Ethereum 2.0 progress update: EIP-3675 releases beacon chain pledge over 6.4 million ETH

This week’s “Olympic Gold Medal” will be awarded to EIP-3675 (upgrading the consensus mechanism to PoS), which will be a big step towards the Ethereum network merger (The Merge).

Another thing that really caught my attention is Lido’s trustless Ethereum staking roadmap, see below.

Beacon chain

Eight months after the mainnet of the Beacon Chain was launched, it now has more than 200,000 active validators! This means that the network pledged 6.4 million ETH, accounting for almost 5.5% of the total ETH circulation. As of now, Staking’s annual rate of return is about 6.1%. I remember that we client developers once regarded 100,000 validators as a standard for large networks, but now, even if the number of validators has reached 200,000, my Teku node is performing well: CPU is less than 10% , The heap memory is less than 1.3GB, and has perfect verification performance. This is really a long journey.

Another important milestone: There are no longer 4 clients on the beacon chain mainnet, but 5, welcome Lodestar!!! The main goal of this excellent Lodestar team (part of ChainSafe) is not the staking client, but It is an extremely important work that is more inclined to build a light client infrastructure for Ethereum 2.0. In view of this, it is even more impressive to see them actually carry out staking and verification work.

analyze

There is some good work on measuring the diversity and decentralization of clients on the beacon chain.

The first is the crawler dashboard from Miga Labs. Here are some good statistics and crawler options for viewing.

Measuring client diversity is far from an accurate science, so we can compare Miga’s data with Stereum’s weekly client diversity observations. For example, the Nimbus client accounted for by Miga accounted for about 0.44%, the Teku client accounted for about 4.7%, and the Stereum accounted for the Nimbus client accounted for about 16.8%, and the Teku client accounted for about 0.8%. In addition, the statistics here are beacon nodes instead of validators, which underestimates those validators who perform large-scale staking operations. There are other problems, in short the error is still large. Nonetheless, it is clear that Prysm continues to dominate the distribution of nodes, and putting the details aside, the macro view is still very useful.

Ethereum 2.0 progress update: EIP-3675 releases beacon chain pledge over 6.4 million ETH

Shyam Sridhar of the Robust Incentives Group of the Ethereum Foundation used standardized indicators such as Gini coefficient, Nakamoto coefficient, and Hirschman index to analyze the degree of decentralization of the beacon chain in detail, and the conclusion is a little frustrating:

Based on Satoshi Nakamoto’s coefficient:

31 entities control 51% of the validators in the beacon chain network;

8 entities control 33% of the validators in the beacon chain network;

There are many more new validators using third-party services than the new solo pledge validators;

Altair upgrade

The upgrade of the Altair beacon chain continues to progress steadily. The Beta 2.0 specification has been released last week, and the only substantial change is the verification of the empty synchronization committee signature. The specification also includes some sharding changes, these two changes will not affect the delivery of the Altair upgrade. I would rather keep these changes on a separate branch (until after Altair is deployed), but it’s no big deal.

The client team and the Ethereum Foundation have run two multi-client Altair development testnets to test the fork conversion function. Although both testnets performed well, neither was perfect. Our goal is to be flawless, so the third development testnet (devnet 2) was launched on Thursday. Although the fork itself works well, there are still some minor issues between the clients.

Nevertheless, during the implementer’s conference call, we decided to continue to upgrade the Pyrmont testnet in approximately three weeks. If you are running the validator on the Pyrmont testnet, please pay close attention to the client versions that will be released in the next few weeks to understand when they will be compatible with Altair, and to ensure timely upgrades.

merge

The headline news this week is the release of EIP-3675 (upgrading the consensus mechanism to PoS), which in my opinion is by far the most important (and most ambitious) core EIP in the history of Ethereum. This is a wonderful work by my colleague Mikhail Kalinin and a group of supporters.

The merger is now subject to Ethereum’s governance process. Although this process is not always quick or perfect, people have a huge willingness to complete the merger, so I expect that in the coming months, the community will focus on it (EIP-3675).

Strike

1.Stakehouse

This week I am very happy to spend some (virtual) time with Colfax from the EthStaker/StakeHouse project. Stakehouse is working on two fronts. The first is to build tools that make staking and node operation simple: For example, Wagyu is a “one-click installer” under development that supports four main clients. The upcoming Wagyu Key Gen is a friendly environment where users can generate authenticator keys without using the command line.

Their other job is to gather a developer community around the project, collaborate together, and decentralize the development of these tools. To this end, they also recently held a StakeHouse community conference call. From now on, this conference call will be held every two weeks, please check EthStaker discord for announcements. There are a lot of interesting things here, and I look forward to what this will bring with great interest.

In a network where the trend of centralization is ubiquitous, it is crucial to ensure that individuals can confidently and reliably pledge. SuperPhiz fully understands this, so he challenged the community to build a desktop UI (the UI can manage the current four main clients before the first birthday of the beacon chain).

2.Lido

You may have noticed that I rarely mention large staking pools in this article. I do have a strong professional interest-we are building a Teku client together with the staking pool, but as a community member, I want to do my best To promote the decentralization of staking.

Therefore, it is great to see Lido’s wonderful post last week, they showed their intention to turn to trustless staking, which means decentralizing its power as much as possible.

Lido is becoming the backbone of Ethereum 2.0 staking, and its controlled validators account for about 10% of the network (this is mainly the result of providing liquidity through stETH token). From the beginning, they tried decentralized operations, such as using various node hosting providers and managing them through DAO, but Lido is still centralized and hosted to a large extent.

Therefore, I am very encouraged by Lido’s deliberate and unwavering commitment to decentralization. I like transparency. Lakshman also has some comments on this.

Excellent Popular Science Articles

  1. EthStaker hosted a validator seminar to help people upgrade their Geth nodes before the upcoming Ethereum London hard fork.
  2. Vitalik and Georgios of Paradigm analyzed the sensitivity of the merged beacon chain to reorganization. This is related to the so-called Time Bandit attacks that caused a sensation in the community a few weeks ago. Christine and I discussed this in a podcast last week. In general, under the Proof of Stake (PoS) consensus mechanism, Blockchain reorganization is more difficult.
  3. Justin Bons of Cyber ​​Capital described some good reasons to show that the proof-of-stake (PoS) mechanism is better than the proof-of-work (PoW).

EthCC Conference

The following are selected speeches on Ethereum 2.0 at the EthCC conference last week. For more detailed instructions, please refer to the agenda.

  1. SSV: Distributed and trustless staking infrastructure, Alon Muroch
  2. Managing Ethereum 2.0 validators at scale, Laszlo Szabo
  3. MEV in Ethereum 2.0: Introduction and Open Questions, Alex Obadia, Alejo Salles
  4. On the outlook of the blockchain browser and the beacon chain, Stefan Starflinger
  5. Ethereum 2.0 and Staking: Review and Forecast, Robert Drost
  6. Ethereum 2.0/Lighthouse update, Mehdi Zerouali
  7. It’s time to do something for hardware decentralization, Eduardo Antuña
  8. Ten years after Ethereum 2.0, Joseph Chow

In fact, there are still many great speeches, but it is a pity that I did not attend this conference.

R & D progress

Ethereum 2.0 contributor Potuz has developed a good method to accelerate the hash of the beacon state to calculate the root of the state tree. Basically, in trees like Merkle, we only hash a small amount of data: 64 bytes at a time. Therefore, the padding used can be pre-calculated to obtain an excellent 2x improvement.

On ethresear.ch, someone proposed a more sophisticated attack on the previously known Gasper beacon chain consensus balance attack. The new version claims to be more practical in networks with random delays. However, the post pointed out that Ethereum 2.0 uses a slightly modified version of Gasper, which makes the attack more difficult to implement.

Note: The original author is Ben Edgington, the developer of Ethereum 2.0.

 

Posted by:CoinYuppie,Reprinted with attribution to:https://coinyuppie.com/ethereum-2-0-progress-update-eip-3675-releases-beacon-chain-pledge-over-6-4-million-eth/
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