- Upgrade to Ethereum 2.0 scheduled September 13-15
- XDC’s XDPoS 2.0 is expected to go live in Q1 2023.
The biggest upgrade to the cryptocurrency sector is Ethereum Merge. It involves the transformation of the network’s PoW status into PoS consensus. This upgrade will begin on September 15, or earlier if it is approved by the schedule. As the date nears, it is clear that the expectation of the protocol upgrade grows.
On successful execution of ‘The Merge’, Ethereum will terminate the PoW consensus when its mainnet merges with the Beacon Chain. The parallel blockchain Beacon Chain hosts the PoS consensus engine. It coexists since 2020 with Ethereum 1.0.
It is the 2nd-largest provider of blockchain services for smart contracts and other dApps. However, there are still scalability problems. The fundamental scaling issue is what it all comes down to. Because of the proof-of-work approach, scaling is much more complicated. Low throughput and high costs have been significant barriers to widespread usage. A major Ethereum mining group is unhappy with the latest update. This means they will have to change to PoW networks, as they already own large mining infrastructure investments.
Ethereum made the huge decision to initiate the Ethereum 2.0 consensus overhaul, in order to solve the issues. More blockchain networks have begun to offer such updates and expanded functionality. XDC Network, one of them. It is coordinating the implementation and maintenance of the XDPoS 2.0 Consensus Upgrade.
Upcoming XDPoS 2.0 Update
After a year-long beta test, the XDPoS 2.0 is set to be released in the first quarter 2023. The XDPoS 2.0 is a notable advancement for XDC Network. It’s also the most complicated upgrade in its history. XDC will move from XDPoS 1.0 into XDPoS2.0 with this implementation.
The XDC Network uses the XDPoS 1.0 protocol. To validate transactions and protect the network, this version of consensus protocol uses a mix of proof of work and delegated proofof stake (DPoS). XDPoS 2.0 currently is in beta testing.
The XDC Network also addresses scaling issues that the Ethereum blockchain faces in comparison to other major blockchain platforms. The 108 Masternodes of XinFin Delegated Proof of Stake, or XDPoS consensus architecture which powers the XDC Network enable transaction speeds of up to 2 seconds and low transaction costs. Double validation, smart contract stake, randomization, and simple randomization are some of the innovative techniques that provide security, stability and trustlessness.
This upgrade will give the XDC Network military-grade security and performance while optimizing the network’s resource usage. This protocol, which is immediately detected by XinFin, will eliminate all malicious nodes from the network. It will also give the network a strong governance system.
It is also completely compatible with APIs backwards, and it uses the latest Byzantine Fault Tolerance protocol (BFT). It also opens up possibilities for future expansion of XDC Network.