Cryptocurrency

ETH 2.0 And Its Transaction Speed As Of 2021

Ethereum’s on everyone’s mind and mouth these days. And there’s no wonder since not a single person in the blockchain and cryptocurrency world wants to miss out on an opportunity to make some dollars on this second-largest coin.

With Ethereum 2.0 on the way and even partially launched, people can’t stop talking about how high the price can potentially go and how soon its full launch can be expected. Those are all excellent questions answers to which we are yet to find out. Check out our article, Ethereum: Global Adoption Perspective.

Ethereum 2.0 (ETH 2.0)

This article will discuss the current state of affairs for Ethereum 2.0, also known as Serenity, and what to expect in the nearest future.

Ethereum 2.0: How Fast the Roadmap is Being Implemented?

There were several milestones in ETH2’s roadmap that make us optimistic.

  • Phase 0: Beacon Chain went live. This December 2020 release introduced the staking concept and allowed first validators to switch to Eth2.
  • Phase 1: It’s main task is to incorporate Beacon Chain into the existing Ethereum blockchain ecosystem. The Great Merge (also known as docking) is supposed to happen sometime in late 2021 or early 2022. After this step, Ethereum will finally become a PoS blockchain. That’s when Ethereum holders will get a chance to stake their ethers and gain rewards.
  • Phase 2: actually implements sharding for better scaling and transaction capacity.

Many ask if it worth waiting. And many investors answer’s yes. With all the new features and speed, Ethereum has many real-life applications, and experts call everyone to treat it not as an investment per se (like Bitcoin) but as a tool for future transactions.

At the moment, Ethereum 2.0 can only handle around 30 transactions/second. But ETH2 developers promise that eventually, it will be able to run around 100,000 transactions per second! 

Why is Ethereum Surging?

Ethereum has already surged about 330% this year. Of course, it has to do with Elon Mask’s statement that his company will stop accepting payments with Bitcoin due to environmental concerns. It’s temporary turbulence, but the ecological struggle is real.

ETH Classic is almost as energy-demanding as Bitcoin. To get most recent and accurate data about Ethereum 2.0, visit Ethscan.

At the moment, the Ethereum network uses about 5.13 gigawatts of power – around the consumption of Peru, they will decrease this amount by 99.95% within months!

If you’re not that concerned about the environment, think that lower energy consumption generally means much lower consumption fees, making Ethereum super attractive not only to big corporations but also to individuals to pay for their daily goods and services.

What Does the Future Hold for ETH 2.0?

Vitalik Buterin‘s (Ethereum long-standing co-founder) ambition is not to support a cryptocurrency but to be a platform for all kinds of other applications that want to store their information safely. This is an expansive place, but with the successful release of Serenity, it might just work out.

About the author

Tomas Green