How is the latest Ethereum 2.0 path planned?

特邀专栏作者

2020-11-06 19:04 (UTC+8)

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How exactly does Ethereum 2.0 work? What news will it bring? And the long-awaited mainnet"What are the basic stages to go through?"What are the basic stages to go through?

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How exactly does Ethereum 2.0 work? What news will it bring? And the long-awaited mainnet"What are the basic stages to go through?"What are the basic stages to go through?

Editor's Note: This article comes fromCrypto Valley Live (ID: cryptovalley)Crypto Valley Live (ID: cryptovalley)

Crypto Valley Live (ID: cryptovalley)", Author: Gianmarco Guazzo, translation: Li Hanbo, reproduced by Odaily with authorization."Well, the wait seems to be finally over! On October 4th, the ETH 2.0 Deposit Contract was finally released with all the details of the contract. However, this version will only activate the protocol when at least 16,384 verifiers and 524,288 ETH are deposited in it at 12:00 UTC on December 1st. Obviously, this does not mean that the final version of Ethereum 2.0 will be launched on this day, but that the smart contracts required for the launch will be in effect. But how exactly does Ethereum 2.0 work? What news will it bring? And the long-awaited mainnet

What are the basic stages to go through?

Introduction to Eth2

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Ethereum 2.0, or Eth2, is a long-planned update to the Ethereum network that will attract even more support if all promises are kept, with improved capacity and security. The idea behind this update is to significantly reduce energy consumption by converting the PoW (Proof of Work) algorithm to the PoS (Proof of Stake) algorithm, and the network has a larger number of transactions than the current one. In addition to the epoch-making change from PoW to PoS, shard chains will also be introduced, a concept that has existed in the blockchain world for some time and will be tested on the new version of the protocol. Finally, as previously expected, the actual deployment of Ethereum 2.0 will be divided into three distinct phases, which will be analyzed later. are you ready?"secondary title"Why choose Ethereum 2.0?

Scalable, Secure, Decentralized

Little things, which is why Ethereum 2.0 took so long to wait.

How to choose between PoW and PoS, and why?

The Proof-of-Work consensus algorithm is based on the concept of miners to ensure the security and synchronization of the network. By investing a lot of computing power, blocks are created, and transactions that have not yet been confirmed are included in the blocks. While theoretically the most secure method for cryptocurrencies, it is very energy-intensive for an application that wants to scale globally, and the rate at which transactions are verified is very low. Proof-of-of-Stake replaces energy consumption: there are no miners, but only validators, who stake their ETH to verify and create new blocks to earn new Ethereum . Validators then run software that confirms transactions and creates new blocks on the chain. The capital investment required to become a single validator is 32 ETH, but in the future, there will likely be opportunities to participate with smaller amounts by joining a staking pool. In order to start the various phases of Eth2, there must be at least 16,384 validators and 524,288 ETH deposited in it in the 7 days before December 1, 2020.

secondary title"What is a shard chain?"text"Another important update regarding version 2 of the protocol is the shard chain. These"chain"It can be regarded as a blockchain parallel to the main chain, and it is always in the Ethereum ecosystem, undertaking a considerable part of the data processing work. Currently, for a node in the network to process a transaction, it must download, compute, archive, and read every transaction in Ethereum's history. This is also one of the reasons why Ethereum can only perform 15tps at this stage. With sharding, nodes will be dispersed into a subset of shards, and each transaction in that subset will only need to be downloaded, computed, and archived, rather than the entire network. Then,"The task will be to ensure that all nodes are in sync. this

will be the central blockchain in Ethereum that will provide consensus for all shard chains. On each shard chain, validators will create blocks of transactions and report them to the beacon chain, which will then make this information available to everyone.

Ethereum 2.0 Roadmap

As mentioned earlier, an update of this magnitude requires development and is by no means trivial in terms of coordination and security. To this end, the update from 1.0 to 2.0 will be mainly carried out in 3 stages.

Phase 0: Beacon Chain.

The first thing to be done will be the establishment of the beacon chain. Since shard chains are not supported yet, there will be no real synchronization. In the beginning, the chain only needs to register verifiers to coordinate everyone's staked ETH. We are at this stage now, the deposit contract was released yesterday.

Phase 1.5: Mainnet becomes sharded.

At this stage, Ethereum will now be a shard and will be officially converted to Proof-of-Stake.

In the second and final phase, these shards will be fully functional, compatible with smart contracts, and able to "communicate freely". This phase should complete the transition and finally make Ethereum a high-capacity project capable of taking on a huge number of users.