Category Archives: Ethereum 2.0

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Der Ether-Ofen ist an: Ethereum verbrennt 10 Millionen US-Dollar am Tag

Mann schaufelt Kohle in den Ofen eines Boots
Mit der gestrigen London Hard Fork ist für Ethereum ein neues Zeitalter angebrochen: Ab sofort werden mit jeder Transaktion Ether (ETH) verbrannt. Für Vitalik Buterin steht fest: London zeigt, dass Ethereum in der Lage ist, signifikante Veränderungen zu vollziehen. Das Marktupdate.
 
Source: BTC-ECHO

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200.000 Validatoren: Ethereum 2.0 verbucht weiteren Meilenstein

Ethereum-Logos, die über zwei aufgehaltenen Händen schweben
Rund 10 Tage vor der planmäßigen London Hard Fork feiert Ethereum einen weiteren Meilenstein: Die Beacon Chain verbucht bereits über 200.000 Validator Nodes. Tendenz steigend.
 
Source: BTC-ECHO

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Ethereum 2.0’s Phase Zero to Launch in January 2020?

Ethereum 2.0's Phase Zero to Launch in January 2020_

The much-anticipated and much-vaunted new-look Ethereum, known as Ethereum 2.0, could see its latest blockchain iteration launched partially as soon as January next year. This revelation was made by Ethereum Foundation researcher Justin Drake during the last bi-weekly coordination call.

This bi-weekly event is held between developers, who raised the date when discussing that the first iteration codenamed Phase Zero had its code freeze on track for the end of this month.

In the video call, Drake said:

“We still have quite a bit of time before the end of 2019, so I think looking at a target genesis date towards end of 2019 could be realistic. One thing that could work well is the 3rd of January 2020.”

There are talks that this early date is not set in stone, however, as another researcher, Danny Ryan, wrote to CoinDesk that this date was only a proposal and it will rely much on additional testing for Ethereum 2.0:

“Although it is feasible, the client teams are not yet ready to commit to a date, especially considering we haven’t entered into multi-client testnets yet. With each phase of development there are plenty of unknowns so we will just keep … tackling them as they come.”

The priority now is for a stable Phase Zero launch that would see ETH 2 million staked on the upgraded network — this would be worth USD 500 million in Ether at today’s going rate —  by so-called validators, who would be playing the role of miners on the new blockchain.

 

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Ethereum Up More than 200% Since December Lows

While most people focus on Bitcoin as a digital alternative – to physical commodities such as Gold, or as a possible alternative to fiat currency; in a manner of speaking, the spotlight is somewhat lost on Ethereum despite being the number one altcoin by CoinMarketCap. Could Ethereum be taking on the metaphorical pseudonym as digital oil in the emerging digital economy?

Ethereum seems to be making a gradual comeback with a significant push past several resistance levels. Now up to more than 200 percent price growth since its all-time low in December, speculations have it that the trend may continue, perhaps to the USD 300 mark to which it currently trades close to.

Strong fundamentals seem to be brewing on the development front of the Ethereum ecosystem. The famous Ethereum 2.0 public testnet is finally making progress to feature full proof of stake and sharding algorithms, all in the bid to raise the transaction speed to as much as 1000 tps.

During the ConsenSys Ethereal Summit, Aya Miyaguchi Executive Director of Ethereum Foundation revealed a planned sum of USD 30 million to support the Ethereum ecosystem. The funding will reportedly be used to improve the current PoW algorithm of Ethereum 1.x, the general core support, and development to enhance the overall performance and security of Ethereum.

Recent news about an Ethereum futures contract likely to get the approval of the US Commodity Futures Trading Commission (CFTC), could be considered bullish, especially when the last time the CFTC was involved in approval such a derivative product – Bitcoin futures, the flagship cryptocurrency went up in price.

Microsoft has also shown immense interest in Ethereum’s ecosystem, with the launch of its Azure Blockchain Development Kit for Ethereum which allows the users to build Ethereum-based apps and smart contract deployable on the Ethereum blockchain or the Azure Blockchain Service.

Ethereum’s drop from its all-time of USD 1,432.88 in January 2018 to its all-time low of USD 82.83 taking a loss of over 94% was a huge drawback, however, it seems the market is having a more positive outlook.

 

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Ethereum Foundation Discloses Annual Funding, to Be Spent on Development Over the Next Year

Ethereum foundation to make funding of  Million to develop Ethereum ecosystem

On  10 May 2019, at the ConsenSys’ Ethereal Summit, the Executive Director of Ethereum Foundation, Aya Miyaguchi, revealed their plans to support the overall ecosystem development by spending USD 30M on different projects over the course of 12 months.

The funding will be used to improve the current PoW algorithm of Ethereum 1.x, the general core support and development to enhance the overall performance and security of Ethereum. They are also planning to organize hackathons and ensure better development of relations to allure programmers, developers, and the general audience.  The company is also looking to fund an academic approach in Ethereum aiming to attract top academic researchers and organisations.

ConsenSys and the Ethereum Foundation announced that they are going to support MolochDAO by donating 1000 ETH each. In return, MolochDAO seeks to aid the Ethereum Foundation by providing funds for the development of the Ethereum infrastructure. Priority will be given to funding the further development of the highly anticipated version of the blockchain-based platform, Ethereum 2.0. The donation will raise the value of MolochDAO’s funding pool to over USD 1M, as reported by CoinDesk.

Over the last year, the foundation spent about USD 27M for the same cause, seeking to target critical projects to develop the overall ecosystem. The Foundation has been supporting the Ethereum’s development for five years now. It has granted USD 13M for Blockchain scalability since March 2018.

At the ConsenSys on 10 May, the crypto analytics firm’s CEO, Messari asserted that the Ethereum 2.0 proof-of-stake (PoS) transition will not happen before the end of 2021. He believes that the PoW algorithm will sustain for ‘at least two or three years’.

Miyaguchi said that further information about the Foundation’s finances will be disclosed in the weeks to come.

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Ethereum 2.0: Everything You Need to Know

ethereum constantinople

ETHEREUM 2.0: EVERYTHING YOU NEED TO KNOW

Ethereum 2.0 is the potential update to Ethereum to make it faster and better. Potential updates deal with the current scaling issues, issues with mining, to make transactions faster and create a better environment for smart contracts and more. Ethereum’s launch was initially planned to be in four stages back when it launched in 2015. They are:

  • Frontier
  • Homestead
  • Metropolis
  • Serenity

Now we are on the third stage of Ethereum “Metropolis”. Metropolis consists of two phases, Byzantium and Constantinople. The next system wide upgrade for the Ethereum network called as Constantinople is nearing. The activation of Constantinople is expected to take place at block number #7280000. This upgrade is also known as New Ethereum software version 3.5. The next stage is Serenity also known as Ethereum 2.0.

Need for Updates and Solutions

There are some problems in the current version of Ethereum which is to be solved. Some of the fundamental and current problems with Ethereum are scalability, security, slow mining process and high energy consumption. Ethereum 2.0 “Serenity” plans to overcome these problems through its solutions. Some of them are

Proof of Stake (PoS)

Vitalik Buterin, inventor and co-founder of Ethereum admits that Ethereum mining now roughly consumes as much energy as Iceland consumes. Thus, to sustain its competitive advantage, Ethereum is aiming to reduce its energy consumption by scraping its blockchain based on proof-of-work (PoW) and build an entirely new blockchain based on the proof-of-stake (PoS) algorithm. Vitalik also says that Ethereum 2.0 should complete transaction using 1% of energy consumed today when PoW is replaced with PoS.

Sharding

Ethereum 2.0 will move towards Beacon Chain. One main thing the Beacon Chain was designed is to manage the new feature for Ethereum scaling called “sharding”. Sharding will split the network into independent groups of nodes called shards. As the nodes are split into shards, the nodes only need to handle the fraction of the total system load. This will split the network load so that the main network will not have to bear the load of all transactions. Sharding gives the ability to process thousands of transactions per second rather than the current 15 or so transactions per second. This reduces the transaction time and will speed up the process.

Security

Ethereum 2.0 is also focusing on the security, which means that it will be harder for the attackers to make the network behave in unexpected ways. Ethereum 2.0 will have large number of available validators and this has the following advantages in it. First, a large validation pool allows more opportunity for decentralisation and this makes attack less likely to happen and more difficult. Second, if something that violates the protocol occurs, it means that many validators must have disobeyed the rules. This behaviour is detectable, and the misbehaving group will be penalised by having all their stakes wiped out. And there are some more security aspects too. All these will make Serenity more secure than Ethereum 1.0.

The Road Ahead

The next system wide upgrade is Ethereum version 3.5 also known as Constantinople. It is expected on the end of February 2019. After this there are two more updates which will happen before Serenity. One is Casper Proof of Stake and Hybrid PoW / PoS. Then comes the Beacon chain and sharding. If the Ethereum project successfully implements these upgrades, then Serenity comes next. Serenity is an upcoming major upgrade that creates a Proof-of-Stake chain that combines many of the above ideas (PoS, sharding, etc) into a new chain that would be fully compatible with the existing Proof-of-Work chain. Serenity will run on a pure Proof of Stake consensus protocol. This scaling and mining solution would not only partly change the way Ethereum is mined but also will make way to allow the network to do faster transactions and thus would create a better environment for smart contracts and Decentralised applications. In theory, Serenity could increase scalability by as much as 1000 times than Ethereum 1.0.

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Ethereum 2.0 Nears With Phase-0 Pre-Release Approaching Stable

Ethereum 2.0 Nears with Phase-0 Pre-Release Approaching Stable

The flagship dapp platform Ethereum has been undergoing several upgrades to relaunch as Ethereum 2.0, featuring its Constantinople and Serenity upgrade. Developers have been sprinting for months now to scale to the platform’s next and final developmental milestone.

Notification of the update was released on GitHub. The Ethereum developers’ community explained how this is the first release – dubbed the Phase 0 pre-release – which is approaching stable, and that also, more updates will be released through the month of February.

The Ethereum 2.0 update, as a series of updates is expected to lead to a more efficient, faster and scalable Ethereum. The scaling will feature Sharding, Proof of Stake, and eWasm.

The Constantinople update was scheduled to be released earlier, however, the road to the transition has not been exactly smooth. A failed testnet launch occurred back in October 2018 which caused a minor ruckus in the community as a conflict of interest between miners and investors may have ensued, but the developers are working tirelessly to ensure the upgrade works. Secondly, in January, there was a vulnerability in the smart contract code when it was being audited and the initial release had to be delayed to effect the necessary changes.

Serenity is an important and last upgrade for the Ethereum dapp platform which is essential for it to mark the hallmark of its development as it moves from the proof of work to proof of stakes consensus. Perhaps, Ethereum will see new price gains in its new outlook.

Ethereum has so far suffered a huge price loss from its all-time high of USD 1,400 and now trades at USD 107 at press time. Moreover, it is now ranked as number 2 altcoin by market capitalization with Ripple coin overtaking.

Ether began hitting new levels of low late last year, probably due to a host of scaling problems on the network as well as smart contract and alternate dapp development environments being introduced by competitors. It would seem that there are high expectations of a reversal in the downtrend once the full version has been released. So this is good news for Ethereum-based dapps and supporters.

 

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