The most important cryptocurrencies with an active developer community are constantly updated. Some, like Cardano, are already available although there is still a lot of work to be done, others, like Bitcoin, continue to receive small changes despite being fully consolidated.
Sometimes the changes are so big that they completely change the cryptocurrency and its network, this is the case with Ethereum 2.0:
Ethereum 2.0 is the next step in the evolution of this blockchain network (and thus its cryptocurrency, ether), but not the first big change. Already in 2016, after that, a security hole that evaporated $ 50 million, the decision was made to make such a big change that a new network had to be created. This is known as the hard fork, and in 2016 it separated the current Ethereum network from the old network now known as the Ethereum Classic.
Ethereum 2.0 is the name the network will get after receiving its new update in late 2021 or early 2022
While the Ethereum 2.0 hard forkor two networks will be created, yes it will completely absorb the current network, in what the developers have called “the Merge” or “the Merge”, which will hopefully take place at the end of this year, although it will most likely be delayed until 2022.
Ethereum 2.0 presents a number of improvements over the current network. But the most important thing, as explained in the video, will be the switch from the proof-of-work protocol (the proof of work that enables mining) to a proof-of-stake similar to that existing in the Polkadot network.
The idea is that Ethereum has much lower transaction fees and that these transactions happen in larger numbers and much faster. And when this year has seen Ethereum hit prices that represent its historical maximum, is the arrival of Ethereum 2.0 should be reason enough to keep an eye on the development of the network.