Hello Hive Fam!
I recently made a video giving a really high level overview of what ETH 2.0 is and what some of the biggest changes that are happening with the serenity protocol upgrade such as shifting to proof of stake and shard chains. And hands down the most common question i got in the comments of that video was whether there would be a NEW coin… or if the current ETHereum coin will still be what’s used so I thought i’d make this follow up video to address that.
Basically - no there is not a new coin and there is nothing you need to do. The only thing you should notice is faster and cheaper transactions. But one thing you CAN do if you want is to get involved in the staking that just rolled out. If you have 32 ETH you can stake it into the deposit contract to both earn higher block rewards and help strengthen the security of the network. Now there is definitely a balance of risk and reward involved here and so do your own research on all of that before jumping in.
Along these same lines, i also want to point out that serenity will not be a fork of the existing chain but a completely new structure. So you won’t suddenly have “double the coins” of old and new eth or anything like that.The current POW chain will run in parallel to the new POS shard chains. Again there’s really nothing you need to do with your current ethereum before the 2.0 upgrade. I hope that helped answer your questions on the topic. I know there’s going to be a lot of buzz and excitement over the next month as we get ready for phase zero to start rolling out - and so if you’d like me to cover any other topics related to eth 2.0 - let me know in the comments below.
▶️ 3Speak
