Five Biggest Misconceptions About Eth 2.0

Editor's Note: This article comes fromBlue Fox Notes (ID: lanhubiji), reprinted by Odaily with authorization.

Editor's Note: This article comes from

Blue Fox Notes (ID: lanhubiji)

, reprinted by Odaily with authorization.

Foreword: For many people, ETH2.0 is only half-understood. At the same time, there are many misunderstandings about ETH2.0. It will take more information and longer time to really understand ETH2.0, but this is normal because it is new. Many stages of it are still being studied, and there is no final specification. So, according to author Trenton Van Epps, what are the biggest misunderstandings about ETH2.0 at present? This article was translated by "CoLi" of the "Blue Fox Notes" community.

• You may have heard that ETH2.0 will be launched this year. Maybe you saw some of the Devcon V talks, maybe you saw the new testnet block explorers from Etherscan, Bitfly, or Alethio. Yes, it's rolling out.

• Amidst the disillusionment of the bear market, however, there have also been some misunderstandings. I've collected some of the most common misconceptions, including their context, corrections, or provenance.

• Here's a list of the top five misconceptions:

• "ETH2.0 will never be launched"

• "This fork will produce two ETH tokens"

"All ETH2.0 decisions are made by Vitalik"

"ETH2.0 is an all-round solution to the challenges of ETH1.0"

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Myth 1: "ETH 2.0 will never be launched"

According to the various situations we have, ETH2.0 will be launched in 2020. The storage contract bytecode has just been officially verified by Runtime Verification, which means it can be deployed to mainnet. Prysm, Lighthouse, and Nimbus have been iterating with long-running testnets and have recently switched to mainnet specs. Every week brings innovative client optimizations, larger testnets, and a growing pool of well-informed stakers. (Blue Fox Notes: Prysm, Lighthouse and Nimbus are the three main ETH2.0 clients)

*Attestant.io: "Sometime in Q2 or Q3"

*Paul Hauner, @43min: "The period of the year"

For details, please follow Danny Ryan's "eth2.0 Quick Update" or Ben Edgington's "ETH2.0 New Progress".

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Misconception 2: "The transition to ETH2.0 will lead to the immediate deprecation of ETH1.0"<->ETH1.0 will coexist with ETH2.0 for at least a while before merging the two protocols. This includes the history of the chain state, the DeFi applications built on it, and all NFT encrypted tokens.

This is the staged scenario unfolded by the fusion of assets, formed by the participants.

Alternative Proposals for ETH2.0 Convergence.

ETH 1.0 can only be fully integrated after a thorough study of all options and their trade-offs. As opposed to arbitrarily cutting off services and trying to compress timelines, this is the right security-conscious approach. There are many benefits to phasing.

First, breaking code into discrete functional blocks is good risk management. Researchers, client implementers, and auditors can more easily reason about the protocol architecture by evaluating it in manageable parts. Second, it allows the parallelism of research, implementation, and testing, resulting in a faster mainnet rollout. Today we see the benefits of this model: Prysmatic Labs and Lighthouse both have Phase 0 public testnets, while Phase 1 and Phase 2 are ongoing.

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Misconception 3: "This fork will produce two ETH tokens"

In the long run, there will be only one asset. All ETH in circulation today will eventually run on ETH2.0, becoming a first-class citizen. Convergence will happen over time once ETH 2.0 has proven its stability and is properly ready to join the protocol.

Most normal users have nothing to worry about and should not try to buy any tokens called "ETH2". Vitalik summed it up nicely in a recent ETH2.0 AMA:

"If you just hold ETH and want to keep your funds, then, in all the current proposals, there is no risk in five years." (Blue Fox Note: Vitalik means, in terms of current proposals and changes That is, at least for 5 years, if the user only holds ETH, there is no need to worry about the impact of the update on the holding. For example, there is no need to upgrade ETH1 tokens to ETH2 tokens, etc.)

Some thought the network upgrade meant the two would live on. Most "hard forks" are network upgrades that result in better functionality for developers, or mitigate attack vectors. Although uncommon, contentious forks that split the community sometimes result in the persistence of both assets. A well-known example is the hard fork in 2016 that split the Ethereum community into the ETH community and the ETC community.

The transition from ETH1 to ETH2 will not result in any similar split, as PoS and sharding were intended by the community from the start. The key lies in the subtlety of this transition period: that is, after the launch of the beacon chain and before the merger of ETH1.0. During this period, the ETH token asset will perform a similar function, but divided into two domains. Over time, they will merge into the same fungible market. Here's a rough outline of the basic asset transition:

2. Sometime after this, Phase 0 will go live, and these participants who deposit ETH become pledgers: they verify the blockchain and get rewarded through the newly issued tokens on ETH2.0.

3. Phase 1.5 proposes to allow ETH1.0 to become one of the shards, avoiding some more complex trade-offs, such as finality gadget (provide ETH2.0 loan guarantee to ETH1.0) or two-way bridge (in PoW and PoS transfer assets between chains). Stateless models that can achieve this are currently being researched.

At any point before full integration is complete, third parties such as exchanges or staking service providers may create derivatives and IOUs to enable liquidity of staked or temporarily illiquid ETH. However, these are derivatives of actual ETH created by third parties, not actual ETH. Given the difficulty and the trust required, it remains to be seen how it will work and at what scale.

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• Misconception 4: "All ETH2.0 decisions are made by Vitalik"

• Although Vitalik played a key role, he was only a researcher in a larger network and a contributor to moving the research forward. For example, Danny Ryan has taken on the role of key coordinator, acting as a bridge between researchers and client implementers. Over the past year, the group has expanded its scope further: These include:

• Ethereum Foundation Core Research Team

• 8 active client implementation teams

• Qulit team

• TxRx Research

Stateless Ethereum Research

Robust Motivation Team

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Some ETH2.0 implementers at the Sept. 19 interoperability workshop: no Vitalik among them! (Photo via Danny Ryan)

“So, as a developer community, we try to run as open as possible, encouraging participation through developer meetings, GitHub issues, formal updates, informal updates, and other channels. Everyone is welcome to participate, and there are quite a few. We nurture organic growth and are wary of any one party exerting too much control. In a way, our approach is similar to Linux, which has become the dominant player in much of the world's computing."

"If Vitalik takes a break, the Ethereum machine will just keep changing"

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Play this game at the Devcon 6 opening bash

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Misconception 5: "ETH2.0 is a catch-all solution to the challenges of ETH1.0"

• ETH 1.0 has brought to light important issues inherent in the frontiers of distributed systems, trustless applications, and community cohesion. ETH2.0 will bring more benefits, but still faces a similar set of challenges for permissionless public chains. Whether it's version 1.0, 2.0 or 3.0, these challenges are not going away. The community still needs to pay attention to the following aspects:

To achieve a smooth transition from ETH1.0 to ETH2.0 for builders. What's the best way to ensure developers have the tools they need to keep creating and innovating? Make sure to fund the infrastructure on Gitcoin.

• community cohesion

Network upgrades (fork coordination)

• This requires continuous communication with community members, knowledge and commitment to upgrades, and the realization of network upgrades. At least initially, ETH 2.0 will hard fork and will need to manage its path of continuous improvement, although this will stabilize over time.

community cohesion

• A community is not a monolith, and each segment has its own preferences. Which EIP to include? Where should resources go? These are all part of the collaborative social maintenance on which Ethereum depends.

Smart Contract Security

• Like it or not, people will still write buggy smart contracts. eWASM is expected to allow other languages ​​to work with the EVM, which means framing best practices in these broader areas.

more people involved

• The community, and the protocol it drives, is only as powerful as its core updates. Organizations like ETHGlobal need to expand their mandate.

dApp UI

What can be derived from end users? We need to continue to develop unmanaged products that can be used by new users. ETH2.0 introduces protocol finality, but this will in no way affect most end users.