If you have followed Ethereum, you must be knowing that Ethereum has recently launched its phase 0, Beacon Chain. If you are excited to know everything related to ETH 2.0 and wondering how this launch will enable enterprise-grade applications, we have got you covered.
Table of Contents
- The Most Awaited Launch: Introduction of Ethereum 2.0 Beacon Chain
- A Shift Towards More Secured Ethereum Ecosystem
- ETH 2.0 to Enable Enterprise-Grade Applications
- The Verdict
The Most Awaited Launch: Introduction of Ethereum 2.0 Beacon Chain
Since Ethereum’s public mainnet launch that took place back in July 2015, it has gone through four major upgrades. With its continued efforts of many years, Ethereum has finally launched the most long-awaited upgrade, and that is Phase 0 or Beacon Chain. For a long time, its architecture was maintained by Proof-of-Work, but with the latest launch of the Beacon Chain, it is switching to Proof-of-Consensus. This shift will ensure an increase in scalability and capacity across the Ethereum network, marking a huge milestone.
Here it is important to note that this initial launch of the Beacon Chain only signifies much more than promised network advantages, but it is believed that it will drive enterprise blockchain adoption even further.
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A Shift Towards More Secured Ethereum Ecosystem
Since its mainnet launch, Ethereum Blockchain has been trying to re-engineer the existing Ethereum ecosystem, and it is expected that all its phases will be run likely between 2021 and 2022.
For now, ETH 2.0 ( also called Phase 0) is tested in isolation, and once it is rolled out, it will offer all the perks in terms of decentralization, scalability, and security.
Corey Petty, chief security lead at Status, believes that Phase 0 represents a significant milestone as many core building blocks such as networking and a PoS consensus will be rolled out.
The network used to rely on a PoW consensus that made it vulnerable to possible 51% attacks, whereby malicious miners may make modifications if they control the majority of the computing power, but with the launch of Beacon Chain, it will keep the Ethereum network secure and more organized.
Ben Edgington, a lead product owner at ConsenSys, explained that a PoS consensus mechanism is more secure due to the fact that an attack on the chain will result in a stake taken away from network stakers.
If you compare ETH 1.0 and ETH 2.0, there are a few differences between the two versions. The major point of difference is that ETH 2.0 is based on PoS consensus, and in its next phase, it is expected to introduce Shard Chains. Due to these add-on features, ETH 2.0 is more efficient than its older version, ETH 1.0.
With a PoS implementation, which is a remarkable development by the Ethereum community, it is expected that this latest version will enable enterprise-grade applications to run on a decentralized network. Apart from this, the launch of Beacon Chain will provide an alternative to other major enterprise applications that use private, permissioned blockchain networks.
Corey Petty also mentioned that apart from a more trusted and reliable network, ETH2 will enable secure transactional throughput that “more than quadruples Visa’s centralized capacity of 24,000 transactions per second.”
Moreover, the network will provide security, decentralization, and lower gas fees, due to which more enterprises will flock to the Ethereum network. It is believed that the launch of the beacon chain will further open the doors for enterprises to run dApps securely and efficiently at scale.
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The Verdict
From the above discussion, it is clear that the introduction of ETH 2.0 will open the door of opportunities for the entire Ethereum community and Ethereum Developers.
To conclude, it can be said that the successful deployment of the Beacon Chain will ensure enterprises that the newly added features will bring various opportunities in terms of scalability, privacy, and genuine settlement finality. However, these functionalities won’t have an immediate effect. To realize the complete potential of ETH 2.0 in terms of scalability and cost reduction, we have to wait for the other two phases to be launched soon, which is expected to take place between 2021-2022.
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