The Ethereum PoS - Proof of Stake update is expected to be launched soon and the wait for this change is shaking the crypto world. Since opening in 2015, Ethereum has been widely accepted in crypto circles.
Since then many things have happened in the Ethereum ecosystem. Although it has remained in the shadow of bitcoins for a considerable time, its update from Proof of Work [PoW] to Proof of Stake [PoS] and ProgPow, is bringing Ethereum to the fore on the cryptocurrency scene. Ethereum co-founder Vitalik Buterin recently talked about the launch of ETH 2.0 in a podcast.
He acknowledged that the update of Ethereum 2.0 is, without a doubt, one of the major phenomena that will take place this year and he hopes it is only the beginning of a series of positive events for invest in the platform. Phase 0 is expected to launch next summer, and Buterin is thrilled that the Proof-of-stake is finally about to come true. Ethereum has faced some fundamental limitations in its history, including speed and scalability.
Ethereum 2.0 has solved all these problems by preserving the decentralization of the protocol, which is its basic goal. The Ethereum 2.0 update includes the launch of phase 0 and the Beacon chain.
The ZK-Rollups solution
There are many who believe that ZK-Rollups is the ultimate privacy and scalability solution for the new blockchain. Ethereum 2.0 researcher Danny Ryan also commented on this by stating that ZK-Rollups is a simplified version of the previous ones, and that the developers applied to solve those key concerns that were blocking its efficiency.
Buterin claims that scalability research has made substantial development in the past few months and that research teams are working on something equally important for the Ethereum PoS virtual machine. The expectation is that ZK-roll up and Looprings will do miracles to improve the efficiency of their tests, and there is no denying a basic hope that these technologies can have a huge positive impact in the coming years.
Ethereum: from PoW to PoS
As Ethereum moved from PoW to PoS, other major settling movements occurred in this scenario. The best thing about adapting to Ethereum PoS is that it will allow the common user to continue taking part in the Ethereum blockchain and earn rewards even when barriers are reduced.
Buterin had said that scalability would update with stateless clients as witness download is cheaper than disk access and allows for faster block verification. Meanwhile, speculation is underway about the price of the updated PoS Ethereum.
It is believed that the cost of Ethereum could increase as the cryptocurrency market is smaller at the moment, and it is easy to exploit it thanks to any major market update.