What else to look forward to when the Ethereum beacon chain activates Altair and upgrades ETH2.0?

Hong Kong Time October 27, 2021, Ethernet Square beacon chain reach Epoch 74240, has been successfully activated Altair hard bifurcation upgrade. Altair is a relatively small update to the beacon chain of Ethereum. One of the important new features is the “Light Client Synchronization Committee”. The validators in this committee will be regularly incentivized to provide block header information to light clients. Although the impact of this hard fork upgrade is not as good as the Istanbul upgrade, Constantinople upgrade and London upgrade we mentioned before, but because this upgrade brings the latest developments in the ETH 2.0 upgrade process to the crypto market , so We may wish to take this to review the changes this year, especially since the upgrade of Ethereum London, and then look forward to the upcoming ETH2.0.

Ethereum’s development route

First, let’s take a look at the Ethereum route from a macro perspective. According to the plan of the core development team of Ethereum, the Ethereum network has to go through four stages of development- Frontier, Homestead, Metropolis and Serenity. When we look back on the development process of blockchain technology, it is not difficult to find that although cryptography, distributed storage, consensus mechanisms, etc., as an important underlying technology of blockchain, have been studied in academia for decades, However, blockchain technology has been regarded as an independent technical discipline for more than ten years. It was not until Satoshi Nakamoto geniusly used Bitcoin to perfectly match the above multiple technologies, which made people believe that there is indeed such a way to build one. Distributed database. As an imitator and improver of Bitcoin, the development history of Ethereum is much shorter. It was not until July 2015 that the Ethereum mainnet was finally launched after 9 stress tests over a period of several months. Operation , thus opening the frontier era. However, the early Ethereum only supports developers to mine ETH, develop Dapps and some simple tools on it. At best, it is a “usable” blockchain, and there is still a considerable gap between today’s grand scene. Therefore, after the “frontier”, the Ethereum developer team has completed the upgrade of “Homeland” and “Metropolis” successively to promote the continuous advancement of the performance and ecology of the Ethereum network. Among them, “Metropolis” was launched twice, namely Byzantium (Byzantium, October 2017) and Constantinople (Constantinople, January 2019). The primary purpose of the upgrade is to make Ethereum lighter. , Faster and safer.

What else to look forward to when the Ethereum beacon chain activates Altair and upgrades ETH2.0?

A list of Ethereum’s major forks and upgrades in recent years, picture source network

With the completion of the Constantinople upgrade in February this year, Ethereum has also come to the door of “Serenity” (that is, ETH2.0). If there is no major accident that causes the delay, perhaps it only needs to be delayed again. After a series of hard forks and phased upgrades, we will soon be able to see a brand new Ethereum. However, based on the current situation, it is speculated that, especially when the Shanghai upgrade originally scheduled to be carried out at the end of this month has been postponed due to various reasons, Ethereum in the complete PoS era still has the possibility of “bounce tickets”. From a historical perspective, the London upgrade in early August of this year and the Shanghai upgrade after that happened to step on the critical moment of Ethereum’s transition from 1.0 to 2.0, or we can call it the era of Ethereum 1.X.

After the Ethereum London upgrade

On August 5, 2021, the high-profile Ethereum London upgrade was successfully completed. In this upgrade, a total of 5 improvement proposals, EIP-1559, EIP-3198, EIP-3554, EIP-3541, and EIP-3529, were deployed. Among them, EIP-1559 is the most important. EIP-1559 is a proposal to improve the transaction fee mechanism of Ethereum. The core is to change the method of paying gas fees to miners. The specific solution is to introduce a variable “basic fee” concept. The basic fee will track the gas price of the Ethereum network. According to the original intention of the design, users can more easily and accurately estimate the transaction fee in an ideal state, and avoid “bidding” as much as possible. , And the fee will eventually be burned. There is only an optional tip paid to mine work as a reward. In theory, this can reduce the volatility of transaction costs, reduce the level of user fees, and alleviate network congestion during peak periods.

So what is the actual situation? Let us learn more through the data. Since EIP-1559 took effect for more than two months, we have observed that the original intention of reducing transaction fees does not seem to have been reached. On August 5, the day EIP-1559 went online, the average daily transaction fee of the Ethereum network was 0.0043 ETH, and there have been only 5 days of fee lower than this level in the time since then. According to the data of the masters on the OKLink chain, on October 27, the average daily transaction fee of the Ethereum network was 0.011 ETH, nearly three times that of August 5. In the hottest period of NFT market transactions in the third quarter, the average daily transaction fee once soared to 0.017 ETH, and congestion on the chain appeared from time to time.

What else to look forward to when the Ethereum beacon chain activates Altair and upgrades ETH2.0?

Changes in the daily average transaction fee of the Ethereum network, data source OKLink master on the chain

On the other hand, the income of Ethereum miners has maintained a relatively stable level. Since August 5th, it has basically maintained between 15,000 ETH and 20,000 ETH per day.

What else to look forward to when the Ethereum beacon chain activates Altair and upgrades ETH2.0?

Change in average daily income of Ethereum miners, data source OKLink master on the chain

Therefore, from the final result, the most significant achievement after the launch of EIP-1559 is still reflected in the basic cost of destruction and the increase in the price of ETH brought about by ETH through expectations. According to the statistics of the third-party monitoring website watchtheburn, as of October 28, the Ethereum network has burned a total of 653,000 ETH, accounting for 57.94% of the total newly issued ETH during the same period.

What else to look forward to when the Ethereum beacon chain activates Altair and upgrades ETH2.0?

Since EIP-1559 went online, ETH burn data, source watchtheburn

Following the London upgrade, on the 16th of this month, Ethereum core developer Tim Beiko tweeted that the Ethereum Arrow Glacier network upgrade that includes the improvement proposal EIP-4345 will be at block height 13773000 (approximately For December 8), the difficulty bomb project was postponed to June next year. At the same time, Tim Beiko said that if the merger (The Merge) has been prepared before, it can be done before then, and the decision will be made through a conference call again in February next year. In addition, the difficulty bomb is based on the current network computing power. If the computing power drops rapidly before the merger, it may accelerate the emergence of the difficulty bomb. It is worth noting that in the London upgrade mentioned above, there is also a proposal involving the difficulty bomb, namely EIP-3554, which delays the detonation of the difficulty bomb from August to December 2021. So far, this has been For the second time this year, the detonation time of the Ethereum difficulty bomb has been postponed.

ETH2.0

In the process of ETH2.0 upgrade, we should pay attention to the development progress of the development team on the one hand, and the pledge of ETH holders on the other hand. According to statistics from the masters on the OKLink chain, the current total pledge of ETH2.0 has exceeded 8 million, reaching 8.019 million, accounting for about 6.8% of the total circulation of ETH.

What else to look forward to when the Ethereum beacon chain activates Altair and upgrades ETH2.0?

Changes in the total number of pledges of ETH2.0, data source OKLink master on the chain

At the same time, the total number of deposit addresses also exceeded 250,000, which also showed a relatively rapid growth rate. In addition, according to the above mentioned Ethereum core developer Tim Beiko’s tweet information, as the last major hard fork upgrade possible before the full-scale PoS era of Ethereum, the Shanghai hard fork will most likely be carried out in the second quarter of next year. At that time, multiple improvement proposals including EIP-3074, EIP-2537, EIP-2327, EIP-2935, etc. will be deployed and launched, ETH1.0 and ETH2.0 will officially complete the merger, and Ethereum will usher in a new Era.

Posted by:CoinYuppie,Reprinted with attribution to:https://coinyuppie.com/what-else-to-look-forward-to-when-the-ethereum-beacon-chain-activates-altair-and-upgrades-eth2-0/
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