Upcoming Serenity Upgrade set to solve some of Ethereum’s (ETH) major scaling issues.
Ethereum, currently the worlds second largest blockchain by market cap, was initially released in 2015 as a decentralised and open source platform. It has faced an array of issues recently in regards to its transaction throughput, or lack thereof. With the increasing demand for the use of the network, its been unable to scale efficiently, thus demonstrating some limitations surrounding the “Proof of Work” consensus mechanism.
Justin Drake, a well renowned ETH researcher recently said that while the present iteration of the ETH ecosystem admittedly has some scalability issues, the new ETH 2.0, also referred to as “Serenity” could be the solution we’re looking for. Drake said It contains various new radical ideas, with some shift towards Proof Of Stake, away from Proof of Work. The other big idea is the introduction of sharding.
Sharding can help scale the tx capacity of a decentralized network. Sharding is a technique where a block of information is split into an array of digital data sets, aka shards. In this application, it is thought that sharding can help make consensus mechanisms more efficient, in turn allowing for faster and scalable transactions.
With these active developments and a growing adoption of the Ethereum network, the future is looking bright, fast and indeed decentralised.
Source and Credits to: Bitcoin Exchange Guide
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