Will Ethereum Bring a Bull Run? Interpretation of the development plan of Ethereum 2.0
In yesterday’s article, I shared with you the future value of Ethereum 2.0, which mentioned that there are several key nodes in the process of Ethereum 2.0 moving forward that all investors should pay attention to.
Today I will share with you several key nodes of Ethereum 2.0.
Ethereum 2.0 is a grand project. We say it is "grand" not only in the performance improvement, but also in the change of the overall architecture. The performance improvement of Ethereum is fundamentally due to the change of its overall architecture. When Ethereum evolves to 2.0, all the core parts of its current architecture, such as the consensus mechanism, virtual machine, and transaction processing methods, will be the same as the current Ethereum (we call it Called Ethereum 1.0) is completely different.
"Rome was not built in a day." Similarly, such a huge project as Ethereum 2.0 has to go through several stages of gradual evolution. I call these stages key nodes, and these key nodes mainly include the following:
1. Stage 0
Phase 0 is the development phase that Ethereum 2.0 is currently going through. After this phase is complete, we will see Ethereum's Beacon Chain. The beacon chain is the bottom layer of Ethereum 2.0, where the consensus mechanism operates and nodes communicate.
Let us put it in more colloquial terms,What the beacon chain wants to achieve is the first big change of Ethereum: changing the consensus mechanism from POW to POS.
At that time, participants all over the world can participate in the block packaging and verification of the beacon chain by staking and get rewards in Ethereum. In the foreseeable future, there will be at least hundreds of thousands of verifiers participating in block packaging and verification in Ethereum 2.0.
But we should pay attention to that, at this time, the ether currency obtained by the node will not be our current ether currency but the ether currency running on Ethereum 2.0. In addition, when Ethereum 2.0 goes online, the existing Ethereum graphics card mining machines will be completely eliminated.
2. Stage 1
After the transformation of the consensus mechanism is realized in phase 0, the next step is phase 1.At this stage, Ethereum 2.0 will usher in the realization of sharding technology.
The so-called sharding can be understood as there are several parallel small Ethereums on Ethereum 2.0, and each small Ethereum is a shard.
On the current Ethereum (Ethereum 1.0), all tasks can only be performed on one Ethereum, so it is inefficient. We can understand that the current Ethereum is equivalent to only one person working, and all the work has to be done by him, so he is not only tired, but also inefficient. And when it comes to Ethereum 2.0, we have 1,000 people working at the same time, so the efficiency will be 1,000 times higher? And it'll be a lot easier for everyone too?
3. Stage 1.5
When Phase 1 is completed, the main framework of Ethereum 2.0 has actually been formed, but we can't forget Ethereum 1.0 just because we have Ethereum 2.0, so how do we deal with Ethereum 1.0 and the thousands of things running on it? What about tens of thousands of tokens and smart contracts?
The approach of Ethereum is to integrate the current Ethereum 1.0 into Ethereum 2.0 as a shard, making it a subsystem of Ethereum 2.0, so that any contracts and DApps currently running on Ethereum 1.0 can still run on 2.0 .This is what stage 1.5 does.
4. Stage 2
Phase 2 of Ethereum 2.0 is equivalent to the closing phase of the entire project. At this stage, Ethereum will continue to improve the remaining details to be processed and solve the problems left over from history.
At this point, Ethereum 2.0 is fully formed.
So according to these key nodes, what is the approximate time for their completion?
According to the plan of the Ethereum team:
Phase 0 is estimated to be officially launched on the mainnet at the end of 2020 or early 2021.
Phase 1 will probably go live in late 2021 or mid-2022.
Phase 1.5 will go live around the end of 2023.
The finishing touches to Phase 2 may be able to progress faster.
The entire Ethereum 2.0 will be launched in the middle or the end of 2024.
In my opinion, when each key node of Ethereum 2.0 is about to be completed, if it goes well, the entire digital currency will usher in a small climax, but it is only a small climax. And when Ethereum 2.0 is officially launched, we will usher in the next halving of Bitcoin. At that time, the market effect formed by these two events will not be inferior to the market conditions of the great bull market in 2017.
