Term of the Moment
Bitcoin transaction
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Definition: Ethereum 2.0
A dramatic change to the Ethereum blockchain protocol that began testing in late 2020 and became live on September 15, 2022 (the "Merge").
Locking Up (Staking) 32 Ether to Participate
Anyone who wants to mine the new Ethereum becomes an Ethereum "validator" and must lock up (stake) 32 ETH for the privilege. In the past, anybody with a computer and fast GPU could be an Ethereum miner. However, an Ethereum 2.0 proof-of-stake miner (more precisely an Ethereum validator) must invest thousands of dollars or join a pool where rewards are shared (see staking provider).
Proposers and Attesters
Buterin's Phases
Ethereum inventor Vitalik Buterin must like rhymes because he announced the following Ethereum 2.0 phases. Each phase has stages.
From Eth1 to Eth2
Locking Up (Staking) 32 Ether to Participate
Anyone who wants to mine the new Ethereum becomes an Ethereum "validator" and must lock up (stake) 32 ETH for the privilege. In the past, anybody with a computer and fast GPU could be an Ethereum miner. However, an Ethereum 2.0 proof-of-stake miner (more precisely an Ethereum validator) must invest thousands of dollars or join a pool where rewards are shared (see staking provider).
In Ethereum today, every staked node is a validator, and randomness is used to select "proposers" and "attesters," which were miners and validators previously.
Buterin's Phases
Ethereum inventor Vitalik Buterin must like rhymes because he announced the following Ethereum 2.0 phases. Each phase has stages.
PHASE ACTION Merge Merge Beacon chain (9-15-22) Surge Divide network (sharding) Verge Change hash (see Verkle tree). Purge Lessen chain size Splurge Future enhancements
The Beacon chain was designed to bring Ethereum 2.0 validators on board with staking. On September 15, 2022, Ethereum 1.0 blocks merged into Ethereum 2.0. When it splits into 64 shards (divisions), Ethereum will handle 64 times the workload. See blockchain sharding.