The future of ethereum is here, from ‘frontier’ to ‘quiet’

Currently, we are in a state where Eth1 and Eth2 are running simultaneously, on the eve of the Eth1 and Eth2 merger.

The future of ethereum is here, from 'frontier' to 'quiet'

On July 30, 2015, Ethereum launched the first milestone “Frontier”; after 5 years of iterative upgrade from “Home” to “Metropolis”; last year, Ethereum started to deliver the planned final milestone “Tranquility”, which is often referred to as Eth2.

Currently, we are in the state of Eth1 and Eth2 running simultaneously, that is, on the eve of the full transition from “Metropolis” to “Tranquility” and the merger of Eth1 and Eth2.

The Eth2 upgrade is divided into multiple phases, and on December 1, 2020, Eth2 officially launches its first phase: the PoS beacon chain. In this phase, anyone can pledge 32 ETH and run a node to participate in Eth2 PoS pledge mining. More than 4.32 million ETH have been pledged and more than 130,000 verifiers are maintaining the safe and stable operation of the beacon chain while earning an annualized return of about 7.5%.

Participating in Eth2 Pledge Mining

Ordinary users who want to participate in Eth2 pledge mining have several options to choose from.

Self-built node solution: Maintaining Eth2 nodes on your own requires generating Eth2 wallet private keys with the command line on the one hand, and bearing the risk of Slash caused by improper configuration on the other. The risk is borne by yourself and the operation threshold is high.

Custodian solution: Custodian organization centrally hosts the private key and maintains the Eth2 node. Relying on the custodian brand to bear the risk, the operation threshold is low.

Non-custodial solution: Users hold their own private keys and professional service providers run Eth2 nodes. Risk and operational threshold are balanced.

To make it easier for users to participate in Eth2 pledges, imToken Wallet has also introduced corresponding Eth2 features.

Eth2 wallet management features: users with self-built node solutions can easily generate Eth2 wallet public key addresses via imToken.

imToken has partnered with InfStones to launch an unhosted solution: InfStones is the world’s leading blockchain infrastructure provider and has been offering professional Ether pledge mining services to large organizations since the launch of the Eth2 beacon chain. Now with imToken, regular users can also use the uncustodial solution offered by InfStones very simply and securely.

So, why should you participate in Eth2 pledge mining? On the one hand, participating in pledge mining provides a stable return, currently at 7.5% annualized in Ether natively. On the other hand, one of the goals of Eth2 upgrade is PoS, and the pledge node (verifier) in PoS mechanism is equivalent to the miner in PoW mechanism, the more people participate and the more decentralized, the more secure the Ethernet network will be. And security is the foundation of a value network like Ether.

Eth2 Follow-on Upgrade

The future of ethereum is here, from 'frontier' to 'quiet'

Currently Eth1 serves as the Ether execution layer and Eth2 serves as the Ether PoS consensus layer. To participate in Eth2 pledge mining, you need to pledge ETH in the Ether execution layer (Eth1) and run the verifier node of PoS consensus layer (Eth2). And the pledged ETH needs to wait for the merger of the Ether Executive and Consensus layers before it can be redeemed, and the merger is expected to take place at the end of this year or early next year.

Regarding the roadmap after the merger and the time of pledged mining redemption has not been very clear, recently Vitalik shared the roadmap after the merger at the ETHGlobal Summit: 1.

  1. Post-merger cleanup
  2. the post-merger cleanup will address the unnecessary legacy features of the PoW and PoS hybrid models, while enabling the redemption of pledged ETH at this stage.
  3. Slicing and Rollup

The process will be divided into 64 slices to process transactions and data in parallel, with Rollup to further compress transactions and reduce the volume of sliced transactions.

  1. Security improvements

Add privacy features to hide the identity of the block proposal verifier.

Support VDF to ensure randomness in assigning verifiers, making it more difficult for evil doers to disrupt the network.

  1. Statelessness and state validity

There are two options to solve the problem of Ethernet state explosion.

Statelessness (Statelessness), creating two different types of Ether nodes. Some nodes have no responsibility to store state data, while others will be responsible for storing all state data.

Statefulness validity, which mitigates state explosion by archiving states that have existed for more than a year.

  1. More upgrades

Casper CBC

Beacon chain and EVM layer support SNARK proof of validity, simplifying the implementation of sharding and making the ZK Rollup solution less costly

Resist quantum attacks, etc.

It is worth noting that EtherChip has been trying to solve the blockchain impossible triangle problem through cryptographic innovation, and Rollup is an important part of it. The official launch of Rollup solutions such as zkSync 2.0, Optimism and StarkNet will form a synergy effect of Eth2 and jointly solve the blockchain impossible triangle problem.

Vitalik’s proposed scheme for the future roadmap after the Ether merger is very ambitious, also mentioning that the part of SNARK can be described by Eth3, and it is foreseeable that these upgrades will take three to five years to complete. The current upgrade of Ether to PoS via Eth2 is a new beginning, not an end. We are also very much looking forward to the final completion of Ether’s vision of the world computer and becoming the infrastructure of future finance.

Reference

[1] https://beaconcha.in

[2] ‘What Happens After the Merge’ – Vitalik Buterin

[3] After Proof-of-Stake: Expect Many More Ethereum Upgrades

[4] Notes on ETHGlobal’s Merge Summit : ethfinance

Posted by:CoinYuppie,Reprinted with attribution to:https://coinyuppie.com/the-future-of-ethereum-is-here-from-frontier-to-quiet/
Coinyuppie is an open information publishing platform, all information provided is not related to the views and positions of coinyuppie, and does not constitute any investment and financial advice. Users are expected to carefully screen and prevent risks.

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