The latest developments in ETH2.0: There are three changes in the roadmap, and 4.7 million pieces are planned to be issued each year
On November 18th, at the "Ask Me Anything" AMA held by the Ethereum Foundation on Reddit, founder Vitalik Buterin (V God) and official team members answered many community questions and explained the latest developments of Ethereum 2.0 And develop expectations!
According to the design of Ethereum 2.0, 524,288 ETHs need to be deposited into the deposit contract before the main network of Ethereum 2.0 can be officially launched; and according to the time plan, only when the above-mentioned pledged amount is reached before November 24 can it be fulfilled on December 1 Launch the mainnet.
The current situation is that the balance of the Ethereum 2.0 deposit contract address is 104416ETH, and the minimum task requirements are less than 20%, and it is less than 6 days away from the 24th.
Therefore, the issues that miners are more concerned about are here.
Faced with this problem, Vitalik said in the AMA event that he is striving to put ETH 2.0 into use as soon as possible. At the same time, the three most important changes have occurred in the Ethereum 2.0 roadmap in the past few months. How to develop through 2 years related to:
1. A rollup-centric roadmap that simplifies "Phase 1" to only shard data (in order to use rolllups), making it easier to implement.
2. Simplify mergers. Based on this, eth1 transactions will be executed directly on the beacon chain, not in the shard; due to optimistic execution, the execution pause during the merge may be greatly shortened. This makes the implementation of merging easier.
3. Parallel stage. Light client support, data sharding (aka "phase 1"), and merging are all set to be independent of each other, so each part can be implemented "when it's ready" no matter what stage the other part is in.
V God said that all these efforts are aimed at shortening the time to actually put ETH 2.0 into use.
Light client support is likely to be implemented before sharding, which will make the beacon chain very useful, even as a consensus tool on the eth1 chain.
Simplified merging means merging happens faster. Stage parallelism further opens the door for merging to occur, possibly even before sharding is performed.
According to the rollup-centric roadmap, "Phase 2" (native sharding execution) is temporarily ignored. This is because the ultimate goal of Phase 2, which is to achieve high TPS, can be achieved earlier by implementing better data sharding (Phase 1) and rollups, so we chose to focus on making it happen.
All in all, nothing irreversible has been done to prevent 2.0 from adding shard execution in the future, and the overall roadmap will be fully compatible with roadmap implementations added at any time.
At the same time, Danny Ryan, the head of the Ethereum 2.0 project, said that if necessary, the minimum deposit threshold of the ETH 2.0 deposit contract will be adjusted to ensure the start of the ETH 2.0 genesis block.
He said that I personally think that more than 100k ETH in the deposit contract is enough, and it makes sense to lower the threshold to prevent ETH from being trapped for too long. For these early adopters, rewards will be high, and ETH validator nodes will likely continue to grow over time.
In addition, some community members raised the question "What is the maximum supply of ETH?", which received widespread attention.
V God replied that in the next 1-2 years, the planned circulation of ETH is about 4.7 million pieces per year. Once the PoS is fully implemented, the amount of destruction will be subtracted every year, and it will be about 2 million pieces per year.
What V God suggests here is the maximum supply of tokens. The current circulation of ETH is about 113 million pieces, and 4.7 million is equivalent to an annual inflation rate of 4.16%. If it transitions to 2 million pieces, the annual inflation rate will be lower. Overall It seems that the growth rate is relatively mild.
In fact, under the POS mechanism, ETH needs to pledge a relatively high proportion, and the handling fee will also destroy a small amount of ETH, so there may even be an overall deflation situation.
Over the years, Ethereum's network has experienced periods of high congestion at various points, depending on various applications and associated traffic. In the second half of this year, decentralized financial activities represented by DeFi clogged the Ethereum blockchain, resulting in high fees and longer than average confirmation times.
Ethereum 2.0 proposes a scaling solution that can greatly increase the number of transactions per second. It will also move the blockchain to another consensus algorithm called proof-of-stake, although the transition process may experience delays, with the current target for the release date of ETH 2.0 Phase 0 being December 1.
V God believes that aggregation-centric upgrades, simplified merging, and parallelization of stages are the highest revisions of the ETH 2.0 roadmap, which will affect the final network results, and said that all these changes are to reduce ETH 2.0. Useful time for people.
In general, scaling has been a hotly debated topic in the crypto space. Once the main network is launched, the path explored by early participants will inevitably attract more people to follow.
