Reading this article is equivalent to going to Devcon5: the vitality and chaos of ETH2.0
Produced | Odaily (ID: o-daily)
Produced | Odaily (ID: o-daily)
In 2018, the cryptocurrency world belonged to Ethereum, but in 2019, it was dominated by Bitcoin, whose market value continued to soar. In 2020+, will ETH 2.0 after POS change the mainstream perception of ETH?
Editor's note: Bowen is the co-founder of DDEX decentralized exchange, an Ethereum enthusiast and Defi preacher, and an analyst who was the first to study Ethereum at ZhenFund and encouraged other Internet entrepreneurs and investors to get on board . This article is his travel diary + thinking summary after I have threatened and lured me several times and tried my best to press the manuscript. Thanks Bowen, readers Enjoy.
Before the text, let me draw a few key points discussed in devcon5:
ETH 2.0 will be a new chain, a new token system.
Many final answers to ETH 2.0 POS sharding have not yet been determined, and the upgrade plan for the most concerned topic is still being actively discussed at https://ethresear.ch/.
DeFi and decentralized organizations are still the most lively topics in the two ETH ecosystems.
MakerDAO's multi-collateral stablecoin MCD will be launched on 11/18, and the collateral needs to be voted by the community.
On October 9, 2019, 3,000 Ethereum developers, enthusiasts, and geeks came to Osaka, Japan to gather at Devcon5, the fifth ETH developer conference.
Every year, Devcon has its own "mission". Although the atmosphere of Devcon5 is not as tense as that of TheDAO hack hard fork event at Devcon2, everyone also has the same question about the fate of Ethereum: the progress of ETH 2.0 and the progress of ETH The fate of 1.0, where will it go?
Although they are all about innovation, unlike the conference where the company releases blockbuster new products, the structure of the Ethereum Development Conference is relatively loose, which can be summed up in one term: TLDR: Too Long, Didn't Read. Many decisions are being updated dynamically, and probably the only constant is change itself.
Different from the core logic of China's economy that "concentrate resources to do big things", Ethereum takes the foundation as the main body, funding and cooperating with a large number of ecological projects for cooperative development.
Taking ETH 2.0 client as an example, 9 teams are developing in parallel at the same time:https://docs.ethhub.io/
Similar to previous Ethereum Developer Conferences, the main speeches will focus on open topics and community progress sharing, supplemented by seminars on various new development languages, protocols, and middleware.
Of course, this Devcon also left a lot of space for potential competitors of ETH, including Cosmos, Polkdot, ETC, AVA Labs and other public chains, who gave speeches one after another. The other is publicity based on public welfare, including the first cryptocurrency fund created by UNICEF to support open source software for children and adolescents:https://www.unicef.org/
The number of people queuing up at the venue is the most intuitive barometer of the quality and attention of the meeting. On the first morning, the lecture by Summa founder James Prestwich was very lively. The topic is: Why Dapp Users Will Hate Cross-Shard Comumnication and What You Can Do About It, mainly talking about why Dapp users will hate cross-shard comumnication and how to change cross-shard comumnication.
Although it will take two years for Dapp sharding to become a real practical issue, open and broad research and discussions have obviously begun. By the time the event started at 10:30, there was no room left.
The second day started with the annual "Ethereum Art Performance". What is still fresh in my memory is that the performance of Devcon4 was a "song against ICO". The beginning of Devcon5 was a local drum performance in Osaka, Japan, Hudson James The drumbeat of "catch the ducks to the shelves" with Vitalik seems to indirectly reflect the state of ETH 2.0 when everything is in progress.
The focus begins with Vitalik's keynote, Vitalik Buterin: Keynote Address. Vitalik's speech started from the origin of Bitcoin and the problems it solved, and then talked about the battle between POS and POW. The 30-minute keynote speech and Q&A session did not directly address the issues that everyone is most concerned about:
How much ETH will move from 1.0 to ETH 2.0?
How much will the sharding TPS of ETH 2.0 increase? How many shards will there be?
What are the different functions of different Phases of ETH 2.0, and what is the timetable?
Will EVM be replaced by eWASARM?
Where does the existing ETH 1.0 dAPP go from here? (Ethereum 2.0 will not use EVM (virtual machine) in 2 years, which means that ETH will not have Dapp in 2 years)
The audience can only talk about these topics in the seats, discussing how ETH 2.0 tokens will have better liquidity on the exchange, and whether ETH 1.x will be ignored like ETC used to be.
The afternoon speech was started by Rune, CEO of the MakerDAO Foundation, who summarized 100,000 active DAI usage addresses, and more than 1.6 million ETH mortgaged in the MakerDAO smart contract.
At the same time, MakerDAO announced that the multi-collateral DAI will be launched on November 18, and the collateral has not yet been confirmed. The final collateral will be voted on by MKR holders at MakerDAO's weekly community meetings. Potential options right now are mostly concentrated among high-cap ERC20 tokens (including BAT, REP, DGD, etc.). There are also plans to put offline assets on the chain (such as stocks, artworks, gold, etc.).
On the second day, there were also several novel "brain hole-type" sessions, including "How to combine MimbleWimble and Ethereum", "Ethereum 9¾: MimbleWimble for ERC20 with zkSNARKS", "The security of ETH 2.0 Casper", "How to Run ETH 2.0" nodes on Raspberry Pi, etc.
At the end of the afternoon, Mariano Conti, the head of MakerDAO’s smart contracts who lives in Argentina, showed up and talked about the use of cryptocurrencies in countries with high inflation rates. As we all know, the annualized inflation rate in Argentina rose from 40% to 55% in 2019. As a member of the MakerDAO team, Mariano accepts DAI as salary. Except for rent and credit card expenses, all fiat currencies are exchanged for ETH.
At the same time, he loudly called on all Argentine compatriots to stand up in solidarity. The on-site painting style changed suddenly, just like the Ethereum swearing-in meeting. The "politically correct" remarks received applause from Ethereum fans one after another.
On the third day, Joseph Lubin, the co-founder of Ethereum and the founder of Consensys, talked about the scalability of ETH 2.0. The TPS of the test network reached thousands. ETH2.0 Phase 0 is expected to be launched in Q1 of 2020, and Phase 1-2 will be launched simultaneously by the end of 2020.
At the same time, he also shared the advantages of ETH as a world computer and a programmable public chain:
Tokens must be issued widely and fairly.
The community must be vibrant and continue to grow. One way to achieve this is by enabling tokens held by the community to appreciate in value.
Projects must bring in sufficient funds to allow for continuous improvement.
Regulatory requirements must be met.
In a nutshell: the price of the currency must be high, there must be more currency holders, there must be liquidity, and compliance.
For the public chain ecology, another area of contention is development talents. Consensys' Truffle framework and Metamask's web wallet are all necessary materials for developers to develop dapps. Lubin also understands "a barracks made of iron, soldiers of flowing water". The necessary and sufficient condition for the thriving community public chain is to continuously attract developers to join and try. Although many core developers have shifted their focus to other projects in 2019, it is a long-term solution to attract new developers to solve new problems.
The above is the essence of Devcon.
In general, my feeling is: don't overestimate the achievements of one year, and don't underestimate the development of ten years.
Many people always criticize the loose management structure of the ETH Foundation and the inefficiency of community meetings. But on the other hand, this is why a steady stream of developers join the Ethereum ecosystem instead of choosing other public chains. Openness, transparency, respect for the opinions of most people in the community, and a strong sense of idealism, this is Ethereum.
This is the nature of the open source community, Chaotic but Vibrant, chaotic and vibrant at the same time, because every participant has the right to vote and participate. Hard fork is a function, not a bug.
In 2018, the cryptocurrency world belonged to Ethereum, but in 2019, the market value continued to soar
In 2020+, will ETH 2.0 after POS change the mainstream perception of ETH?
We look forward to.
Because of the typhoon in Osaka, most of the participants escaped one day in advance, and Bowen was among them, so you may also find that there is no Day4 in this article. If you are interested and have time to study the specific content of Devcon every day, you can poke Odaily for details report:
Devcon Day 1: State Rent, Uniswap, and Plasma’s Layer 2 DEX
Devcon Day4: Chainlink pushes new currency oracles; OpenLibra is beaten in the face
