The Ethereum 2.0 upgrade, called Serenity, is a long anticipated change to the smart contracts protocol that will address scalability issues by improving Ethereum’s ability to confirm, verify, and execute transactions. The upgrade will move the network from the proof-of-work (PoW) consensus algorithm to the proof-of-stake (PoS) consensus algorithm and lessen transaction gas costs.
To date, the Ethereum network has experienced significant slow downs and volatile fees that make it difficult and unreliable to send or receive a transaction. Because the present state of the network requires all nodes to verify and execute transactions, one application has the ability to congest the entire network. These upgrades don’t just support the Ethereum network, they impact and benefit the entire cryptocurrency industry.
The protocol overhaul will improve how the Ethereum blockchain processes transactions in order to support network growth and adoption.
The Ethereum 2.0 update, called Serenity, is a long anticipated change to the smart contracts protocol.
The price of Ethereum has increased as DeFi has grown, and the future looks bright for both.
As hype increases ahead of the Ethereum 2.0 protocol change, watch for ETH volatility
A look at Ethereum and its growth over the last five years