What Ethereum 2.0 Looks Like As Vitalik Buterin Celebrates Its Birthday
December 03 2021 - 2:00PM
NEWSBTC
The Ethereum 2.0 upgrades of the consensus layer built by multiple
teams in the ecosystem promise to bring a “more scalabe, more
secure, and more sustainable Ethereum”, and now Vitalik Buterin
celebrates 1 year since the proof-of-stake Beacon Chain went live.
Eth2 or Serenity aims to “support 1000s of transactions per second”
so the high gas fees problem can be solved. The Beacon Chain, one
of Ethereum 2.0’s distinct sections, has allowed users to be
Eth2 validators by staking Ethereum, reportedly earning up to 10%
annually, diminishing miners for transaction validation, and adding
new blocks. Ben Edgington, the lead product owner of the Teku Eth
2.0 client, had explained that “Slashing penalties were reduced at
the start of the Beacon Chain to increase stakers’ confidence. Now
that we are all much more comfortable with staking, penalties are
gradually being increased towards their ‘crypto-economically
correct’ values.” The August update in the London hard fork
proceeded to implement EIP-1559, changing the transaction fee
system. Like so, the ETH burning started, which now sees a total of
353,615.10 ETH burnt during the past 30 days with a burn rate
of 8.19 ETH/min. The general expectation is that if ETH supply
gets limited, its price will likely increase. Related Reading
| Over 1 Milllion ETH Has Been Burned Since Ethereum EIP-1559
Eth 2.0 Roadmap At The Beacon Chain’s Birthday The next stage, The
Merge, is possible to happen around May or June next year if the
code is completed by February. This will ‘merge’ the Beacon Chain
into the mainnet. As it has been explained, it is meant to finalize
the transition to PoS, “Ethereum’s history on the PoW network will
be preserved as the PoS consensus layer is merged in as a
replacement for PoW.” Tim Beiko stated that “the Arrow Glacier
upgrade is scheduled for block 13,773,000, which is expected on
December 8, 2021”, and called for users to upgrade their nodes. He
expects the Kintsugi devnet to go live early this month, this is
intended to “implement a release candidate design for The Merge”,
which would be followed by “testing, risk management, and
governance”. Both Beiko and Edgington have said that Ethereum devs
are mainly focused on the Eth2 final steps. The move to
proof-of-stake will not immediately provide any significant extra
throughput to the Ethereum chain, so I don’t expect it to have a
measurable effect on gas prices. The scalability strategy in
Ethereum now revolves around layer-two solutions like the various
roll-ups that are currently being deployed. Once The Merge is done,
we will focus on providing data shards within the Ethereum protocol
that will allow roll-ups to scale massively. Project lead of Obol
Labs, Collin Myers, was glad to see Distributed Validator
Technology (DVT) “on the top” of Vitalik’s Eth2 roadmap, and
explained it as a new infrastructure that enables “Active-Active
redundancy across Eth2 infrastructure deployments”, and suggested
“a world where validator key theft becomes nearly impossible due to
applied cryptography”. We believe a more resilient Ethereum can be
realized through a collaborative infrastructure protocol that
protects against the disappearance of a few network operators. DVT
can an enable this by allowing a group of network operators to act
as one single validator together – something we like to call a
multi-operator validator. Related Reading | Ethereum Rallies
5%, Why ETH Could Surge To New ATH Above $5K
Ethereum (COIN:ETHUSD)
Historical Stock Chart
From Mar 2024 to Apr 2024
Ethereum (COIN:ETHUSD)
Historical Stock Chart
From Apr 2023 to Apr 2024