The Ethereum network is inching closer to migrating to Ethereum 2.0 after the team activated the Berlin Fork on the network earlier today. ETH 2.0 is expected to make Ethereum a Proof of Stake (PoS) network instead of its current Proof of Work (PoW) protocol.
Ethereum network activates the Berlin Fork
The Berlin Fork went live on the Ethereum blockchain on block 12,244,000 earlier today. This latest development takes the Ethereum network closer to migrating to a PoS protocol. Furthermore, the Berlin Fork came after it launched on the Ropsten testnet.
Ethereum node operators and miners were expected to download the latest version of the Ethereum client by April 7. Failure to do so would see them lose out on the Berlin Fork upgrade, and they risk being stuck on an incompatible chain.
The upgrade only applies to node operators and miners. Ethereum coin holders are not expected to do anything unless otherwise informed by their cryptocurrency exchanges or wallet service providers.
The Berlin Fork was named after Berlin, the city that hosted Devcon 0. The next upgrade is termed the London Fork, commiserating the city that hosted Devcon 1.
Ethereum slowly migrating to a PoS protocol
Ethereum is perhaps the most important blockchain in the crypto space. It houses several apps such as dApps, tokens, DeFi, smart contracts, NFTs, and so much more. However, the high gas fees and slow transaction speed has hampered Ethereum’s growth in recent years.
The migration to a PoS protocol is expected to make the Ethereum network faster, cheaper, and easier to use. While there is no definite timeline for the launch of ETH 2.0, the developers are constantly working to ensure it happens as soon as possible.