Understanding Ethereum 2.0: Where are we on the timeline?

Understanding Ethereum 2.0: Where are we on the timeline?

By Cryptohem | My crypto knowledge 2020 | 24 May 2020


Ethereum 2.0 is one of the project which has been working since 2017.A vision of Ethereum in making a real supercomputer. And is one of the most long awaited scaling solution that will take the blockchain to proof of stake(POS) model. It was scheduled to be launced on january 2020 but it is a long and labourous in process in finding a  fixing code vulnaribility.So can this vision of ETH supercomputer be turn into reality? This is what every one is waiting for.

 

Ethereum 2.0 an Overview

In Ethereum 2.0 the previous blockchain powerd by proof of work(POW) will be replaced by proof of stake(POS). Here thery are introducing a Proof of stake based finality system called Casper. This POS will over lay the existing POW blockchain. Casper is a partial consesus mechanism combining Proof of stake alogorithm and Byzantine theory. Other features rather than POS . An upgrade that will help network scale is called sharding. Which is breaking of ETH blockchain into pieces called shard. Each sard will operates as their own blockchain with unique smart contract. This will be called as shard chain. There will be 64 shard chain. Each of these shard block size can go upto max 512 kb comparing to the current 52kb. 

 

Where are we on the timeline

Ethereum phase 0 is delay somewhat as the first few stage was supposed to be released this year but got pushed back. And there is no surprise for delaying it in 2020 .Every revolutionary technology can't be built overnight and if it was then there would no trustworthy and no one would invest on it . However things happens to be kicking in with the starting of the official mining of genesis block on ETH 2.0 testnet topaz. Topaz will be replecing the current saphire testnet and this  has seen an increase demand from the network partecipient. Since the opening of the tampaz testnet validator there are about 28000 validators signing up and is increading day by day.

 

What is new in Ethereum 2.0

In this phase we will be seeing the launching of Beacon chain. So what in the world is Beacon chain? Beacon chain will be the master chain in  ETH 2.0 that will operate the Prood Of stake(POS)  mechanism. It will manage and store the registry of validators. There will be a collection of validators who own 32 ETH. This will all be run parallel to the current ETH main chain. Hence user will be able to exchange the ETH token with the new one via a bridge. If all this plan seem to work then it will move to the phase 1.

 

Phase 1

This is the phase that will bring sharding power and where  those 64 shard chain will be created. Phase 1 will be concerned with the construction, validity and consensus on the data of these shard chain. This shard will then operates their own independent POS blockchain. The Becon chain will be the cental blockchain that will coordinate all these shard.

 

Phase 2

In phase 2 we will see the introduction of smart contract functionally. Each shard will manage a virtual machined based on cWASM. Phase 2 will also introduces the concept of Execution Environment EEs. The main Beacon will now be the backbone of ETH 2.0. Hence ETH becoming  a highly decentralised network  of virtual machine. A real supercomputer ETH was always vision for.

But despite such great upgrades people are woried and concern for centralisation of Ethereum with the coming of POS model as more wealth means more control.

 


Cryptohem
Cryptohem

A music lover,crypto enthusiatic,blogger and a writer. Crypto will cope the world


My crypto knowledge 2020
My crypto knowledge 2020

I am new in crypto world .but i am sharing whatever i knew about the latest crypto information.

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