What is the difference between eth 1.0 and 2.0

[hamaravijay]

Hello!


Iam hearing news that ethereum will upgrade to 2.0 but i want to buy the eth now.


Does it effects my coins after i mean when it will upgrade to 2.0 or my coins will remain safe and nothing will happen like same eth will be 1.0 and 2.0......?


some confusion please explain

Thanks!

[1713912647]

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[1713912647]

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[mk4]

Your coins should be safe as long as you don't do something careless like expose your wallet's private keys one way or another.

I really don't know the technical specifics, but one of the main differences with ETH 1.0 and 2.0 is that 2.0 will move into proof of stake, meaning people wouldn't be able to mine ETH the way people mine Bitcoin. Instead of buying GPU hardware, they "stake" their ETH instead, locking them up for a certain timespan, while receiving the rewards.

[hamaravijay]

Your coins should be safe as long as you don't do something careless like expose your wallet's private keys one way or another.

I really don't know the technical specifics, but one of the main differences with ETH 1.0 and 2.0 is that 2.0 will move into proof of stake, meaning people wouldn't be able to mine ETH the way people mine Bitcoin. Instead of buying GPU hardware, they "stake" their ETH instead, locking them up for a certain timespan, while receiving the rewards.

Stake means you mean we can mine eth without the hardware .......? just from desktop if we deposit some amount of eth for stake.....?


And by the way According to stats https://www.coinmarketcap.com/currencies/ethereum/ ETH has Total supply of 111,483,639 ETH will it be increased in future.....?

Thanks!

[CryptopreneurBrainboss]

From an investment aspect, it's preferable you buy into ethereum now in anticipation of the upgrade as the price movement is most likely going to increase as the rumors of the upgrade begin to look achievable. The above statement shouldn't be considered as an investment advice though as I'm not a financial advisor but just giving my personal opinion.

To answer your question, the main difference between the current ethereum and the anticipated ethereum 2.0 is the consensus mechanism that ETH 2.0 will be introducing and Shard chains that aren't on the current ethereum blockchain. Ethereum uses proof of work but that of the upgrade will be proof of stake (you can research on that in your spare time, that's the difference between proof of work and proof of stake).

If you're holding your coins in a wallet you own the private key then you're ok and don't have to do anything but when it's in a centralized platform it depends on the decision of the service providers.

[mk4]

Stake means you mean we can mine eth without the hardware .......? just from desktop if we deposit some amount of eth for stake.....?

Yes. But of course, if you don't have that much ETH, don't expect to "mine" anything significant. More ETH that you stake, the more ETH you gain. Pretty much like how you gain more bitcoin the more mining hashrate you have.

And by the way According to stats https://www.coinmarketcap.com/currencies/ethereum/ ETH has Total supply of 111,483,639 ETH will it be increased in future.....?

ETH doesn't have a total supply cap as far as I know. So yes, it will keep on inflating.

[meanwords]

If I remember correctly, it will solve scalability and security. You won't have to do anything in your ETH and you can use it just as you are using it right now.
I actually found a website that will answer most of the questions. I don't know much about ETH so you can probably read more here https://consensys.net/knowledge-base/ethereum-2/faq/ (Read with care)

[Yudhisthir]

And by the way According to stats https://www.coinmarketcap.com/currencies/ethereum/ ETH has Total supply of 111,483,639 ETH will it be increased in future.....?

ETH doesn't have a total supply cap as far as I know. So yes, it will keep on inflating.

But I think they are to limit the production of new token between 0.17 to 1.7% of total coins depending on how many validators joins the network. This would limit the flow of coin without compromising the new demand. It's a good strategy for a utility token whose future use are still uncertain on both ways.