Explain Like I'm Five - Ethereum 2.0

I am not a technical man. I know cryptocurrency on the surface, price and simple explanation. It is hard to understand cryptocurrency concept at first. Where is the money from, who gives the money that first come when I knew bitcoin. How bitcoin has value. Too many questions that I do not know well the answer though I have read many posts explaining about bitcoin. In 2021, there will be new ethereum I say ethereum evolution from Ethereum 1.0 to Ethereum 2.0.
pic image source : scalex
Here are points how I understand the ethereum 2.0

• Ethereum 1.0 is proof of work coin while ethereum 2.0 is a proof of stake coin.

• Proof of work nodes are run by miners while proof of stake needs stakers as validators. Validators will earn reward for validating transaction that is called " minting" or "forging" .

• Ethereum 1.0 is able to verify 30 transaction per second while ethereum 2.0 is set to verify 100,000 transactions / second.

• Ethereum 2.0 needs min 16,384 validators so the network resistance is better than ethereum 1.0.

• phases of launching, Phase 0 in December 2020, Phase 1 will be in 2021, and Phase 2 will be in 2021/2022.

• Beacon Chain is released in December 2020.

• Each staking must be 32 ETH or $19,000 USD by November 24, 2020.

• Vitalik Butterin staked 3,200 ETH.

• Proof Of Work Eth 1.0 will be turned off after all ETH 2.0 phases done.

Those points that I understand how and what ethereum 2.0.
In short ways that ethereum 2.0 can handle more transaction with lower fees. Ethereum market supply will reduce because many holders will stake their eth asset to be validators. Validators will earn reward like miners that is called " minting or forging" In fiat that is called printing money. I hope this will help you that do not understand ethereum 2.0 technically.

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