This article was first published on Huobi Group - Medium
The ongoing upgrade of Ethereum to what is being labeled Ethereum 2.0 has many people in the cryptocurrency space very excited. The upgrade is purported to be making the original smart blockchain much more usable, scalable, and effective — but it is also laying out a long road.
The path to ETH 2.0 will not be an overnight thing, and in fact, will have a number of stages — or phases — to it. It all begins with Phase 0, which will see the Beacon Chain come into operation and the move towards a new consensus algorithm take shape.
With this change in the chain, however, there will also be a new cryptocurrency created — BETH. The creation of a new cryptocurrency on an existing chain, born of a new chain upgrade causes many logistical difficulties, but these will all have to be overcome if ETH 2.0 is to be a success.
When Phase 0 does occur, BETH will have to co-exist with the already prevalent ETH cryptocurrency. This is logistically something quite unique, but it has been planned out and factored in by those enacting ETH 2.0
So, how will BETH and ETH coexist to begin with, and what will be left when ETH 2.0 is finally complete?
ETH 2.0 is more like a recast ‘new chain’ that will coexist with ETH1.0 for quite a long time, the new chain will not instantly replace the original as that would be impractical, but this method throws up its own issues
So, the new chain of ETH 2.0 will also mint a new token, which is BETH. In other words, before ETH2.0 and ETH1.0 are completely merged, there will be two types of Ethereum Tokens in the network: ...
To keep reading, please go to the original article at:
Huobi Group - Medium