Ethereum 2.0: Beacon Chain, Staking, & Sharding (A Simple Explanation!)

Ethereum 2.0: Beacon Chain, Staking, & Sharding (A Simple Explanation!)

This is a video guide for beginners explaining the Ethereum 2.0 upgrade.

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======== TABLE OF CONTENTS ========

01:52 – What is Ethereum 2.0?
05:02 – Phase 0 – Proof of Stake & the Beacon Chain
10:14 – Casper Proof of Stake Protocol
16:24 – Phase 1 – Shard Chains
19:06 – Phase 2 & Beyond – eWASM

======== VIDEO SUMMARY ========

In this video we talk about Ethereum 2.0, the next and final upgrade to the Ethereum network.

Ethereum 2.0, also known as ETH2 or Serenity, is the long-awaited, final upgrade to the Ethereum blockchain network.

This upgrade will be rolled out in several phases over the next few years.

And the initial phase, called Phase 0, begins sometime in late 2020 if everything stays on track.

The overall goal of the ETH2 update is to increase the performance of the network.
Currently, the Ethereum 1.0 network is not robust enough to handle the future demand for blockchain-based technology.

Phase 0 is the initial phase of the Ethereum 2.0 upgrade.

Ethereum 2.0 is being built on a new blockchain network called the Beacon chain.

And the beacon chain has a connection to the existing Ethereum 1.0 blockchain network.

On the Beacon chain, a new way of validating blocks of data will be implemented.

Currently, the plan to solve the scalability issue we discussed earlier involves switching the Ethereum network from using a proof-of-work protocol to process transactions, to a proof-of-stake protocol.

Proof-of-work, which is commonly referred to as mining, involves using computing power to perform guesswork to ultimately validate blocks of transaction data, and publish the data to a network of computers around the world.

So instead of computers competing with each other to be the first to validate a block, proof of stake uses an algorithm that selects which computers will validate the next block.

Staking with regard to cryptocurrency, simply means holding cryptocurrency in a wallet or smart contract for an extended period of time in exchange for interest, rewards, or similar.

When a validator is chosen to verify a block, the validator checks to make sure all of the transactions in the block are valid.

And if everything checks out, the validator signs off on the block and then proposes to add the block to the blockchain.

If the network agrees with the validator’s proposal that the newly forged block is valid, then the validator that signed off on it receives a reward.

However, if the network detects an inconsistency with the newly forged block, the validator that signed off on it and proposed it will lose some of its staked cryptocurrency.

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