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Definition: Ethereum 2.0

A major upgrade to the Ethereum blockchain that started in late 2020. Ethereum 2.0 (Eth2) is designed to be more scalable (more transactions per second), more secure and more environmentally conscious. Eth2 uses the proof-of-stake (PoS) method of mining instead of proof-of-work (PoW), which has been used by Ethereum and Bitcoin since their inception. Proof-of-work uses a tremendous amount of electricity. See Ethereum and proof-of-work algorithm.