From Ethereum 1.0 to 2.0: Implications for the Blockchain-Based NFT Market

Yungui Chen, Yong Fan, Liwei Tian

2023

Abstract

The Non-fungible Token (NFT), a pioneering embodiment of singularity within blockchain technology, has been increasingly recognized for its distinctive identity and exclusive attributes. Therefore, it is often used to protect intellectual property and gaming fields. Today, the issuance of NFTs is predominantly grounded on Ethereum’s infrastructure. This study delves into a profound dissection of Ethereum 1.0’s constraints, notably its inefficiency and disproportionate energy consumption. As we navigate the evolution of Ethereum from its 1.0 version to the more advanced 2.0, we spotlight the enhancements it offers - optimized performance, lessened energy consumption, and fortified security mechanisms - features reminiscent of a metamorphosis. We used an analytical approach to extract blocks from EthereumPoS and EthereumPoW for comparative analysis. Preliminary results indicated a pronounced reduction in transaction fees associated with Ethereum 2.0 - a promising leap towards increasing blockchain accessibility while maintaining its security integrity.

Paper Citation

in Harvard Style

Chen Y., Fan Y. and Tian L. (2023). From Ethereum 1.0 to 2.0: Implications for the Blockchain-Based NFT Market. In Proceedings of the 2nd International Seminar on Artificial Intelligence, Networking and Information Technology - Volume 1: ANIT; ISBN 978-989-758-677-4, SciTePress, pages 515-519. DOI: 10.5220/0012286800003807

in Bibtex Style

@conference{anit23,
author={Yungui Chen and Yong Fan and Liwei Tian},
title={From Ethereum 1.0 to 2.0: Implications for the Blockchain-Based NFT Market},
booktitle={Proceedings of the 2nd International Seminar on Artificial Intelligence, Networking and Information Technology - Volume 1: ANIT},
year={2023},
pages={515-519},
publisher={SciTePress},
organization={INSTICC},
doi={10.5220/0012286800003807},
isbn={978-989-758-677-4},
}

in EndNote Style

TY - CONF

JO - Proceedings of the 2nd International Seminar on Artificial Intelligence, Networking and Information Technology - Volume 1: ANIT
TI - From Ethereum 1.0 to 2.0: Implications for the Blockchain-Based NFT Market
SN - 978-989-758-677-4
AU - Chen Y.
AU - Fan Y.
AU - Tian L.
PY - 2023
SP - 515
EP - 519
DO - 10.5220/0012286800003807
PB - SciTePress