Prysmatic Labs recently announced the introduction of their latest (and possibly final) Beacon Chain testnet, The Onyx Test Network. The new Onyx testnet includes Ethereum 2.0 specifications and will aim to be multi-client-ready when launched.
Once the technical kinks are worked out through testing, Eth2 genesis will take place, and we will start off on the track towards a faster, more secure and ultimately scalable blockchain network. One that can match the needs of today and meet the evolving needs of the future.
The difference between Ethereum and Ethereum 2.0
For the purpose of understanding Ethereum’s transition and the differences between Eth1 and Eth2, let’s imagine two trains moving down separate tracks…
Ethereum 1: Proof of Work
Ethereum 1.0 = Steam powered loco-motive
- Proof of Work consensus
- Slow speed, throughput, and transactions per second (TPS)
- Energy inefficient
- Difficult to contribute, upgrade and, maintain
Ethereum 2.0: Proof of Stake
Ethereum 2.0 = Modern electric bullet train
- Proof of Stake consensus
- Fast speed, throughput, and TPS
- Energy efficient
- Promotes decentralization at scale
Picture that the Eth1 train has been chugging along for several years. It’s slow, overworked and not capable of serving its community as well as we all would like. So, the Ethereum Foundation has been planning to build a better train, the Eth2 train is being developed for speed and to host many more passengers, for many years into the future.
How does Ethereum 1 work with Ethereum 2.0?
During Eth2 Phase 0, the Beacon Chain will take off, and run in parallel with the Ethereum 1 PoW chain. Blocks on Eth1 will still be verified and signed, and miners will continue to generate revenue in the same way they always have.
For a time, both Ethereum 1 and 2.0 blockchains will be running on parallel tracks and will maintain a direct line of communication for activity on their networks. Block proposals occurring on the Eth2 Beacon Chain will reference block hashes on the Ethereum 1.0 chain.
The merge of Eth1 and Eth2
Eventually, the Ethereum 1 train will be merged with Ethereum 2.0, and will live as a shard chain within the greater network. However, it’s important to note that this is still under discussion.
The end of the line for Ethereum 1 is only a few stations away but it remains unclear how exactly the merge to Eth2 will take place. This will certainly warrant a future blog post, so check back to find out as the development journey of Eth2 continues to iterate and grow.