How will the transition to Ethereum 2.0?

This week in Ethereum address Foundation was accused by critics of cryptocurrency. They stated that ecosystem Ethereum is a “Scam”, as its creators have allegedly failed to fulfill all the promisesgiven at the start of the project. Well, the transition on Ethereum 2.0 is used by them as an attempt to correct their own mistakes, although in the end come to scalability in global scale still will not work.

To the accusations on Twitter reacted Vitalik Buterin. Initially he tried briefly to explain why the harsh statements against the project are not unfounded, according to Coingape. A little later he published a detailed description of the process, which is known to us today Ethereum will “turn into” Ethereum 2.0.

What bloccano cryptocurrency?

So, critics have expressed doubts about the promises of Ethereum team and the transfer of cryptocurrency to a new mechanism of consensus. Recall that in Ethereum Foundation are planning to implement sharding, and Casper. The first is the segmentation network processing into smaller parts called shards. Second — the system of evidence of ownership interest, which will be regulated by the activity validators. In fact, they will replace miners with video cards in the future.

Buterin noted that some time after the transition to 2.0 first Ethereum blockchain Ethereum is technically still will continue to exist. However, the meaning itself will not be in it.

The blockchain will still be there, but it will lose all value. In the end he will die, as will “ice age” the complexity of mining.

Ice age — a mechanism for users to use the updated blockchain after a hard forks. The result is achieved by a sharp increase in the complexity of mining: miners can't handle the load and will be forced to move to another chain. Well, the old as if will freeze — hence the name.

The entire transport process can last for two years. During this time in the Ethereum Foundation must implement the three phases of development of Ethereum 2.0: Beacon Chain, a basic sharding and sharding with EWASM (Ethereum Flavored WebAssembly). More detailed information about each phase can be found in this articlewhere we described mentioned terms.

During integration of the first phase of blockchain Ethereum 1.0 will still continue. According to Buterin, from the average user the transition will happen quietly. The procedure will last six hours.

From the point of view of the user experience from using Ethereum will be the same both before and after the transition. Except on Proof-of-Stake cryptocurrency will become faster because of the new algorithm consensus and EIP 1559.

EIP — Ethereum Improvement Proposal, i.e. the proposal for the improvement of Ethereum. 1559 EIP will increase the limit of gas in blocks of Ethereum to 16 million. He is now just below 10 million, after the implementation of the EIP unit will accommodate more transactions, and they will be processed faster and to get into the network.

Source: Bitcoinist

No hard forks, no separation of the community or other troubles. Ethereum 1.0 is alleged to exist “inside” the ecosystem Ethereum 2.0.

You go to bed and Wake up with a new Ethereum.

In any case, let’s see what Buterin and his team will be able to achieve. The transition to PoS will start in November, so the wait is not so long. How think, whether the impact of these events on the course of bitcoin? Share your opinion on this matter in our cryptodata millionaires!


Leave a Reply

Your email address will not be published. Required fields are marked *