ETH 2.0 to Become a Consensus Layer
Traveling can be a joy. Or it can be a drudgery.
This past week, my wife and I drove to Pennsylvania to attend her grandmother’s funeral. The funeral was Thursday. Saturday morning, we woke up with cold-like symptoms. Sunday afternoon, we left Pennsylvania and drove back to Texas, bodies aching. We arrived yesterday afternoon.
We are now beginning to come out of it, whatever IT is. We haven’t been tested and aren’t planning to be. But that’s the reason I didn’t send anything out on Monday. I was on the road.
And now, without further ado …
Foundation Murders ETH 2.0
If you’re like me, you’ve been looking forward to the rollout of ETH 2.0. Well, it looks like we’ll be waiting forever because there will be no ETH 2.0. Instead, the Foundation has decided to refer to the new Ethereum as a “network upgrade.” In essence, going forward, Ethereum will consist of an execution layer, where the smart contracts and network rules reside, and the consensus layer, which acts as the judge.
One unlikely bitcoin miner from the Solo CK mining pool mined a bitcoin block and earned a hefty reward of $220,000. Give that miner a cigar!
If you find yourself in Budapest, step into the Bitcoin Bar for a drink.
What Is Immutability?
Immutability means transactions recorded on a blockchain cannot be changed or altered. Once recorded, transactions are irreversible. For instance, if Tom sends Rebekah 5 bitcoin and Rebekah receives that money in her digital wallet, a record of that transaction is made and there is no way to cancel it once completed. If Tom meant to send the bitcoin to Sally, that is his error. He cannot retract the payment, in full or in part. He is out of luck.
Immutability ensures that no third party can intervene and cancel a transaction, retract it, or redirect money to another wallet. It also means that mistakes cannot be undone.
An excerpt from my forthcoming book Cryptosocial: How Cryptocurrencies Are Changing Social Media, from Business Expert Press, due to publish in March 2022. Want to know more? Join my launch team.
First published at Cryptocracy. Not financial advice.
