There is no Ethereum that can be halved in 2020. There are also many stories to tell.
On January 13, Weiss crypto ratings, a cryptocurrency rating agency, said on twitter that vitalik buterin, founder of Ethereum, said that the transaction confirmation time of version 2.0 would be shortened to 3 ~ 6 seconds.
Two days ago, Ethereum community released the code specification version of 2.0 phase 0 (phase 0). Some new ideas have been implemented, but the specific launch time of the new version has not been finalized. “Either the first quarter or the second quarter, there is no specific time.” vitalik buterin replied in the Chinese community.
Ethereum evolved to 2.0 will be a new network system. On the existing basis, consensus protocol Casper and sharding technology are expected to be implemented, and the complexity of technology also means that the development difficulty is increasing.
Whether the new Ethereum can be implemented is related to whether the public chain can get out of the dilemma of “Impossible Triangle”, and then affect whether commercial applications can be launched on it.
“Stage 0” code specification released
On January 13, Weiss crypto ratings, a cryptocurrency rating agency, posted a message about Ethereum 2.0 on twitter, “V God revealed that when Ethereum 2.0 is fully implemented, the time required to confirm the transaction will be reduced from a few minutes to 3 to 6 seconds – about the time required to swipe the card”.
Two days ago, Ethereum’s GitHub code base showed that the community had released phase 0 (phase 0) code specification of version 2.0 with version number v0.10.0. The important information is that the “new BLS standard” will be integrated into Ethereum 2.0 specification. Ethhub founder Eric Conner also said that this version of the code specification will be audited soon, which is the basis of the future multi client test network.
BLS is a signature algorithm proposed by Dan Boneh, Ben Lynn and hovavshacham of Stanford University. This signature algorithm can aggregate multiple signatures into one signature and multiple keys into one key. When multiple verifiers need to sign blocks, BLS aggregation algorithm can not only ensure the system security, but also save storage space. BLS signature algorithm is also the basis for Ethereum to move from pow (proof of computing power) mechanism to POS (proof of equity) mechanism.
Not long ago, a user asked about the launch time of version 2.0 in Ethereum Chinese community. Ethereum founder vitalik buterin replied, “either the first quarter or the second quarter.” the specific time is uncertain, but the deployment of Ethereum version 2.0 has already begun.
BTC, BCH, dascoin and other eight mainstream currencies will enter the development cycle of halving output in 2020. For Ethereum without halving, the new year is equally important. Whether version 2.0 can be successfully launched is not only related to the breakthrough of the king of the public chain, but also to verify whether the public chain can achieve high performance on the premise of energy conservation and safety.
The “Impossible Triangle of the public chain” is also one of the exploration directions of Ethereum 2.0, especially to solve the problem of network congestion, because it is directly related to the landing of some high-frequency transaction applications in Ethereum.
Btc.com shows that the blocking time of Ethereum network under the current POW consensus is about 13 seconds, with 6 transactions per second. In fact, Ethereum has the highest verified transactions per second, which is about 20.
According to the plan of the community, Ethereum 2.0 is not an upgrade and repair on the current version 1.0, but a new network system under a comprehensive revision and redesign, which will bring changes such as the implementation of fragment technology, proof of interest, new virtual machine (ewasm), etc.
Speed up “modified consensus + slicing technology”
At present, version 2.0 has 9 independent development teams working together. In terms of solving performance problems, Ethereum 2.0 points the technical solution to the modification of consensus protocol and the implementation of sharding technology.
Like bitcoin, current Ethereum uses POW consensus mechanism. New Ethereum will shift from POW consensus mechanism to POS consensus agreement.
Compared with the mechanism of pow, which determines the authentication right of nodes, the advantage of POS is that the nodes participating in authentication are limited, and the confirmation speed will be improved.
Slicing technology divides the large chain (database) into smaller “small blocks” that can be confirmed faster. Each slice can be managed by itself and has its own transaction history documentary area. The sliced data is finally summarized to the main chain, so as to make the whole system more scalable, so as to improve the network efficiency.
For example, a DAPP can have a complete slice, and all related verifications are only located on the slice. The intra slice nodes can confirm the completion of the transaction without verifying the data of other slices.
Under the pow consensus mechanism, Ethereum has only one longest chain as the main chain. Ethereum 2.0 network has a beacon chain and 1024 fragment chains, which can communicate with each other. As the core chain, the beacon chain coordinates the fragment chain to achieve capacity expansion.
After Ethereum 2.0 goes online, the current version of eth reward assets and data on the chain will be migrated. Data migration can be realized through two-way bridging and one-way bridging. In this regard, the current proposal of the community is to transfer the state of the ETH 1.0 chain to the ETH 2.0 on chain fragment in phase 2, so as to ensure that all information of the ETH 1.0 chain is available on the ETH 2.0 chain.
After the upgrade of 2.0, ETH digital assets will be transformed into Beth, which means that eth on the original chain will not be used in the new network. Holders of eth can only exchange Beth 1:1, and the original eth assets will be destroyed. This exchange method will be completed by the smart contract on version 1.0 and monitored by the 2.0 beacon chain.
According to the existing rules, after Ethereum realizes the POS consensus, stacking (pledge) will become one of the important functions. Users can become the verifier of eth2.0 beacon chain by pledging 32 Beths, participate in maintaining the network and obtain the reward of Beth.
Vitalik buterin, known as the “V God”, has said publicly on many occasions that after Ethereum 2.0 is fully realized, its TPS will be thousands of times higher than it is now. If the launch time of version 2.0 is not delayed, the flag under V Shenli can be known in the first half of this year.
Responsible editor: CT