 1st of December 2020. 
It is meant to coordonate and grow the stakers network but it doesn’t deal with accounts or smart contracts.

“The Merge”, which is the next upgrade, will make the official shift to Proof of Stake and it’s planned to unroll in Q2 of 2022. It is the actual union of Ethereum Mainnet with The Beacon Chain.

The third planned upgrade is “Shard Chains” and it’s meant to improve the scalability and Ethe
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https://www.youtube.com/watch?v=HFZSeFS-1Jw