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The first transition stage of the Ethereum network is termed as 'Phase Zero.' It transitions from a proof-of-work to a proof-of-stake consensus algorithm. The block validation function will be passed on from miners to special network validators. Since the inception of the network, developers have been looking ahead to a transition to the proof-of-stake consensus model which has been dubbed as 'Serenity.'

Ethereum is an open software platform that is based on the principles of blockchain technology. The main advantage of Ethereumis that it allows developers to build and deploy decentralized applications. Ethereum helps developers create operations based on their needs, and this means that developers can build thousands of different applications.