The Unfortunate Truth About Ethereum Upgrade
The good news is Ethereum 2.0 is c
oming soon. The bad news? There’s an unfortunate side to this upgrade.
This has led to a barrage of questions. What is Ethereum 2.0? What happens to my existing Ether? And how can I profit from this upgrade?
To understand this, we need to know the fascinating way Ethereum works.
Ethereum is what’s called a general-purpose blockchain, a blockchain where other applications called dApps can be built on top.
I like to think of Ethereum as the electric grid, all the wires, poles, and electrical substations.
And Ether, the token, is like the electricity running through the power grid, powering the ecosystem. Transactions of ether are stored and validated on a ledger.
Now, you can think of the ledger as a huge spreadsheet containing every single transaction ever done in the history of Ethereum.
And you can guess it takes a whole lot of work to keep up with that massive spreadsheet.
The upkeep and validation process is called consensus. Currently, in Ethereum, the consensus is done by minors.
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