Ethereum 2.0 is a decentralized open-source blockchain system that features its own cryptocurrency, Ether. ETH 2.0 works as a platform for numerous other cryptocurrencies, as well as for the execution of decentralized smart contracts. 

What Makes Ethereum 2.0 Unique?

Ethereum 2.0 has pioneered the concept of a blockchain smart contract platform. Smart contracts are computer programs that automatically execute the actions necessary to fulfill an agreement between several parties on the internet. They were designed to reduce the need for trusted intermediates between contractors, thus reducing transaction costs while also increasing transaction reliability.

Ethereum’s principal innovation was designing a platform that allowed it to execute smart contracts using the blockchain, which further reinforces the already existing benefits of smart contract technology. Ethereum’s blockchain was designed, according to co-founder Gavin Wood, as a sort of “one computer for the entire planet,” theoretically able to make any program more robust, censorship-resistant and less prone to fraud by running it on a globally distributed network of public nodes.