The genesis block of the Ethereum 2.0’s Beacon chain has launched the long-planned upgrade to the Ethereum network to address the issue of network scalability and security.
Beacon Chain is the backbone of Ethereum 2.0 and the interim blockchain that will operate its current network. It will bring staking to Ethereum, and responsible for the future upgrades of Ethereum 2.0.
The genesis block time and date for Ethereum 2.0 set to 2020.12.01, 12:00:23 GMT, Validator count: 21,063.
The Genesis Block is identified as the first block of any blockchain. More block is added to it to form the blockchain. It puts the foundation of the entire blockchain network. It is also known as Block 0. The previous hash value is set to 0. No data processed before the genesis block.
All other blocks are added to the genesis block in a sequential order that starts from block 1. The first genesis block was Bitcoin’s blockchain that was created by Satoshi Nakamoto on January 3rd, 2009, with a written message, The Times 02/Jan/2009 Chancellor on brink of second bailout for banks.
The Genesis block is created through the genesis state file. It indicates a starting point to begin the race.
Let’s introduce you to Ethereum 2.0
Ethereum.org describes Ethereum 2.0 (Eth2) as a set of interconnected upgrades that will make Ethereum more scalable, secure, and sustainable. Ethereum 2.0 Eth2 also known as Serenity.
- Ethereum 2.0 is more scalable to support 1000s of transactions per second expedite the transaction process at a low cost.
- It will make the network more secure. The adoption of Ethereum grows rapidly; therefore, its protocol needs to become more secure against all types of attack.
- It would make Ethereum more sustainable for the environment because technology demands much computing power and energy with ongoing time.
Eth2 is not a migration from Ethereum rather than a set of interlinked upgrades that will work together to explore the true potential of Ethereum.
These upgrades will be implemented in different phases by multiple teams associated with the Ethereum ecosystem.
The first phase of the upgrades will be switching from the proof of work model to the Proof of stake mechanism.
Proof of stake consensus model is a more energy efficient method that secures the network by the validators to lock ether into a staking contract rather than the proof of work consensus that requires a high amount of computation power and hardware devices to solve the computational puzzles.
The transition of PoS will help in implementing sharding to improve scalability. Sharding refers to the process of database portioning. When sharding is applied to the blockchain network, it split the blockchain network into shards/ portions. With sharding, nodes are linked to specified operations rather than process every single operation, this improves transaction performance & scalability. However, blockchain’s scalability refers to the ability to scale the network & how to perform well under expanding network load. So, Eth2 will capable to process more transactions avoiding bottlenecks.
The Eth2 upgrades will facilitate the current Mainnet Ethereum merge with the beacon chain and sharding system that would enable staking for the entire network and seizure of energy-intensive mining.
The boom of DeFi witnessed a massive increase in traffic and gas fees on the Ethereum network. Ethereum 1.0 can support 30 transactions per second while Ethereum 2.0, it can process up to 100,000 transactions per second.
The launch of Ethereum 2.0’ Genesis would speed up transactions, make applications faster, & cheaper to utilize. Alt 5 Sigma has partnered up with Khurram Shroff’s CanETH for the Genesis Launch of Ethereum 2.0. Read the article here.
This partnership seeks to facilitate the buying and staking of Ethereum by integrating the Canadian based CanETH and our proprietary trading platform Alt 5 Pro.