ETH2.0 is progressing smoothly: Ethereum goes further and further,"ethereum killer"they were all silent
Editor's Note: This article comes fromVernacular Blockchain (ID: hellobtc), Author: Five Fireball Leader, reprinted by Odaily with authorization.
Vernacular Blockchain (ID: hellobtc)
To put it simply, the belief in the underlying public chain began to return to ETH.
To put it simply, the belief in the underlying public chain began to return to ETH.
How many other people or articles are talking about EOS, Neo, the project that was once dubbed the "Ethereum Killer"?
How many people are talking about "Ethereum Killer 2.0" like Zilliqa, which focuses on sharding?
Gone, basically gone.
How many other people or articles are talking about EOS, Neo, the project that was once dubbed the "Ethereum Killer"?Cosmos has been launched and Polkadot will be launched soonGone, basically gone.
After the ECO era, ETH suddenly ushered in the feeling of being loved by thousands of people.
Cosmos has been launched and Polkadot will be launched soon
, no one cares, or believes that there will be an underlying public chain that can threaten ETH2.0.
After the ECO era, ETH suddenly ushered in the feeling of being loved by thousands of people.
So let's take a look, what you need to know about ETH2.0 and recent trends. After all, the legendary 0th stage is finally only a few months away from us.
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current plan
A few days ago, V God released his planned roadmap for Ethereum in the next 5-10 years on Twitter.It looks like this:I read white papers in the ICO era, and I have seen many roadmaps, but most of them are fake and look good, but V God, don’t take him seriously, because it is detailed enough, and there is a high probability that it will accomplish.
We are now, finally, at stage 0 in this picture.The author mentioned in the previous article that after 2019,The new technology of public chain has become more and more difficult for ordinary investors to understand
, even with a technical background, unless, you have engaged in real blockchain development.
Articles such as Bitcoin, Ethereum 1.0, and EOS such as concise consensus, technical implementation, and comparison of advantages and disadvantages may not be seen too often. For example, if you ask someone to write aETH2.0, Polkadot, Cosmos Consensus Technical Route and Comparison of Consensus Pros and Cons
First of all, it is estimated that there are not many people who can really write well, but even if it is written, it is estimated that even fewer people can really understand it. Moreover, the comparison of the new generation of public chains is not only the technical route, but also the governance scheme on the chain, the developer ecology and the difficulty of development, etc...
Fortunately, at this stage, we don’t need to worry so much. After all, the IBC of Cosmos has not yet been completed, Polkadot has not yet launched, and the phase 0 of ETH2.0 has not yet arrived. next year
Things to do in Phase 0——
Beacon Chain
The beacon chain is considered to be the core part of the entire Ethereum 2.0. If you are familiar with Polkadot, it is very similar to Polkadot's relay chain concept.
The beacon chain is a "command and control center" that manages and coordinates 64 shard chains (the original design was 1024, but later it was found that the steps were too large and it was cut to 64).
Polkadot's relay chain is the "command and control center" for all parachains.
Otherwise, Polkadot's design is essentially an extreme sharding system.
The main difference between the two is that the beacon chain manages isomorphic shard chains (shared security), which distributes network load through equal distribution, while the relay chain manages heterogeneous parallel chains (also shared security), Spreads the load on the network by making sure each chain does its part.
There are many other differences in detail, which are not the main purpose of this article, so let’s put it aside for the time being.
Regarding phase 0 or the beacon chain, as a non-technical person, you probably need to know the following concepts, and it should be OK.
The main function of the beacon chain 1: pledge system gateway
This may be the most important function of the beacon chain, which is to allow verifiers to participate in the pledge system and replace the role of miners as the builders of the chain. PoW is gone and replaced by PoS.
As for how to become a "miner", I believe you must know, just pledge 32 ETH. Old iron, do you have 32 ETH in your hand?
What the beacon chain needs to do is to coordinate the status and communication of the fragments like a lighthouse or a beacon. The method mainly relies on the Attestation that exists on the beacon chain.
Attestation is not the direct transaction data similar to the ETH main chain, but the hash value of the transaction that has been confirmed and signed by the verifier. They record the state of a specific shard in real time, and whenever the state of the shard changes (For example, the balance of an account has changed), the verifier submits the changes to the beacon chain, and the beacon chain tracks the changes through these hashes, and establishes connections and communications between shards.
Once phase 0 is activated, there will be two Ethereum blockchains: Eth1 chain (PoW main chain) and Eth2 chain (beacon chain/PoS chain)
Readers who want to participate in the verification, that is, users of ETH1 need to register the contract to exchange ETH for ETH2), and phase 0 does not support the withdrawal or transfer of ETH2 from the beacon chain. It was destroyed in the Ethereum 1.0 chain.
Where is the progress of Phase 0?
Where is the progress - basically the state of the test network, so far it is going well.
On the Prysmatic client side—the Sapphire testnet that was successfully run in the first three months was closed, and the new Topaz testnet was successfully launched. Interested readers can participate in the test—it is worth noting that the leading trading platform OKEx has already started to act Preemptively supporting the Topaz test network, it is also the first large-scale mining pool that publicly accesses the ETH2.0 test network in the entire network.
The testnet of the next version of the LightHouse client was launched last week, focusing on testnet interoperability (the current testnets are all single clients, and the joint testnet will be launched in a few weeks).
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The impact on the blockchain world, or our investors
In fact, this is the most important thing. After ETH2.0 goes online, even if it is only phase 0, it will have many technical and economic impacts on the existing blockchain world. At present, the main ones that can be thought of are the following:1. Technically - the class representative is about to complete the first homeworkDo you think, from zillqa in 2018 to now, why so many sharding projects haven’t come out yet?
The reason is simple - because the class representatives haven't finished their homework, so they don't have to copy it!
As mentioned in the author's previous article, after 10 years of blockchain,
In terms of originality, Bitcoin counts as one, ETH counts as half, and EOS may have 0.1
. The other various chains, it can be seen, are essentially copying the homework represented by these three courses, and then modifying it to finish.
Before the sharding of ETH2.0 is completed, there is a high probability that there will be nothing that can be played on the market, and the highly mature sharding public chain is really usable.
In phase 1 to phase 2, that is, after the interoperability of shard chains and smart contracts are realized, it should be a big impact on public chains based on high-performance TPS, such as EOS, TRON and other DPoS.
At that time, so many ETH mining machines will obviously not just watch them become scrap iron, and some other mining coins may benefit from it. At present, ETC and some mining coins with GPU computing power are most likely to be The next stop for these miners.
Also, what needs to be known is that ETH2.0 is not essentially an upgrade or hard fork of 1.0. It is a new chain, a brand new chain built from scratch.
2. Economically - from two aspects of PoW and PoS
PoW——As we all know, ETH2 is PoS, not PoW. When ETH1 enters phase 1 and is completely merged into ETH2 with shard chains, PoW on ETH1 will be completely abandoned and transferred to PoS.
At that time, so many ETH mining machines will obviously not just watch them become scrap iron, and some other mining coins may benefit from it. At present, ETC and some mining coins with GPU computing power are most likely to be The next stop for these miners.
PoS - pledge is a very interesting topic, because it involves how many people will lock, how to lock, and three major factors that affect the price after locking:
How many people will go to the lock - do you think there may be many? It’s not necessarily true. At stage 0, the ETH1 you pledged becomes ETH2. It’s a process with no return. It can only be converted at stage 1. So no matter what your income is this year, it’s basically equivalent to lock-up mining. , cannot be traded and cannot be realized. Phase 1 is conservatively estimated to be about 1 year, and it is not surprising that it will be delayed to 2 years. Are you really willing to lock it for so long?
How to lock - I believe that many retail investors do not have 32 ETH in their hands, but they also want to participate in the pledge, what should they do? According to the previous experience of Tezos, Cosmos, etc., there will definitely be agency services in China, such as several large trading platform mining pools. People who have coins and don’t know how to be a node can do it for you, and people who don’t have enough 32 ETH can entrust mortgages and charge a service fee to finish the job. It won’t be strange to see ETH2 futures or other related equity products when the time comes .
The impact of price - from an optimistic point of view, it should be quite large. Because according to the calculation of the model, if the profit of Staking ether blocks is to be reduced to close to the current DeFi interest rate, it is necessary to lock up 20 to 30 million ETH. (Similar to PoW, the fewer people mining, the higher the income of a single miner, and the high income will naturally attract more and more miners)
1 is currently the hottest DeFi, how much ETH will be locked at its peak in 2020? More than 3 million - then imagine how much impact it will have on the supply of ETH on the market when 30 million are locked?
DeFi - DeFi itself is also composed of DAPP, so DAPP's concerns about 1.0 and 2.0, DeFi will also have.
2 are the two star projects of PoS, Tezos and Cosmos, what is their current lock-up rate? More than 90. In other words, the current prices of these two star PoS projects are supported by the way of locking more than 90% of the circulation. So guess what will happen when the locked position of ETH increases from 3% in the current DeFi era to 30% in ETH2.0? You taste, you taste carefully, you taste carefully.3. EcologicallyDeFi - DeFi itself is also composed of DAPP, so DAPP's concerns about 1.0 and 2.0, DeFi will also have.
When the shard chain starts to run, the contracts and transactions originally involved in LEGO will now be distributed in different shard chains with a high probability. DeFi Lego, which was originally arranged vertically, has now become a vertically and horizontally distributed arrangement, which poses new challenges to its security and composability. What will happen in detail, we can only "wait and see".
