The much talked about Ethereum 2.0 upgrade as reported by BTC Peers will see the network move to the proof-of-stake (PoS) mechanism as well as introduce sharding which Krishna describes as sub-chains.
Speaking to BTC Peers about this proposed upgrade, Alex Lee founder of ZKSwap, a token swap platform based on the Ethereum mainnet, revealed that he's optimistic about it and asserts it will help make Ethereum become an eco-friendly network. Remember that the network which houses NFT marketplaces have been said to leave carbon footprints.
With companies and organizations already against mining because of the effect it has on the environment, most investors are reluctant to embrace the network. The segue to the PoS mechanism, however, will not only impact the crypto market but will impact the environment at large, Lee told BTC Peers.
Overtime, experts arguing in favor of the proof-of-work mechanism have cited security as a core reason for the use of the system. Lee, arguing against it revealed that it is quite easy for anyone on the network to immediately stockpile graphic cards, thus, firing up the network and causing major disruption.
Proof-of-Stake, which will enable the introduction of sharding, according to the founder will speed up transactions on the network. Presently, Ethereum can only process about 30 transactions per second (TPS), but the introduction of these sub-chains may see the network execute thousands in a second.
Speaking further on this, Lee revealed that Ethereum 2.0 will introduce 64 different sub-chains that will run concurrently, solving the scalability and low transaction speed problems.