ETH Weekly | Ethereum 2.0 has released phase 0 code specification; Ethereum may be undervalued compared with Bitcoin (1.6-1.12)

Author | Qin Xiaofeng

Produced | Odaily

Produced | Odaily

1. Overall overview

1. Overall overview

Second, the secondary market

Second, the secondary market

1. Spot market

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(ETH daily chart, picture from OKEx)

(ETH daily chart, picture from OKEx)

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(data from BiNuNiu)

(data from BiNuNiu)

In terms of funds, the funds fluctuated greatly last week. The net inflow of funds was the largest on Friday, exceeding US$8 million; the net outflow of funds on Wednesday was the largest, exceeding US$17 million.

(data from Tokenview)       

(data from Tokenview)

Tokenview dataIt shows that the number of transfers on the chain dropped sharply last week, among which the number of transfers of "more than 5,000 ETH" decreased by 27% month-on-month, and the number of transfers of "above 50,000 ETH" and "above 10,000 ETH" increased by 7.5% and 200% month-on-month respectively.

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3. Ecology and technology

3. Ecology and technology

1. Development and technology

1. Development and technology

(1) Plasma Group announced that it will stop researching the scalability scheme of Ethereum

The Plasma Group, a non-profit research organization on Ethereum, published a blog on January 9, announcing that it would stop researching on the scalability of Ethereum, and at the same time promised to donate the remaining funds of the organization to Gitcoin. After a year of operations, the Plasma Group has concluded that there is no longer a need for Plasma scalability research because the theoretical foundation is mature enough, the organization said. Previously, Kelvin Fichter, the core developer of the Plasma Group team, said in August 2019 that he was in a poor state of mind and announced that he would temporarily leave the team. (Cointelegraph)

(2) Ethereum 2.0 has released version 0 code specification v0.10.0

According to the Ethereum Github codebase, Ethereum 2.0 has released Phase 0 (Phase 0) code specification v0.10.0, which is mainly dedicated to integrating the new BLS standard into the Ethereum 2.0 specification. Eric Conner, founder of Ethhub, said that this version is about to be audited and is also the basis for future multi-client testnets. (Github)

(3) Vitalik proposes a scalable blockchain model that does not require committees

In a discussion hosted by Ethereum Research, Ethereum founder Vitalik outlined a scalable data chain model that does not require committees through fraud-free proofs of data availability. According to V God, the fraud-free proof-of-data availability check scheme retains more features of traditional non-sharded blockchains.

He also proposed a possible design that would include an existing base chain, "similar to an Ethereum-style non-scalable blockchain, to which anyone can post transactions." Here, users Will be able to pay fees and send a special type of transaction containing a promise of data, on which block proposers/miners can then do a data availability check to verify that the data is available. Buterin also expanded on how to only accept blocks that pass each availability check, and that data availability sampling will be "completely and absolutely" dependent on security. (AMBCrypto)

(4) Former executive of ConsenSys: Ethereum 2.0 will start sharding in 2020

Andrew Keys, co-founder of ConsenSys Capital, said recently that he is extremely optimistic about the progress of the Ethereum network's transition to the proof-of-stake consensus, and is convinced that in 2020, Ethereum developers will not only deliver phase 0, but even in the final sharding design. Deliver Phase 1. Keys also predicts that CME ETH futures will be published in 2020. (U. Today)

(5) Researcher Jim McDonald predicts Ethereum 2.0 verification costs

Ethereum advocate and general manager of Weald Technology Jim McDonald tried to predict the cost of future Ethereum 2.0 validators. He said: As the Ethereum 2.0 network phases develop, its fees will increase significantly, including Phase 1 and Phase 2. It should be pointed out that McDonald failed to explain the approximate cost with specific figures. According to the latest estimates, the minimum mortgage amount required by Ethereum 2.0 is 32 ETH, and the expected annual rate of return is 4-5%. (U. Today)

(6) Developers: ETH 2.0 is mainly to establish a stable base layer

Sigma Prime is one of the teams contributing to the development of ETH 2.0. Paul Hauner, the developer of Sigma Prime, said in an interview that Phase 0 will not have very interesting user-facing features, mainly to establish a stable base layer, which will later be used to introduce sharing and execution topics. It was then added that there will be two main concepts at this stage: Proof of Stake and a new network stack. Regarding the network stack, Hauner noted that ETH 1 uses devp2p, a protocol built specifically for ethereum. ETH 2 will use libp2p, a new networking stack introduced by the Protocol Labs team to power IPFS. libp2p vs. devp2p will allow for easier swapping of components. (AMBCrypto)

Aave, an Ethereum application development company, announced on its blog that the open-source lending market protocol Aave Protocol will be launched on the Ethereum mainnet, and the short-term loan function of the "decentralized lending pool" will be introduced.

2.DEX

according toDAppTotal.com DEXimage description

(picture fromDAppTotal.com DEX）

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3.Dapp

according toDappreview dataDappreview data

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4. Mining       

(data from etherchain.org)

etherchain.orgThe data shows that the average computing power decreased by 2.3% month-on-month, and was temporarily reported as 165.3TH/s; with the completion of the "Muir Glacier" hard fork, the block generation time was shortened to 13.3 seconds, and the block generation increased by 10% month-on-month. It also increased significantly and was close to the highest level in history; daily mining revenue rose to more than 13,000 ETH; however, the activity of miners decreased, and the number of new addresses decreased by 6.8% month-on-month

(Mining difficulty changes)

4. News

4. News

1. German cryptocurrency bank Bitwala announces support for Ethereum

On Jan. 7, German cryptocurrency bank Bitwala announced support for Ethereum (ETH). In a statement, Bitwala said that the decision to add Ethereum was largely due to Ethereum’s driving role in the decentralized finance (DeFi) movement. (Decrypt)

2. Analyst: ETH may be undervalued compared to BitcoinNate MaddreyAt the end of last year, Bitcoin's MVRV ratio was about 1.3, while ETH was 0.61, which may be that ETH is a little undervalued compared to Bitcoin.

analystCryptoWolfanalyst

Then Twitter made some bold statements and posted a chart with his predictions for Ethereum in 2020. He stated that Ethereum will follow Bitcoin’s parabolic rise in the 2010s. Its chart depicts bitcoin’s growth over the past decade and ethereum’s potential growth over the latest decade, and the two line up surprisingly well. "The investment of the decade will be Ethereum. This chart cannot be ignored." (AMBCrypto, BeInCrypto)

(MVRV: The ratio of market value to realized value. An MVRV higher than 1 means that the market value is higher than the realized market value, which means that ordinary investors will make a profit if they sell; conversely, if the MVRV is lower than 1, investors will be sold at a loss.)

3. Ethereum developer Virgil Griffith has been formally charged

On Jan. 9, ethereum developer Virgil Griffith is now formally charged with allegedly assisting North Korea in understanding blockchain and cryptocurrencies. Griffith is allegedly indicted for "conspiracy to violate the International Emergency Economic Powers Act."

According to Odaily's previous news, Griffith was arrested in November last year on charges that the federal government accused him of illegally traveling to North Korea in April and making a statement at the "Pyongyang Blockchain and Cryptocurrency Conference." (The Block)

4. V God: The community is the most important part of Ethereum, and the community is far more important than the code