Editor's Note: This article comes fromBlue Fox Notes (ID: lanhubiji)Editor's Note: This article comes from

Blue Fox Notes (ID: lanhubiji)

Blue Fox Notes (ID: lanhubiji)

, Author: Faisal Khan, translation: MoQi, reprinted with authorization by Odaily.

Preface: In any case, the upgrade of Ethereum 2.0 is a big event in the encryption world. Although various problems may be encountered in the meantime, its influence cannot be ignored. In particular, it shifts from a PoW mechanism to a PoS mechanism. This is a major shift. From the observation of Blue Fox Notes, PoW is more suitable for cryptocurrency, while PoS is more suitable for smart contract platforms. What profound impact will the launch of ETH2.0 have on the entire encryption world? Welcome everyone to leave a message to discuss.

The bear market in the crypto space dominated the third quarter of 2019. However, the digital asset’s decline has not extended over the past few days as top cryptocurrency Bitcoin struggled to bounce back from mid-term support at $7,300.

After Bitcoin, altcoins have also seen some positive action. Ethereum also bounced off the mid-term support at $160. This means a lot for Ethereum, the largest altcoin. Mainnet activation (“Istanbul”) for the Ethereum system upgrade will be scheduled for the week of December 4th.

Earlier this year, another system upgrade, dubbed "Constantinople," implemented five Ethereum Improvement Proposals (EIPs). The twin upgrades of "Constantinople" and "St. Petersburg" were activated at block height 7,280,000 of Ethereum.

The "Istanbul" upgrade will be implemented in two phases, the first of which is the eighth hard fork on the $21 billion blockchain network. It will implement six code changes that are not backward compatible. Of all these changes, EIP1884 is perhaps the most controversial one. It will increase the computational cost for application developers to retrieve data from the network.

• As announced at the Ethereum Core Developers Conference, the Istanbul mainnet will launch at block 9,056,000. However, if any technical issues arise during the software upgrade, the mainnet activation will be delayed by one month, to January 2020.

• Considering that the last hard fork of the Constantinople upgrade was postponed at the last minute of the deadline when a security flaw was found in one of the five Ethereum Improvement Proposals (EIPs), this caution is taken. flexible way.

• In this Ethereum system upgrade, you can expect to see some major changes as follows:

• The new version of the network, named Ethereum 2.0 (ETH2.0), will shift its consensus algorithm from the energy-intensive PoW algorithm to the more secure and scalable PoS, which requires stake token holders to verify blocks , rather than electing miners who produce blocks by performing complex calculations.

• While the mainnet launch is scheduled for December 4, 2019, the transition is not expected to be fully completed until January 3, 2020. Stakers, developers, and major ethereum clients such as Geth and Parity are expected to complete the transition during this time to avoid any issues.

• In order to be eligible to perform the functions of a masternode or meet the requirement to stake ETH tokens, one must have 32ETH on the network. The chart above is a comparison to other staking platforms and their requirements.

• Ethereum’s new economic model suggests that validators can expect to earn between 4.6% and 10.3% annually. (Blue Fox Note: The annual rate of return should theoretically be from 1.56% to 18.1%, but it is actually expected to be difficult to exceed 5%, and the specific rate of return varies according to the amount of pledged tokens)

The hardware cost of a new version of the ethereum blockchain is determined by a new design proposal from ethereum founder Vitalik Buterin.