Speed vs quality? Optimism runs high for Ethereum 2.0, but the road is long
Editor's Note: This article comes fromCointelegraph Chinese (ID: CointelegraphChina), Author: GARETH JENKINSON, reprinted with authorization by Odaily.
Editor's Note: This article comes fromETHCointelegraph Chinese (ID: CointelegraphChina)
Cointelegraph Chinese (ID: CointelegraphChina), Author: GARETH JENKINSON, reprinted with authorization by Odaily.Ethereum has been following its continued roadmap towards a proof-of-stake consensus protocol, and in 2020 has laid a solid foundation for Ethereum 2.0. This smart contract blockchain has firmly established itself as a platform and acquired the world's second largest cryptocurrency
The rise of decentralized finance is largely built on top of the Ethereum blockchain, adding credibility to the platform's decentralized capabilities. However, the surge in blockchain usage has also
brought a high price
, because as more users and platforms are added to the Ethereum blockchain, network speed and transaction costs are directly affected. This is the impetus for the ongoing transition to Eth2.There already seems to be a lot of positivity about the ongoing transition to Eth2, with anticipation for the project heading into the new year. So, what are the main hopes for the next step in the development of Ethereum in 2021?secondary title
In short, Eth2
Integral part of Ethereum developmentbeacon chain, to make the Ethereum blockchain more scalable, secure and sustainable. Its goal is to support thousands of transactions per second to make applications faster and cheaper to use.Security is a primary concern, so the move to proof-of-stake requires making the protocol more secure against all forms of attack. Last but not least, the transition from PoW to PoS is integral to constraining the environmental impact of the Ethereum network. In its current state, the network requires a lot of computing power and electricity to remain sustainable.The first stage is
beacon chain
Started on December 1, 2020Shard chain. Eth2 users can now stake ETH and become validators on the network. Becoming a full validator requires users to stake 32 ETH and will see these users process transactions and create new blocks on-chain. This is considered the future of securing the Ethereum network and will eventually replace the current energy-consuming PoW consensus mechanism.
The beacon chain will eventually assign certain validators certain
Shard chain
, which will decentralize the work required to validate the Ethereum blockchain. The first iterations of these shard chains will not process transactions, but will store and manage data on the network.
The long-term goal is to combine sharding with rollups, which are essentially bundles of off-chain transactions before committing back to the mainnet. This will greatly increase the transaction processing capacity of the Ethereum network.
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Staking ETH is a vote of confidence
Cointelegraph reached out to several front-line Ethereum developers. Teku is an Eth2 client created by ConsenSys for corporate and institutional investors, and its main product leader, Ben Edgington, is directly involved in the development of Eth2.
"The amount of ETH already staked is a huge vote of confidence, not just for the beacon chain, but for the future of Ethereum. I'm impressed with how much money has come in so quickly, and for Ethereum I am very encouraged by the commitment of the Square community to what we have built and will continue to build."
Edgington added that the launch of the Beacon Chain, arguably the most difficult part of the Eth2 project, is a huge milestone that boosts confidence in Ethereum's journey to future stages.
Viktor Bunin, a protocol expert at blockchain infrastructure provider Bison Trails, told Cointelegraph that the ongoing ETH staking suggests that the future ethereum protocol will enjoy significant community support, adding:"I'm amazed at the sustained inflow, I think it's possible that the queue to enter Eth2 won't dry up throughout 2021, which means there's always a validator waiting to join the Ethereum network because there are a lot of people in Also try to join."secondary title
In early December 2020, Joseph Lubin, founder of ConsenSys, stated that the transition to the next phase of Eth2, now that the beacon chain is live,
Co-Founder of EthereumVitalik Buterin. “People who know the ethereum ecosystem are very optimistic about how fast things are going because the really complex work is already done in Phase 0,” Lubin said at the “Enterprise Ethereum – APAC 2020” conference.emphasizedLubin added that the Ethereum Foundation hopes that sharding, when deployed, will greatly improve the availability of data on the ethereum blockchain. He even said that Eth2 could absorb Eth1 "in the near future".
Co-Founder of Ethereum
In an online conference hosted by Ethereum Buenos Aires on YouTube on December 29, 2020, some perspectives were given on the continued development of the Ethereum ecosystem. he
Key goals for the Ethereum ecosystem in the next 12 months. The main concern is transaction costs on the current blockchain, which Buterin believes is still a sticking point: “We need to work really hard to make sure there is more room for transactions so that we don’t have this dynamic where everyone is bidding A very small space, so very few deals can come in."
Buterin also said that Ethereum aims to support hundreds of millions of users in the next few years, but currently, the Ethereum blockchain can only support 15 to 45 transactions per second.
Buterin then presented the medium-term scalability roadmap and highlighted the potential of rollups, which allow the network to process 1,000 to 4,000 transactions per second. When deploying Eth2 shards and rollups at the same time, Buterin highlighted that Ethereum could potentially process 25,000 to 100,000 transactions per second.
Buterin, the co-founder of Ethereum, said at the closing ceremony that he hopes to complete the current development roadmap of the Eth1 (PoW) and Eth2 (PoS) chains by the end of 2021, and hopes to run the test network to realize the full integration and integration of the two chains. sharding capabilities, adding: “It is possible that, even before the merger, light client support for proof-of-stake chains could be used to provide better light-client support for proof-of-work chains.”
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Ethereum developers trust the process
According to those involved, a common theme that has emerged throughout ethereum’s ongoing development is a focus on quality. Although a timeline has been set, the developers are more focused on building and implementing upgrades that are not rushed.
Buterin told Cointelegraph that many of the ethereum users, developers, and companies he’s spoken to over the past few years have expressed displeasure with the beacon chain’s long rollout, but are excited about the rollout:"They didn't take shortcuts in their Phase 0 design, and they weren't afraid to start over after trying and failing or discovering new optimizations. They will and should continue to optimize for the best design instead of speed of execution."As Buterin mentioned in December 2020, the 2021 roadmap includes development goals for both Eth1 and Eth2. The latter includes shard chain work, which promises to improve the scalability of the protocol. Edgington said he hopes shard chains will be available by the end of the year, but that depends on the scale of work to be done in 2021:
“The design of sharding is very advanced, and I hope we can make excellent progress in implementing sharding this year. Personally, I would like to see the shard chain launch in 2021, but there is no specific date yet. In addition, we are already on the route A merger of Eth1 and Eth2 is proposed in the picture, so we will be doing this work in parallel with sharding.”
