Ethereum 2.0

The ethereum 2.0 update will Elevate it to a new level in the crypto world. Currently it’s price ceiling is caused by a combination of the network speed and the gas price per transfer. Network speed at this time is limited to about 15 transactions per second, because of this the time it takes to make a transfer is averaging 5min. The cost in gas is about $.40 per purchase, eliminating everyday things like buying coffee and grocery’s from its logical uses. These glaring faults drive the average consumer to avoid it altogether. This leads us to require a faster way of confirming transactions so that the possible uses can go up as well. The current method of confirming transactions is proof of work. In this method the nodes across the whole network work to confirm blocks that contain the data from transactions. This process takes about 6 minutes. Ethereum 2.0 differs because instead of every node having to confirm a block, a number of stakeholders are selected to confirm a block then in a few seconds they send thousands of confirmation messages. A stakeholder is an owner of ethereum who has chosen to store a minimum of 32 Eth in a smart contract that gives them a percentage return based on their work to maintain their transaction confirmation volume. The stored ethereum acts as an insurance that they will be truthful in their confirmations. This process is about 70x faster than what happens today. raising the ceiling from about 28 billion dollars to 1,860 billion. The price can go much farther than this or it might not reach this amount in the short-term but this is a good rough estimate for the potential of this update. A jump like the could bring ethereum from collectable to currency.