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welcome back to the world of cryptos and
welcome back to the crypto corner
today we're going to spend some time in
ethereum 2.0 i'm going to explain to you
in a very simple way
what ethereum 2.0 is all about and to
start
we're going to look at the fees so the
fees that you pay
when you do a transaction on the
ethereum blockchain and this year is
2018.
2018 the fees were fairly low and then
suddenly project was started called
cryptokitties
everybody complained about it because
the fees went absolutely through the
roof
now that was 2018 how does that same
picture look today
if i expand this here to today
then here this is the little blip with
cryptokittles the fees
that we had to pay because of defy not
so long ago
were significantly higher and if you
consider that we are how many people are
we using the ethereum blockchain
let's say a hundred thousand two hundred
thousand it won't be much more than that
so if two hundred thousand can already
um
bring the blockchain uh in regards to
fees to a halt
how would that look like if we have got
certainly 20 million people using this
chain
it will not be feasible any longer and
that's why
including also some other reasons a long
time ago the idea of ethereum 2.0 was
started
and it taking it's it's taking its time
and why because
coding and programming is not simple
yeah if you have got a company like
apple or google where everything is
under one roof
everything is coordinated in a different
way you can have
a different type of transparency and
and also objectives but if you have got
a team of 400 people that are
coordinated through something like
github yeah so this github is where
everything happens in regards to
ethereum
then it looks very it's very complex and
so everything has to be done very
meticulously
because we're talking about money here
in this case
money transfer so big mistakes will cost
a lot of money as we've seen
in defile and we've got over in the
ethereum current
blockchain we've got over 244
repositories
over 500 people uh programming
so you can imagine how complex this
whole thing is yeah there are many
hundred thousand lines of code
that need to be coordinated that's why
this thing takes
so long now looking at the roadmap
this is the roadmap of the
of east 2.0 so this is the current chain
here so this is 1.0
that's the ethereum you and i know and
soon we will have the beacon chain
which is the start of ethereum 2.0
and this year is like the current chain
without proof of work so proof of stake
and you will not have any smart
contracts in this
uh phase zero from there we will start
with the pha
with this smart contracts but we'll have
shards and charts i like
just imagine it in a very simple way
like sub
block chain so you'll have a chain for
let's say
d5 you'll have a chain that's that needs
to be secured in a special way
then you've got a new chain for uh
gamers
so when something happens like with
cryptokitties where suddenly
the chain was blocked it will be only
that chain that will be blocked at that
time
and the fees will not go through the
roof so there are
lots of little improvements coming also
along
uh with this 2.0
and the roadmap in detail this is the
one so we here today
and we will start soon phase zero uh
phase zero means uh moving away from
proof of work to proof of stake
and that's done by having a deposit
contract because you need to secure the
network not through miners so people
that are mining you need to secure it
through value
and that for that the deposit contract
was now
created and the time is running now
until the
7th of december where then the beacon
chain will be started
from there we will then go over to phase
zero and then much later phase two
and phase three and at this stage you
there will be also no more proof of work
so the current
blockchain that you know is point zero
will be more or less switched off that's
not possible i know but
it it will not continue everything will
happen in the new
uh ethereum 2.0
and um for the transition from the
current status to the ethernet
phase zero they created a very good
website launchpad.ethereum.org
where when you want to become a
validator you can get started here and
they'll run you through
some questions and so on and they
explain to you what that really means
you will get some money so for
everything that you
stake so in other words you put up with
security
you'll get some money as a reward at the
beginning it will be of course higher
because we're starting
but and over the time it will go down
and
here this is the status of how far
people have committed already to this
new chain where at ten percent
i guess that around the first of
december this thing
should be filled more or less because
all the big whales will be coming in
um into uh staking because they get
the rewards are not bad at the beginning
so
this is um ethereum 1.0 explained
2.0 sorry explained in a very simple way
and i hope you liked it and i hope you
enjoyed it and
i thank you very much for watching and
i'm looking forward to see you next week
again so thank you very much bye-bye
thank you robert
just a reminder that we're not providing
financial advice but only sharing what's
happening in the cryptocurrency markets
always remember that the cryptocurrency
markets are ever-changing and
always volatile so only invest what you
can afford to lose
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you