Ethereum 2.0 (Eth2) is linked to Christ on the Ethereum blockchain. News: Not so. The long-overdue changes are not expected to address the core issues that have plagued the network and prevent its wider adoption.

Vitalik Buterin, the brilliant mind behind the Ethereum blockchain, considers Ethereum employees to be a bigger problem than the actual program, as he mentioned in a recent interview with Forkast News. While the people working on the project may or may not be a problem, this is certainly not the only drawback. As promising as the new deployment looks, the kind of software updates that will be implemented won’t solve the long-term problems preventing the network from reaching the heights once envisioned by Buterin and his students.

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The biggest problems
Ethereum is currently working on a Proof of Work (PoW) system that only allows up to 15 transactions per second or so — twice as much as the Bitcoin (BTC) blockchain — and is widely considered impractical to create a large-scale decentralized finance, or DeFi. , environmental system. As a result, the fees for Ethereum gas are incredibly high. Since very few transactions can be processed per second, the cost of faster processing becomes competitive. Dune Analytics research shows that 2-5% of Ethereum-based Decentralized Exchange (DEX) transactions fail due to complications such as insufficient gas prices.

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Another major issue that the Ethereum platform faces, but often overlooked, is user experience (UX) design. As a result, ordinary users who might be interested in participating in the decentralized financial applications (DApps) or the non-fungible tokens (NFT) market, for example, will avoid it because most user interfaces are not only intuitive but also imperfect. Educational resources to provide users with knowledge on how to use the platform.

Users are expected to specify transaction fees in gas prices and gas limits to process transactions. However, how many users really know this without going down the rabbit hole of cryptocurrency terms and information? Insider Intelligence reports that 25% of adults in the United States do not understand or know how to invest in cryptocurrencies. How do you expect users without access to powerful educational tools, for example, to know that sending a payment from two different wallets to the same recipient address will not cause conflicts? Apparently, the vast majority of ordinary users were not initially aware of this problem.

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Ethereum 2.0
To address these long-standing issues, Ethereum executives announced the launch of Eth2 as a series of upgrades to the current model that will include a move to PoS and a downsizing. The concept of Proof of Stake states that people can split blocks and verify transactions based on the number of coins they have. The Ethereum Foundation has announced that it expects the transition to PoS to be completed by the end of 2021. As the Ethereum Foundation explained in a recent blog post, “power needs will remain the same” compared to the legacy PoW.

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The hashing process is expected to take significantly longer, and according to the Ethereum website, “the conversion chains could ship sometime in 2022, depending on how quickly the work progresses” after the existing Ethereum network is integrated with the system. Beacon chain share confirmation. Sharing is the process of dividing a database horizontally to distribute the load, reduce network congestion, and increase the number of transactions per second. Blockchains are expected to give Ethereum more options for storing and accessing data.

The new updates are designed with environmental concerns and increased transaction processing in mind. In addition to these updates, the blockchain programming language is expected to change from a traditional Ethereum virtual machine (EVM) to one that can be used by developers using C++ or Rust, making it easier to program directly in a web browser. While infrastructure upgrades can be beneficial in some areas, such as improving transaction flow, they still fall short.

Source: CoinTelegraph