ETHEREUM vs. ETHEREUM 2.0
Ethereum is the second-largest cryptocurrency that led many innovations through its blockchain. But as time passes Ethereum is facing issues like scalability, security and people are talking about cryptocurrencies following Proof-Of-Work (POW) consensus causing global warming through mining.
Ethereum 2.0, aka Eth2 and Serenity, is the first upgrade to the existing Ethereum Classic blockchain, intended to increase the Ethereum network’s speed, efficiency, and scalability while boosting security and making the Network more sustainable.
The two major structural changes in Eth2 are:
Proof of stake–this is a consensus mechanism for facilitators of the ETH blockchain called Validators that look at ongoing transactions rather than this being a job of Ethereum Proof-Of-Work miners. Validators have to put up a bond of 32ETH which is intended to prevent malpractice.
Sharding-The splitting of a blockchain into shards (multiple blockchains.) Sharding improves efficiency, as the validators will maintain their own Shard’s info.