Ethereum Proof of Stake: All You Need To Know About ETH 2.0

Ethereum Proof of Stake: All You Need To Know About ETH 2.0

Ethereum, the world’s second-largest blockchain, made headlines for its transition from a proof of work consensus mechanism to a proof of stake on its mainnet dated September 15, 2022.

Ethereum is an open-source decentralized blockchain that utilizes smart contract technology to operate and process transactions. The network was founded in 2015 by Vitalik Buterin and Gavin Wood.

Ethereum initially adopted PoW to process transactions. This involved Miners who competed against each other to approve transactions in a block using supercomputers in exchange for a mining fee.

The developers along with Vitalik came up with a roadmap that includes six stages of upgrades to improve the Ethereum blockchain’s performance in terms of security, privacy, and scalability.

Proof of stake was the best solution to prevent clogging the network and offer users cheaper rates for gas fees. According to the Ethereum Foundation, energy consumption also decreased to 99.9%.

Before the Ethereum proof of stake date was announced, the team prepared by launching a separate PoS Beacon chain on December 1, 2020.

On Sep 15, the ETH prices dropped and the Beacon chain and mainnet became one with the proof of stake consensus mechanism. Ethereum's proof-of-work end date was recorded to be September 2022.

Read the article to know more about Ethereum's proof of stake.

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