Whats the big difference between ETH1.0 and ETH2.0?

[Razor1911]

ETH1.0 is one blockchain. ETH2.0 will be multiple blockchains shards connected by a manager blockchain beacon chain that also handles ALL the mining which wont be mining anymore due to the switch to staking. ETH will live in this ecosystem of chains, and you will be able to swap it easily between all the chains. No separate coins. The beacon chain does not allow smart contracts because its job is chain management, not having user content. Smart contracts live on the shards instead. ETH2.0 wont be introduced all at once. The plan is to launch the beacon chain first, but without using it for anything. It will gradually develop more features, and shards will be introduced slowly over time. ETH1.0 will be deprecated once ETH2.0 is far enough to replace it.

So will there be any changes of fee structure? As I can see the earlier version had such high fees that it had eaten up large chunk of transfer funds. Thus I don't hold any ERC coins for that reason. Transaction should be high, then only you can get some amount back to the senders wallet.

 

[Sotherefore]

Ethereum is high in gas fee, you can only control the gas fee when you're using Bep-20 address via binance smart chain network to command the transaction, that's when you'll be charged at an affordable rate

Well I don't usually have business to do with ethereum, I didn't know that they have the bep 20 network,well even with this I have a lot of other potential going I am concentrating on, I'm leaving ethereum for now because I don't have interest in it.

 

[FreshKaz11]

Ethereum reverted from Ethereum1.0 to Ethereum 2.0, in order to make the coin fasting up transactions and not slowing down when their is plenty of transactions to process just the way the previous one was doing. When their is congestion based on multiply request to process transactions the Ethereum1.0 will slow down the processing. Which causes delay before the coin gets to the destination you approved it. That's why Ethereum owners created the 2.0 type to rectify such lingering issues around their blockchain.

What other big difference do you know about ETH1.0 and ETH2.0??

I don't think there is another reason why the owner recreate this coin any adding to the level of the coin when people keep complaining about the slow transactions they always face when transacting with it.

 

[Sincerem]

I don't think there is another reason why the owner recreate this coin any adding to the level of the coin when people keep complaining about the slow transactions they always face when transacting with it.

ERC-20 blockchain isn't slow in performing crypto transactions on its blockchain network. The problem is the higher amount of gas fee it takes to process the coins.

 

[Chibson]

Ethereum has a very high gas fee. But this new version they are trying to produce now which is v2 will have low gas fees whenever you want to make a transaction.

 

[Aaron625]

I heard Eth 2.0 takes considerably lower fees than Eth 1.0 used to take. The transaction fees play a major role in crypto. So we can expect much faster and lower fees with ETH2.0

 

[Haveit]

One thing I like about ethereum is that, the management is really determined to do better and see the coin rise high, I think eth 2.0 also has a different platform that runs it's transactions.

 

[Kunkun]

Ethereum 2.0 is an improvement or lemme say an upgrade on the ethereum 1.0 and like you've rightly said it came about to fix the little problems 1.0 was experiencing

 

[Senator]

I never knew there was even an Ethereum 1.0 and also the ethereum 2.0. variants of the ethereum blockchain. If that's the case, do you think their network fees will be the same?

 

[Kelly5]

I have never come to know that there was a difference between this two parameters of the ethereum network. Why it is good to be here sometimes for gaining knowledge

 

[Sincerem]

Ethereum has a very high gas fee. But this new version they are trying to produce now which is v2 will have low gas fees whenever you want to make a transaction.

The new version have already been added, it is functional indeed. It is not much like the older version, even if the gas fee is still high, but their is an improve in the new ETH blockchain version.

 

[Justin]

I have seen ETH 1 and ETH 2 being listed on exchange platforms, are two different different currencies or just the same currency with a different version?

 

[Lens]

ETH2.0 is an improved version of ETH1.0 . ETH 2.0 was meant to be faster than the initial version in terms of speed . That's how all coins are . It's a series of development from stages to stages. The upgrade is normal

 

[Sincerem]

I have seen ETH 1 and ETH 2 being listed on exchange platforms, are two different different currencies or just the same currency with a different version?

ETH 1.0 is the older version of ETH blockchain. ETH 2.0 is the current version with lots of improvement. I was asking to know earlier what differentiates them. Under the new ETH blockchain 2.0, their are other coins that functions around it to operate the token or coin in the Cryptocurrency ecosystem.

 

[babdud02]

Ethereum reverted from Ethereum1.0 to Ethereum 2.0, in order to make the coin fasting up transactions and not slowing down when their is plenty of transactions to process just the way the previous one was doing. When their is congestion based on multiply request to process transactions the Ethereum1.0 will slow down the processing. Which causes delay before the coin gets to the destination you approved it. That's why Ethereum owners created the 2.0 type to rectify such lingering issues around their blockchain.

What other big difference do you know about ETH1.0 and ETH2.0??

I guess there are so many things I don’t really know about cryptocurrency and i will still have to learn a lot if I’m to go into crypto business.I don’t know there’s ETH1.0 and ETH2.0

 

[Sincerem]

I guess there are so many things I don’t really know about cryptocurrency and i will still have to learn a lot if I’m to go into crypto business.I don’t know there’s ETH1.0 and ETH2.0

ETH 1.0 or 2.0 isn't a coin, ETH 1.0 is the previous Blockchain network of Ethereum. While the 2.0 is the newest version of the blockchain network.

 

[Setho]

I too have tried to read about the work and the new project and it is still much in actualization. When completed, it is one that would assure reduction in gas prices.

 

[Sincerem]

With ETH on the price reduction, that has made the gas fee to be on the decrease since the bearish run started. Now when you're sending out your ETH you won't be subjected to pay high gas fee.

 

[Nomad]

One of the reasons for high transaction fees and slow transaction speed is due to the congestion in the blockchain network. ETH 2.0 was releases to improve transaction speed and reduce transaction cost

 

[Sincerem]

One of the reasons for high transaction fees and slow transaction speed is due to the congestion in the blockchain network. ETH 2.0 was releases to improve transaction speed and reduce transaction cost

You're somewhat right dear. It was created to give more stability to crypto transactions running through the ETH blockchain, make it more secure through its smart contract feature, but it didn't reduce any gas fee.