Joseph Lubin Wants You to Be Familiar with Ethereum 2.0 Terms

Libra Coin News
Tue, 08/13/2019 - 16:16
Alex Dovbnya
In case you have no idea what beacon chain is, here’s some handy explanation   
Cover image via twitter.com
Contents

A cursory glance at Ethereum 2.0 is bound to make users confused because of a plethora of new terms. Alethio’s Alex Tzapulica decided to bring some clarity to the table by compiling a comprehensive list with all of them.

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Going in-depth

Tzapulica’s blog post includes all unknown words that you might stumble upon while reading up about Ethereum 2.0 while explaining every new concept in detail. Hence, it’s an absolute must-read for everyone who wants to understand the difference between blocks and slots (spoiler alert: they are not the same thing).  

The so-called ‘beacon chain,’ which was proposed by Vitalik Buterin himself, serves as the cornerstone of the Ethereum 2.0 infrastructure. ETH2 will be the base currency of the beacon chain. 

The terms connected to the Blockchain seem perplexing, but the irony is that the very purpose of the proposal is to let developers create apps and smart contracts on the upgraded network without getting granular.    

A major transition

The Ethereum network is set to undergo a slew of radical changes over the following years as it plans to ditch proof-of-work (PoW) in favor of a proof-of-stake (PoS) consensus algorithm.

The much-hyped transition will commence with the ‘phase zero’ stage that is slated for Jan. 3, 2020.

About the author

Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with an extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets.