Ethereum, the blockchain that has ruled all smart-contracts platforms and currently housing the majority of DeFi, has been known to encounter scalability issues with its 12TPS throughput. This has been causing network congestion, transactions taking hours to be processed and gas fees sky-rocketing.
Ethereum 2.0 Serenity
The Serenity upgrade is set to change how Ethereum processes transactions. Currently, it runs a Proof-of-Work consensus algorithm which requires miners and at with the present design has limitations. Ethereum 2.0 is set to use a Proof-of-Stake consensus algorithm alongside sharding capabilities.
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Phase 0 Proposal
The network upgrade will be rolled out in stages, the first of which is Phase 0 where the beacon chain is brought to life. Expectations last year that it would be live in Q1 2020, then in July of this year and now hopes are that it gets implemented in Q4 2020/Q1 2021.
Could this time be different? Perhaps. One of the core developers at the Ethereum Foundation, Danny Ryan, has submitted an Ethereum Improvement Proposal (EIP) for the chain upgrade and the roll-out of the beacon chain.