Ethereum 2.0 is closer than ever, but there is still a lot of work to be done
Proof-of-Stake
Next steps
Eth 1.x
Since its launch, Ethereum has “changed in many ways”, and is now one step away from the biggest change: Ethereum 2.0.
Proof-of-Stake
Eth 1.x (the current blockchain - here is the quote in real time) and Eth 2.0 will have some similarities, that is, the blocks connected to the blockchain. The most important idea is to switch to a Proof-of-Stake (PoS) approval algorithm starting with a Proof-of-Work (PoW).
Briefly, a PoS mechanism proves a transaction from point A to point B to depositors that proves the transfer in exchange for a small reward. If the depositor interferes with the transfer and commits fraud, his funds may be recovered by the network.
The algorithm is based on old Bitcoin-based projects and Buterin’s model of “weak subjectivity” to create a more resilient model of consensus with reasonable limits for successful transactions.
Yes, PoS systems should theoretically send more coins faster than Bitcoin PoW. Other projects like Tron, EOS and Tezos also use PoS variations. The ability to implement PoS by creating a fraud barrier is the main challenge of Eth 2.0.
Next steps
However, not switching to a PoS will have consequences. Eth 1.x has seen excessive pressure from users who have requested to use its space over the past four months, creating a constant friction problem for applications.
So far, nine teams have coded Eth 2.0 in different programming languages to so-called clients. Most teams expect the project to be implemented from October to November. Eth 2.0 will be shared in many steps, starting with the Beacon Chain.
This chain will act as the orchestrator of the new PoS network, which will be divided into several blockchains called "fragments". Just last week, a new "final" testnet was announced to advance the multi-client version of the first part of Eth 2.0, called phase 0.
Eth 1.x
The ideas Buterin mentioned in the white paper of the project were implemented as market value grew (although many were still lacking in maturity). "The first category is financial applications, which offer users a more powerful way to manage and enter into contracts with their own money.
This includes sub-currencies, financial derivatives, protection contracts, savings portfolios, preferences and, ultimately, some large types of employment contracts, "wrote Buterin in 2013. Quantstamp CEO Richard Ma, stated in a media interview that the ecosystem around Ethereum has grown horizontally from the perspective of Eth 2.0.
He pointed to the Solidity programming language and the tools around him as an exciting example. Kosala Hemachandra, CEO and co-founder of MyEtherWallet, said Etheruem has grown first in stages.
Hemachandra said Ethereum has been lacking in recent years, paving the way for decentralized organizations (DAOs), stablecoins and DeFi. The next Ethereum should be more robust than the current blockchain if we want to build a new financial backbone as expected.
The final test before the release of the Ethereum 2.0 mainnet is now live
The Eth2 Medalla testnet has certainly been running in recent days, marking the beginning of the final test phase before the official version of Eth2 is officially released.
The Ethereum 2.0 mainnet is almost ready for launch
Medalla is the first community-focused testnet where network health is in the hands of the Ethereum community, which is a citation on our dedicated web page, unlike previous tests that focused primarily on developers.
With today’s solid Medalla, the launch of Ethereum 2.0 is imminent, bringing with it the long-awaited ETH staking rewards, as well as some relief from growing concerns about high-transaction sky fees for Ethereum. It only took Medella more than an hour to stabilize and allow the blocks to be finalized.
The importance of blockchain
One purpose of blockchain language is the way in which confirmed blocks cannot be changed or revoked, an integral part of the immutable nature of blockchain allowing them to act as a reliable source of long-term reality.
More than 20,000 validators operate nodes to support the Medalla testnet, each with at least 32 ETH testnets. The Medalla name pays homage to Eth1’s original witness, Olympic, released in May 2015.
An important part of the design for both Eth1 and Eth2 is the different clients that users can choose to connect to the Ethereum network from. This feature helps build a diverse community of developers working in different coding languages while minimizing the risk of a single point of failure limiting access to Ethereum for end users .
5 clients and 20.000 unique validators
Medalla will be launched with the support of five clients, and validator node operators active during the launch will receive a single non-fungible token (NFT) to collect for their network contribution.
To work as intended, Ethereum 2.0 will require more than 16,000 unique validator nodes to support a fully decentralized network. The network works by using a "beacon chain" in a group of validators randomly selected from 64 "fragments", i.e. chains of blocks resembling Eth1 implementation, each capable of processing of volumes of transactions equal to the Eth1 chain equivalent exist, about 15 transactions per second.
The result is a transaction transaction of about 1.000 transactions per second. The change is expected to significantly reduce the cost of broadcast transactions on the Ethereum network. The original Eth1 blockchain was later merged with Eth2 as a fragment, combining what would be unique blockchain entities at one time. If Medalla manages to stay stable for the next few weeks, the official implementation of Mainnet Main2 will not last long.
