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Ethereum 2.0 Launched Beacon Chain, ETH Still has Long Way Ahead

  • The genesis block of the Ethereum 2.0 beacon chain launched.
  • Ethereum 2.0 is generally divided into phases.
  • ETH up about 380% since the start of the year.
  • Recently, Coinbase announced its plan to launch Ethereum 2.0 staking.

Despite the genesis block of the Ethereum 2.0 beacon chain launch, the fully realized transition to ETH2 could still have a long road away from completion.

However, the development of Ethereum 2.0 is generally divided into phases. Phase 0 is the Beacon Chain that will bring up proof-of-stake to Ethereum. This is a new way for people to keep Ethereum secure.

Furthermore, Phase 1 introduces the sharding of data, increasing storage facilities without directly influencing the performance of the application. Finally, Phase 2 fully introduces transaction sharding and enables thousands of transactions per second of throughput.

Ethereum, the world’s second-biggest cryptocurrency by market cap. According to CoinGecko, ETH price is at $595, at the time of writing. And it is up about 380% since the start of the year. Moreover, last week for the first time ETH increased above $600 since June 2018. 

[image lightbox=”1″ caption=”ETH Price Chart 1-Month (Source: TradingView) “]https://thenewscrypto.com/wp-content/uploads/2020/12/ETH-Price-Chart.jpg[/image]

The launch will be especially welcomed by the decentralized finance community. The explosion of DeFi during 2020 saw a huge increase in traffic and gas fees on the Ethereum network. Further, Coinbase recently announced its plan to launch Ethereum 2.0 staking by next year.

 

The News Crypto Staff

The News Crypto is a group of crypto journalists writing about the latest happenings in the crypto and blockchain industry.

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