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Ethereum enthusiasts gather for a Merge party in San Francisco in 2022. Ethereum 2.0 (Eth2) was a set of three or more upgrades, also known as "phases", meant to transition the network's consensus mechanism to proof-of-stake, and to scale the network's transaction throughput with execution sharding and an improved EVM architecture.
Ethereum 2.0 is the next level of blockchain technology and cryptography. The upgrades are meant to make Ethereum more secure, scalable and sustainable.
In this case, the fork resulted in a split creating Ethereum and Ethereum Classic chains. In 2014 the Nxt community was asked to consider a hard fork that would have led to a rollback of the blockchain records to mitigate the effects of a theft of 50 million NXT from a major cryptocurrency exchange .
Cardano's development began in 2015, led by Ethereum co-founder Charles Hoskinson. The project is overseen and supervised by the Cardano Foundation based in Zug, Switzerland. [6] [7] When launched in 2017, it was the largest cryptocurrency to use a proof-of-stake blockchain, which is seen as a greener alternative to proof-of-work protocols. [8]
The Ethereum Foundation applied their trademark to the new, altered version of the Ethereum blockchain. [2] The older, unaltered version of Ethereum was renamed and continued on as Ethereum Classic. [2] Ethereum Classic's native Ether token is a cryptocurrency traded on digital currency exchanges under the currency code ETC. [3]
Solidity is the primary programming language for developing smart contracts on the Ethereum Virtual Machine (EVM). [32] However, Rust has emerged as a strong alternative in the blockchain ecosystem, especially for blockchains that support WebAssembly (Wasm), such as Polkadot , Klever and Solana .
Terra is a blockchain that leverages fiat-pegged stablecoins to power a payment system. For consensus, the Terra blockchain uses a proof-of-stake codesign. [4] Several stablecoins are built atop the Terra protocol, [4] including TerraUSD, which was the third largest stablecoin by market capitalisation before its collapse in May 2022. [5]
On 15 September 2022, the world's second largest cryptocurrency at that time, Ethereum, transitioned its consensus mechanism from proof-of-work (PoW) to proof-of-stake (PoS) in an upgrade process known as "the Merge". According to the Ethereum Founder, the upgrade would cut both Ethereum's energy use and carbon-dioxide emissions by 99.9%. [28]