Ethereum to ETH2 Transition Receives Formal Enhancement Proposal

Soon

  • EIP-3675 is a proposal for the official Ethereum transition to proof of stake.
  • Currently, the network uses proof of work.
  • re are still months for a proof-of-stake network to work.

Ethereum developers have long planned the blockchain transition to a more energy efficient, secure and scalable network.

y now have an official Ethereum enhancement proposal to work with.

ConsenSys researcher Mikhail Kalinin created a pull request for EIP-3675, which would update the blockchain consensus mechanism for proof of stake, a system that allows people to validate transactions and create new blocks based on of the amount of ETH they contribute. Instead, the current proof-of-work system relies on “miners” competing to be the first to validate transactions.

proposal, which sets the stage for the Ethereum 2.0 “merger,” will be discussed at the Main Developer Meeting on Friday.

But, contrary to some speculation, that doesn’t mean that ETH2 will necessarily happen this year. Tim Beiko, a developer at the Ethereum Foundation who coordinates the updates, said figuring out that a merger in 2021 is unlikely in his opinion. “Everything should go perfectly,” he said.

intention of Ethereum 2.0 is to allow a greater and faster amount of transactions on the network. blockchain has often struggled with congestion, as it cannot process more than around 15 transactions per second. With decentralized finance applications (DeFi), which replace blockchain-based code-based financial intermediaries, leveraging the Ethereum network, every buy and sell order adds tension. As a result, transaction fees have skyrocketed this year, sometimes reaching triple-digit dollar amounts for single-digit transactions.

Ethereum’s method of achieving a more functional network is to get rid of miners, the people who run software that processes every transaction on the blockchain and creates new blocks. Instead of miners consuming electricity in an attempt to solve cryptographic problems and obtain new blocks, “validators” that block at least 32 ETH in the new test system will be selected using a pseudo-random algorithm.

Danny Ryan, who coordinated ETH2’s efforts, said cracking EIP-3675 is just one of many items look at the list. “We are ensuring that basic specifications are met so that after London and Altair the engineering process can move forward quickly,” he said.

London and Altair refer to the next two updates to the current proof-of-work network. London, scheduled for around August 4, introduces the long-awaited EIP-1559, which will reduce the supply of ETH. Altair, scheduled for sometime before October, modifies the Ethereum 2.0 network, which is currently running but not fully functional.

Regardless of whether the draft of EIP-3675 is finalized quickly, developers face a tight deadline. This is due to what is known as Ethereum’s ‘difficulty bomb’, a code embedded in the blockchain in 2015 that increases the level of difficulty of mining new blocks. intention was to pressure the developers to get ETH2 quickly.

A new chart for Ethereum’s upgrade path: leading to the merger and beyond

⛏️ Proof of work ❌ Proof of what is at stake ✅ pic.twitter.com/hKqYaAWlxY

– trent.eth (@trent_vanepps) July 15, 2021

EIP-3554, a code change to be implemented with the London update, gives developers a break, rejecting the detonation of the bomb from this summer until this December. If the merge isn’t ready by then, the developers will still need to update the network.

And it probably won’t. Beiko wrote last week that being able to merge in December would only happen “in the most optimistic scenario.”

As Ryan said, there is still “a lot to do.”

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