understanding Ethereum’s “version” in Bitcoin transactions
When it comes to Bitcoin transactions, understanding the concept of “version” is crucial to understand how the different versions of the Ethereum network have impact on blockchain. In this article, we will deepen the version in the context of Bitcoin transactions and explore some examples.
What is the version?
In Bitcoin, a block contains several transactions that are combined in a single block called block. Each transaction has its own unique hash, which serves as the “identity” of the transaction. However, within each block, there is another layer of complexity: the version.
The version refers to the implementation of the Ethereum network of the different versions of its blockchain software. Here things become interesting for Bitcoin transactions.
Bitcoin transactions and versions
When a bitcoin transaction takes place in the Bitcoin network, it can be represented as a Merkle tree, which contains several blocks (transactions) in each block. The Merkle tree offers a way to verify the authenticity and integrity of individual transactions.
However, not all Ethereum versions are compatible with Bitcoin transactions. Each Ethereum version has its own specific requirements for transaction management, including creating new blocks, updating the blockchain status and checking transactions.
Ethereum 1.X vs Ethereum 2.0: Version difference
In 2020, Ethereum launched Ethereum 2.0, an upgrade that replaced the consensus algorithm (POW) with a more energy and scalable solution called on Saturday (POS). This change has introduced a new block header format that is incompatible with bitcoin.
To host this change to POS in the Ethereum network, two versions of Ethereum were created: Ethereum 1.0 and Ethereum 2.0. The Ethereum 2.0 version, called “Mainnit”, was initially designed for the cases of use required for scalability and high performance. However, he had a major defect: he did not support Bitcoin transactions.
Version 2.X (Ethereum Beacon Chain)
As a result of the above issues with Ethereum 1.0, a new version of Ethereum was introduced: Ethereum Beacon Chain (ETH-Beacon). This version is compatible with both bitcoin and other cryptocurrencies that require algorithms of consensus POS.
The Ethereum Mainnet network, which includes all Bitcoin compatible transactions, uses the Ethereum beacon chain. It is essential to mention that only the transactions initiated by the nodes on the Ethereum Beacon chain can interact with Bitcoin.
Ethereum 2.0 (Ethereum testnet)
In a separate development development, Ethereum 2.0 has been launched as an update for testing purposes. This version of Ethereum is not compatible with Bitcoin and instead uses the consensus proof.
Ethereum Testnet is used to test the new blockchain implementation before being implemented on the mainnet. It is essential to note that this version is not intended for the use of production, but reassembles as a proof of concept for the future ETHERUM 2.0 update.
In conclusion
Understanding the concept of “version” in Bitcoin transactions can be complex, especially when you consider different versions of the Ethereum network. Recognizing the differences between various Ethereum versions, we can better appreciate how they have impact on blockchain and potential implications for Bitcoin compatible transactions.
Remember that the current state of affairs is mainly concentrated on the Ethereum Beacon (ETH-Beacon) chain for Bitcoin compatible interactions, while Testing Ethereum 2.0 is used for testing purposes.