One step closer to Ethereum 2.0

David Kemp

Blockchain based Ethereum currency is steadily moving towards its key goal, the ETH 2.0 version. It launched the block browser to check the Beacon distributed registry network. This was announced by Vitalik Buterin, who is one of the founders of the Ethereum coin.

The basis for launching Ethereum 2.0

Blockchain Beacon, based on the Proof-of-Stake algorithm, is the main element of the future system. It is responsible for managing validators and their parts in the network, using consensus rules, and other elements of network operation.

Last month, Adrian manning, who developed the Lighthouse client for Ethereum 2.0, said that he is developing a public test network that will be able to work in conjunction with the Ethereum 1.0 version.

According to the published information, the Deposit contract is currently being standardized, which allows for the transfer of funds from Ethereum 1.0 to 2.0. In the article "What is Ethereum" , you can read more about the features of this cryptocurrency.

The Istanbul hard fork was held in the Ethereum network

The Ethereum hard fork, called Istanbul, was officially launched. The update happened on block # 9069000 on December 8. The hard fork chain was found by the Chinese SparkPool pool.

The upgrade made Ethereum compatible with Zcash, and increased scalability of solutions based on distributed registry technology based on zero-disclosure proof (SNARKs and STARKs). The cost of using different operating codes has also been changed to create new spam blocks and increase the network's resistance to hacker attacks.

It is noteworthy that many Geth and Parity clients are not prepared for the current large-scale update. On the date of the hard fork, less than half of the network elements were ready for the update.

EIP's that are included in Istanbul

Ethereum Improvement Proposals are proposals aimed at improving the cryptocurrency protocol. They are discussed by developers before hardforum.

  • The EIP-152 initiative establishes a new precompiled contract that implements the f compression function, which is used in the Blake2 cryptographic algorithm. It is aimed at creating interoperability between the Ethereum virtual machine and Zcash, as well as other cryptographic currencies built on the basis of Equihash.
  • EIP-1108 is an initiative to reduce the precompiled gas price (indicates a commission when implementing smart contracts), this has a positive impact on the development of various solutions in the field of scaling and privacy.
  • EIP-1344 is an initiative to use the ID chain to prevent attacks of repeated money transfer operations between different blockchains. Until that time, there were no clear specifications for determining the chain identification number for a particular network. it was manually set by the operators of clients and communities of different networks.
  • EIP-1884  the proposal aims to increase the cost of gas for specific opcodes, which began to consume more resources due to the active expansion of the Ethereum network. The developers believe that this will achieve an optimal balance between gas costs and resource consumption.
  • EIP-2028, the initiative that aims to reduce the cost of gas when calling onchain data from the current 68 units per byte to 16 units. As a result, the network bandwidth will be increased, since more data can be stored in one block.
  • EIP-2200  is the proposal  that initiates a structured definition of changes in gas consumption accounting for the SSTORE opcode. This creates additional opportunities for using contract storage systems, reducing additional fees.

Plans for further development of the Ethereum network

The next global update of the Ethereum platform is scheduled for June 2020. It includes suggestions that require more time to run tests. One of them is the upgraded ProgPoW consensus confirmation algorithm, which focuses on reducing the impact of ASIC mining equipment.

The developers hope that at the end of each part of the update, the ETH network will work faster, become cheaper and more scalable. All this will be achieved without compromising the flexibility and decentralization of the network.

Constantinople Hard Fork: what is it for

This update has been carried over time several times. The last official date was January 16, 2019, due to various shortcomings. Vulnerabilities in one update caused another update to be migrated. The management of the cryptocurrency suggested not to use the definition of a hard fork, since a number of users began to expect the chain to split, the emergence of new coins, and this attracts scammers. Therefore, it is better to call Constantinople an update.

The "complexity bomb" was moved a year and a half later. Similarly, it was decided to postpone the transition from PoW to PoS. This means that a fee will be charged for storing coins, and mining equipment will no longer be used to confirm transactions.

The next stage in the development of the network will be Serenity. All this will make blockchain networks especially secure, simple and stable.

The Ethereum cryptocurrency is actively developing. The 2.0 update is gradually approaching. It is nice to see that the company's management actively cooperates with users, listens to their suggestions and initiatives, selecting the best ones for their implementation. All this indicates good prospects for cryptocurrency. Why not buy some coins in the hope of selling them when the price rises? This will be a reasonable decision, the main thing is to remember the risks.