Ethereum 2.0

We know Ethereum is a very popular network nowadays and this network has a long and storied history. Because it is a network that has been quite a hindrance to development. Even behind this there were many events that were significant positive changes and obstacles. The network first saw its transition from a Proof-of-Work (PoW) to a Proof-of-Stake (PoS) model.

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And such migration event happened in 2022. When it transitioned from Proof of Work to Proof of Stake, it reemerged with promises to reduce its energy footprint, increase scalability, and reduce transaction times for the network. The changes that took place here came under the "Ethereum 2.0" moniker. Ethereum 2.0 is the broader network that describes Ethereum's next evolution into a better-performing, more accessible network. But the important thing is that this term is extinct now. One of the reasons behind the demise is that the blockchain community accepts upgrades as the next step in its development, not necessarily something new.

Ethereum 2.0 was used to cover several other improvements for users of the Ethereum blockchain. But it wasn't easy because this development faced some of its most important technical hurdles to cover. But its community stood in the way. Because its community has not recognized it as valid for the blockchain and network. This is called ETH2 consensus layer and execution layer by the community or foundation.

Ethereum's upgrade was not a single event. Because it took too much time. This upgrade took several years to be implemented by Ethereum's developers. It officially started in 2020. Beacon Chain was launched when it started. And since its official launch, Ethereum network's native token Ether has been allowed to be held. And as this native token is clear those who stake their Ether are rewarded through fees paid in ETH.