Proof of Stake and Ethereum 2.0
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Proof of Stake and Ethereum 2.0

By SylarHeisenberg | blockchain-blog | 23 Mar 2020


The Ethereum Blockchain is facing big changes. Vitalik Buterin has now bundled the step-by-step development of Ethereum 2.0 into a roadmap.

In a recently published roadmap, Vitalik Buterin has taken a look at the development of Ethereum 2.0. The Ethereum inventor had to dampen his hopes for an early introduction. But it should be worth the wait, as the major upgrade promises to solve major problems of the current network.

Ethereum 2.0 still dreams of the future

The "Ethereum 2.0" upgrade is a complete overhaul of the previous Ethereum network with several new features such as sharding, proof of stack and a new virtual machine (eWASM). Vitalik Buterin has now communicated his roadmap for the upgrade, which will be carried out in several phases, to the public via Twitter.

The complete remediation of the network may well take several more years. According to Buterin, it could take another five to ten years before the network is up and running again.

Phase 0

However, the first intermediate step - phase 0 - does not seem to be too far off after successfully completing the tests. Phase 0 already contains significant innovations such as the start of the so-called Beacon Chain. In addition, the Proof of Stake introduces a new consensus procedure and the network is relieved by the sharding function. Phase 0 will also introduce the new ETH2 asset, which the nodes will receive as a reward for validating the beacon chain.

In this phase, there will initially be two active Ethereum networks in parallel: the current Eth1 chain with a PoW and the future "beacon chain" Eth2 chain. During this transition phase, users will be able to transfer their ethers from the Eth1 chain to the Eth2 chain and act as validators in the network with a beacon chain client. However, all transactions and smart contract calculations will initially continue to run on the Eth1 chain.

According to Ethereum developer Danny Ryan, the following five design goals should be achieved with the large-scale upgrade:

  • Decentralization: the validation of shards even with limited resources
  • Resistance: Stability of the network even with forks
  • Security: Enabling a large number of validators
  • Simplicity: reducing complexity - even at the cost of some efficiency losses
  • Durability: All components should guarantee quantum safety

There is still a long way to go before the roadmap is fully implemented, but in the end users will benefit from increased scalability and reduced load on the Ethereum network.

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SylarHeisenberg
SylarHeisenberg

I am a 33 year old businessman, based in Germany with a great passion for our monetary system, cryptographic currencies and gaming. I would like to share this passion with you here.


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blockchain-blog

This is my blog in the areas of Blockchain, digital currencies and Bitcoin. I report on important developments in the digital currency markets and provide readers with a critical and independent assessment of the news situation.

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