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.
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."