Ethereum 2.0 transition is approaching, Serenity Phase 0 proposal submitted

The long-awaited transition to Ethereum 2.0 is finally approaching.

Danny Ryan, a core developer at the Ethereum Foundation, has today officially submitted a proposal, for moving the Ethereum blockchain to a proof-of-stake (PoS) consensus mechanism from the current proof-of-work (PoW) algorithm.

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The proposal, once approved by Ethereum core developers, will see the rollout of Serenity Phase 0 or the Beacon Chain that will mark the execution of PoS. It is expected to go live later this year or early next year.

The Beacon Chain will be introduced with the concept of sharding, which will solve the scalability problem of Ethereum without compromising the network's security and decentralized nature.

Phase 0 is just the first step in a multi-stage rollout of Ethereum 2.0. The other phases are expected to run at least until 2021. Overall, Ethereum 2.0 is being developed to improve the blockchain's "simplicity, resilience, longevity, security, and decentralization."

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Yogita Khatri is a senior reporter at The Block, covering all things crypto. As one of the earliest team members, Yogita has played a pivotal role in breaking numerous stories, exclusives and scoops. With nearly 3,000 articles under her belt, Yogita holds the records as The Block's most-published and most-read author of all time. Prior to joining The Block, Yogita worked at crypto publication CoinDesk and The Economic Times, where she wrote on personal finance. To contact her, email: [email protected]. For her latest work, follow her on X @Yogita_Khatri5.