What is ETH 2.0 and What is Happening in Phase 0?

This article was first published on Huobi Group - Medium
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When it comes to the cryptocurrency space, there are arguably no blockchain projects more important than Ethereum. The second-largest cryptocurrency by market cap was also the mother of ‘Generation 2’ for blockchain’s as it introduced smart contracts and the notion of a ‘World Computer.’

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The potential and possibility that Ethereum introduced to the technology have since been taken up by a number of other projects and platforms, but Ethereum still remains an integral part of the evolution of blockchain. Thus, when it was announced that Ethereum 2.0 would be coming, a lot of people took note.

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Now, Ethereum 2.0 is launched, and this all begins with ETH2.0 Phase 0 Beacon Chain, set for completion next year. This will kick off the major upgrade for Ethereum in order for it to attempt to reach its goal of being a ‘World Computer.’

Those who have followed Ethereum since its creation would have seen how far it has come, but also picked up on the numerous shortfalls — including its scalability and the speed of its development. The hope is in Ethereum 2.0, via three important upgrades (The Casper Consensus, Sharding and eWASM Virtual Machine) this programmable blockchain will once again burst forward into the next evolution of blockchain technology.

🔹What is Ethereum 2.0 — and why?

As with any technology, the prefix ‘2.0’ hints at a major upgrade to the previous version — and this is exactly what Ethereum 2.0 is. The blockchain has been created, realised the path of its potential, but not been able to reach that in its current form calling for major upgrades in its next step.

But, ETH 2.0 is regarded as building a new generation of Ethereum blockchain more than just upgrading the existing network. ...

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