The co-founder of the world-renowned digital currency, Ethereum, Vitalik Buterin, has recently released an outline that he likes to call to be the roadmap for ETH 2.0. To know more about what ETH 2.0 is and about its future planning, please read this article down below.
What is ETH 2.0?
Ethereum 2.0 (ETH 2.0), also known as Eth2 and Serenity, is the first massive update to the already existing Ethereum Classic Blockchain. The ETH 2.0 is meant to be a more scalable, more secured, and more sustainable Ethereum. Its main aim is to increase the existing mainframe network’s speed and efficiency.
Vitalik Buterin’s plan for ETH 2.0
In a recent post on his official Twitter handle, Buterin posted a link to his new blog with the title ‘Endgame’. There he talks about the world’s largest smart contract platform that can improve the scale whilst maintaining high trustlessness and censorship resistance standards.
The Altair Beacon Chain was the first phase out of several for ETH 2.0. It took place on 27th October of 2021. In his blog, he then proceeds to show an experiment that explains how an average widescale blockchain can be considered as sufficiently reliable and resistant to censorship despite having high block size, high block frequency, and thousands of transactions taking place every second.
But there has to be something at stake to achieve such demands. The trade-off, in this case, is the centralised production of blocks in order to achieve such high levels of flexibility in most sectors. So instead of focusing on the issue of centralisation, Buterin illustrated the aims and priorities in order to execute such goals.
Buterin mainly intends a second tier of staking with low resource requirements to carry out three points. One is to carry out distributed block validation. The second is to introduce data availability sampling in order to let users check block availability with secondary transaction channels to prevent censorship. And third is to introduce fraud-proof or ZK-SNARKS to let users check block validity, cheaply and directly.
As of recent updates, Buterin mentioned that the chain that they are able to stabilize as of now, still has centralised block production. But block validation is highly decentralized and trustless. The specialized anti-censorship magic also prevents the block producers from censoring. Block generation will remain centralised, even with the implementation of two-layer solutions like rollups, that processes transactions outside of the main Ethereum chain.
Buterin goes further and explains that rollups seem to have the potential to contribute to distributed block production but the possibilities of decentralisation, due to the possibility of cross-domain maximum exhaustible revenue [MEV], might not be sustainable.
MEV generally means the max amount of value that may be received through block production that goes over and above the standard block incentives and gas fees.
Buterin still concludes the matter of block production to possibly become centralised, despite their plan to approach scalability. He focuses on the big changes that will come into action with the ‘ETH 2.0’ and the advantages of Ethereum’s rollup-centric roadmap that will be accessible to “all of the futures.” He also mentions that the blockchain doesn’t need to commit to a single option.
Crypto exchange Coinbase has already added a version of the Ethereum 2 [ETH2] to its crypto index. It is basically a mirrored version of the Ether (ETH) token of the Ethereum blockchain. It doesn’t have any popularity score, trading activity, or holds time, as it remains as a setup to track the market date for ETH.
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