Prysmatic Labs recently announced the introduction of their latest (and possibly final) beacon-chain testnet, The Onyx Test Network. This would signal the final release before the release of the Phase 0 Mainnet. The purpose of the new Onyx testnet includes Ethereum 2.0 specifications and will aim to be multi-client-ready when completed.
It is full steam ahead for the big blockchain train and as it passes each station (testnet), it is the path towards a faster, more scalable, secure and efficient blockchain network. One that can match the needs of today and meet the evolving needs of the future.
It is important to highlight the differences between Ethereum 1 and Ethereum 2.0.
To better articulate the differences, let’s imagine two trains moving on two different tracks.
Ethereum 1 = Steam powered loco-motive
- Slow speeds, throughput and TPS
- PoWork consensus mechanism
- Difficult to upgrade and maintain
- Energy inefficiencies
- Not the safest or most reliable
Ethereum 2 = A modern electric bullet train
- Built for fast TPS and throughput speeds
- PoS consensus mechanism
- Far more energy efficient
- Includes more trustless security features
- Serves the needs of many and is future-proofed
Now picture the Ethereum 1 train has been chugging along for several years. It’s slow, overworked and not capable of serving its customers as well as they would like. So the company that owns the train decided to build a better train.
The Ethereum 2.0 train was built for speed and to handle the influx of passengers and made to be adaptable for the network’s growth and throughput.
How does Ethereum 1 work with Ethereum 2.0?
For Phase 0 of the Eth 2.0 roadmap, it requires that Eth 1 & 2.0 work together in parallel. Meaning that Beacon chain and Ethereum 1 chain will operate parallel to each other. Blocks on Eth 1 will still be verified and signed, while miners continue generating revenue (not sure how long this will last). However, the beacon chain will begin operating in 2020, seeking to provide the world with a fully-operation proof-of-stake blockchain.
The entire staking and ethereum community is hard at work trying to launch the beacon chain mainnet. In order for the Ethereum roadmap to meet its respective goals, transactions will need to occur on the new blockchain 2.0 and phase out the original Ethereum chain.
The transition to beacon chain and PoS has a strict set of demands to accommodate the transition. For example, stakers must deposit their 32 ETH into the Eth 1 blockchain, which is then transferred over to the Eth 2 blockchain.
The beacon chain has quite a bit of catching up to do. But with the entire community rallying behind Eth 2.0 and staking, it’s only a matter of time before it does.
For a while, both Ethereum 1 and 2 blockchain trains will be running on parallel tracks and will maintain a direct line of communication for activity on their networks. By communication, this means block proposals occurring on the Eth 2.0 beacon chain are referencing block hashes from the Ethereum 1.0 chain. This ensures the continuity through transitioning from Ethereum 1 to the Ethereum 2.0 beacon chain.
Eventually, the Ethereum 1 train will be merged with Ethereum 2.0, and will live as a shard within the chain. However, it’s important to note that this is still under discussion.
The end of the line for Ethereum is only a few stations away. Or is it? It remains unclear on how the merger of Eth 1.0 and 2.0 will meet to support this future endeavors.
The beacon chain will continue its journey into the future of blockchain. It will not only introduce greater speed and scale, but it will make it easier and more robust to continue perfecting while in motion.
There are still several phases left remaining before the dreamliner of Ethereum 2.0 can be placed on its track. It will take the power of great minds, innovative development and technology to succeed.
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We hope that you enjoyed this quick and basic comparison of Eth 1.0 and Eth 2.0.
Written by: Team Blox