What are the Key Features of Ethereum 2.0?
As we saw earlier, the vision behind bringing Ethereum 2.0 is to solve the scaling and accessibility issues. In other words, it is aimed to eliminate the disadvantages associated with congested networks, reducing disk space and excessive electricity consumption. The platform needs to get rid of these problems without losing its decentralized nature.
Engagement of Validators (Not Miners)
In the Proof-of-Stake (PoS) mechanism, validators replace miners. Rather than pretending to be miners and simply burning electrical energy, validators join the platform's PoS system by designating at least 32 ETH as "skin in the game". First, validators need to invest the funds in the formal contract developed by the Ethereum Foundation. After that, they will need to download and run the Ethereum 2.0 client software. When they start doing this, some of them will be randomly selected to access blocks on the upgraded blockchain.
To ensure security and security, punitive measures will be taken against Ethereum 2.0 validators who fail to stay online and fail to fulfill their computational responsibilities, or those who try to compromise the network. For absence of validators, the blockchain will reduce block rewards. For validators aiming to compromise the integrity of the network, all or some of the 32 ETH tokens will be stored.
Parallel (Not In Order)
In Ethereum's PoW mechanism, blocks are mined sequentially and each block can hold a fixed amount of data. This slows down the process considerably, as transactions often have to "wait" for the next block to be extracted. Ethereum 2.0's PoS mechanism solves this problem by distributing the blockchain across 64 parallel chains that communicate with each other.
This process is called shredding; It allows the upgraded chain to process 64 blocks at a time and helps solve scalability issues.
