Ethereum 2.0 will deliver a massively scalable blockchain faster. The new design incorporates two ideas (beacon chain, aggregate signatures) that make a massive difference to the scalability and decentralisation of Ethereum. The new plan also makes a lot of sense from a resourcing perspective.
The new design will be developed separately from the current chain and will run in parallel. In the future, the current Ethereum blockchain will be incorporated into the new system.
Ethereum 2.0 addresses scalability, but it also considers sustainability, efficiency, and flexibility. It combines several streams of work and will be rolled out incrementally over the next few years.
On-chain scaling is best but, that said, there is no need to wait. Many applications can scale today using off-chain techniques such as Plasma, Plasma Cash and State Channels.
For many reasons, Ethereum is migrating its consensus protocol from proof-of-work to proof-of stake.
A consensus protocol is a set of rules that incentivises untrusted validators to maintain a consistent and secure blockchain. It protects the blockchain by providing economic security — to tamper with the blockchain ledger, an attacker would pay a huge cost, ensuring the attack is economically infeasible.
Proof-of-stake is a family of consensus protocols that use cryptocurrency deposits to secure the blockchain. It requires validators to propose and vote on new blocks of transactions. Validators are rewarded with interest on their deposits if they follow the protocol’s rules. If they act dishonestly, their deposits are penalised.
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