ETH 2.0 - What news does the long-awaited update of the Ethereum blockchain bring?
ETH 2.0 is a long-awaited update of the Ethereum blockchain. In just five years, this crypto-currency has managed to reach a value of $ 357/ ETH, now being on the second place in the top of crypto-currencies, immediately after Bitcoin. In comparison, after five years of operation, Tether has a value of only $ 1/ USDT.
Given the evolution of this crypto-currency, an update should have appeared much earlier. Those who, at the moment, trade crypto-currencies have probably noticed that the current Ethereum blockchain is about to reach its limits!
According to some statistics, the current blockchain that supports a maximum of 14 transactions per second has a network that is permanently at 97% in use.
The update that will arrive in November of this year promises to solve all current problems, but also to prepare the blockchain for the evolution of ETH.
Is the November launch viable?
One of the developers at Prysmatic Lab, an entity responsible for the ETH 2.0 infrastructure, mentioned that a launch in November is very possible. Raul Jordan, the developer, claims that, despite potential security checks and improvements to the user experience, "November is still favorable for a launch".
On the other hand, Ethereum Foundation researcher Justin Drake claims that a launch in January next year is more plausible. This statement is supported by the numerous delays of the new update.
The November launch has no concrete date and can be postponed again.
What are the features of the ETH 2.0 update?
A blockchain update cannot be compared to an operating system or application update. In this situation, updates are performed only when the blockchain needs them very much.
ETH 2.0 promises a maximum of 100,000 transactions per second, unlike the previous version, which supports only 14.
At the same time, this update will make the transition from a proof-of-work mechanism to a proof-of-stake. The latter assumes that miners will be rewarded based on their stake in the blockchain.
Peer-to-peer optimization is also on the list of improvements. Ethereum nodes will benefit people with a better reputation and behavior and will restrict the activity of less relevant people.
- Unforeseen difficulties that may affect the interoperability of the network with other blockchains will be resolved in the new update.
Finally, the ETH 2.0 APIs will be fully integrated into Prysm.
For the most part, ETH 2.0 is meant to bring Ethereum to a level in line with its evolution in recent years. The years of delay in this update have made Ethereum miners earn more from fees than Bitcoin miners earn - $ 1.2 million in just a few days from transaction fees!
How does ETH 2.0 handle security and user experience?
ETH 2.0 currently runs on the public testnet network Medalla, where it is tested and updated before being moved to mainnet.
The second security audit of the ETH 2.0 Prysm client will be performed by the security firm Trail of Bits. The first audit was performed by Quantstamp.
The developers of ETH 2.0 believe that these two audits will be enough to ensure the safety of Ethereum miners and to improve the user experience in the future.
Of course, the second audit does not mark the end of the developers' work. They also plan the following:
to create a complete ETH 2.0 web interface for Prysm;
fix all major bugs before switching from testnet to mainnet;
improve the Slasher algorithm (responsible for punishing cheats inside the blockchain);
create a common format for Slasher protection in order to facilitate the transport of keys between ETH 2.0 users.
These are just the main elements of the developer plan.
What does the transition from ETH 1.0 to ETH 2.0 entail?
First, the 2.0 update will not involve major immediate changes, especially for current Ethereum miners, says Afri Schoedon, a developer in Berlin.
The transition from ETH 1.0 to ETH 2.0 will take place in several phases / stages: stage 0 - in November and next year, and stage 1 - towards the end of 2021.
Stage 0 will be an accommodation one, according to the developer . Miners will be able to "melt" their eth1 cryptocurrencies to receive the rank of validator within eth2. These validators will operate as security bodies of the ETH 2.0 Company due to the proof-of-stake mechanism addressed in this update.
Finally, stage 1 will strengthen the preparations in stage 0 and activate the blockchains that will process transactions and contracts with Ethereum.
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