ETH Testnet 2.0: What You Need to Know
There’s been a lot of discussion on the release of the Ethereum 2.0 blockchain since it was announced and I’m sure you’d want to know every detail there is to know about the Ethereum-led innovation.
The first thing I’ll want you to know is that Ethereum 2.0 is not an upgrade of the Ethereum 1.0 blockchain; instead, it is a complete overhaul of the Ethereum 1.0 blockchain to improve scalability, security, decentralization, and the cost of transactions.
There are still many questions you’d like to ask about Ethereum 2.0, and that’s why I have made an effort to abridge all that you need to know about ETH Testnet 2.0 in only 500 words.
What Are the Features of Ethereum Testnet 2.0?
To avoid any confusion, think of “Testnet” as a dummy phone with the same features as the actual phone. Reference to the features of Ethereum Testnet 2.0 is a reference to the Ethereum 2.0 blockchain network.
Here are few of the exciting features that Ethereum has carefully put together for all crypto enthusiasts:
1. PoS Consensus
The Ethereum 1.0 blockchain uses a PoW consensus, which is expensive, less secure, and less profitable for miners. Although miners may earn a reasonable amount of rewards when blocks are verified, they often have to sell their coins to foot their power bills.
Moving from PoW to PoS is Phase 0 on the Ethereum 2.0 roadmap. With PoS consensus, miners stake some coins on the blocks they wish to verify, and then they are rewarded based on the number of coins they staked when the block is approved.
This is far better because it requires little or no mining power; it is more secure since miners stand to lose more by manipulating the chain, and it is also environmental-friendly.
2. Better Scalability, Security, and Decentralization
Sharding is a process that makes blockchain a more feasible and acceptable means of transacting, and what I mean is this: it determines the level of scalability, security, and decentralization of a blockchain network.
The blockchain network can’t have a combination of decentralization, scalability, and security at their highest levels – one feature has to be affected, and unfortunately, it is usually scalability. That’s the reason why Bitcoin processes about 3-7 transactions per second, which is relatively slow.
On ETH 2.0, the sharding process is divided among 64 shards – (could be more with time) in the first phase of beacon chain to improve scalability, security, decentralization, and also to reduce the cost of transactions.
3. More Improved eWASM over EVM
On the Ethereum blockchain, smart contracts can perform transactions even before they are discovered on the blockchain, and this is quite challenging in terms of security. With ETH 2.0, the EVM (Ethereum Virtual Machine), which supports this process, has been upgraded to an eWASM (Ethereum-flavored Web Assembly), which is a lot better.
Final Words about ETH Testnet 2.0
Phase 3 of Ethereum 2.0 will be launched in 2022. It will be followed by improvements on ETH 2.0 blockchain based on the lapses that have been discovered during the period of testing. Ethereum 2.0 promises the possibility of faster, cheaper, and more secure transactions on the blockchain.