Ethereum 2.0 will lead us into a new world of blockchain
At around 8:00 pm on December 1, Beijing time, the genesis block of the Ethereum 2.0 beacon chain was finally born, and the phase 0 beacon chain was officially launched.
This marks the official transition of Ethereum from the PoW consensus mechanism to the PoS consensus mechanism.
Now there will be two Ethereums in the world: one is Ethereum 1.0, which is maintained by mining with the current graphics card; the other is Ethereum 2.0, which is mined by randomly selecting witnesses.
The tokens generated by the two Ethereum blockchains are also different. The tokens generated by Ethereum 1.0 will be tokens that we can still transfer and trade; the tokens generated by Ethereum 2.0 cannot be transferred at present, and only exist in the beacon chain. The free transfer and transaction of this token may This will not happen until Ethereum 1.0 is merged into the beacon chain.
The next work to be carried out on Ethereum 2.0 is the development of "data sharding" and "Rollup extension". After these two functions are realized, many transactions on Ethereum in the future will most likely be carried out in various Rollup extensions most of the time, and will only be verified on the beacon chain in the final settlement stage.
Therefore, the speed of various transactions will be greatly accelerated, and the handling fees paid by users will be greatly reduced. This will allow Ethereum to have a performance of 100,000 TPS per second, which will greatly alleviate the congestion and high handling fees of current applications on Ethereum.
At the same time, development plans such as sharding execution originally set by Ethereum will also be executed simultaneously. Ethereum 2.0 will enter a state of multi-stage simultaneous development, which is more flexible and risk-resistant than the previous plan. This will greatly advance the date of the full launch of Ethereum 2.0. Therefore, I estimate that the time when Ethereum 2.0 is finally fully launched is likely to be earlier than the previous estimate of 2024.
Looking to the future, when Ethereum 2.0 is fully launched, we can imagine it as our communication technology entering the 4G era from the 2G era.
In the 2G era, our mobile phones can only send text messages and make calls, and can only access the WAP network when surfing the Internet. Not only is the user experience poor, but the speed is slow and the cost is high. In the 4G era, the functions and performance of our mobile phones have grown explosively. The SMS and phone functions that we rely on the most have become insignificant. The voice and video applications that we never imagined have become the mainstream of our applications. .
The future Ethereum 2.0 is our current 4G mobile phone, and its performance and functions will be greatly improved. On that brand new platform, its ecology will develop into scenarios that we can hardly imagine and guess now. The transfers and transactions that we frequently use today may be insignificant in the future, and new applications that we cannot imagine today may become the mainstream of Ethereum applications.
And this will once again give birth to a wave of entrepreneurship in the blockchain field, once again detonate endless business opportunities, and once again give birth to a group of startling upstarts.
All of these will likely happen in 4 years. Although these 4 years may be full of ups and downs, losses, and even crises, it is like any great journey in the world. It cannot be smooth sailing, but I believe the end of the journey is Light is the New World.
Countless predecessors have explored on the rough road ahead. They have paid their efforts and even their lives to let us see the miracles that the blockchain world can produce. They are like candles in the dark, first bringing a glimmer of light to this unknown world. Now this ray of light is getting stronger and stronger, and in the future it will become a bright light, shining on the New World.
4 years is not far away from us, and we are still young after 4 years. More importantly, we are fortunate to participate in this great cause in our lives, and we can witness its birth, growth and upcoming glory. We must persevere and firmly grasp the greatest gift given to us by this era.
Ethereum 2.0 will once again give birth to a wave of entrepreneurship in the blockchain field and detonate endless business opportunities.
