Disclaimer: This article aims to convey more market information and does not constitute any investment advice. The article only represents the author's viewpoint and does not represent the official stance of Mars Finance
Disclaimer: This article aims to convey more market information and does not constitute any investment advice. The article only represents the author's viewpoint and does not represent the official stance of Mars Finance.
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Source: vernacular blockchain
I don't know if you have noticed - there have been significant changes in the wind direction within the circle recently, especially for the underlying public chain.
Simply put, the belief in the underlying public chain is beginning to return to ETH.
If you don't believe it, you can browse through various WeChat groups and chat records within the circle.
How many people or articles are still talking about EOS, Neo, a project that was once dubbed the "Ethereum Killer"?
How many people are talking about "Ethereum Killer 2.0" with main feature films like Zilliqa?
No, it's basically gone.
As for the new public chain, it can be said that apart from Cosmos that has already been launched and Poka that is about to be launched, no one cares, or believes that there will be underlying public chains that can threaten ETH2.0 in the future.
After the love for Western Europe era, ETH suddenly once again experienced the feeling of being loved by thousands of people.
So let's take a look at what you need to know about ETH2.0 and its recent trends. After all, the legendary stage 0 is finally only a month away from us.
01
Current planning
A few days ago, V God posted his plan roadmap for Ethereum for the next 5-10 years on Twitter.
Look like this:
I used to love Western Europe when I read white papers and saw many road maps, but most of them were fake and looked beautiful,But for God V, don't take him seriously because he is detailed enough and has a high probability of achieving it.
We have finally reached stage 0 in this picture.
The author has mentioned in previous articles that after 2019, new technologies in the public chain have become increasingly difficult for ordinary investors to understand, even with a technical background, unless you have engaged in real blockchain development.
There may not be many articles on concise consensus, technical implementation, and comparison of advantages and disadvantages, such as Bitcoin, Ethereum 1.0, and EOS back then. For example, if you find someone to write an ETH2.0, Polkadot, Cosmos consensus technology roadmap and compare its advantages and disadvantages, there may not be many people who can truly write it well, but even if it is written, there may be fewer people who can truly understand it.Moreover, the comparison of the new generation of public chains is not only about technological routes, but also about on chain governance solutions, developer ecology, and development difficulty
Fortunately, at this stage, we don't need to worry too much. After all, Cosmos' IBC has not been completed yet, Polkadot has not been launched yet, and ETH2.0's phase0 has not yet arrived. The real technical competition is likely to be in the next year or two
What to Do in Stage 0- Beacon Chain
Beacon chain is essentially the core part of the entire Ethereum 2.0If you are familiar with Boca, it is very similar to Boca's relay chain concept.
Beacon chain is the "command and control center" that manages and coordinates 64 sharded chains (originally designed to be 1024, but later discovered that the step was too large and cut to 64).
Polkadot's relay chain is the "command and control center" of all parallel chains.
How about the design of Boca, which is essentially an extreme sharding system.
The main difference between the two is thatBeacon chains manage homogeneous sharded chains (shared security), which distribute network load evenly, while relay chains manage heterogeneous parallel chains (also shared security), which distribute network load by ensuring that each chain handles its own tasks well.
There are many other details that differ, which is not the main idea of this article. Let's leave them alone for now.
Regarding stage 0 or beacon chain, as a non-technical person, you probably need to know the following concepts, which should be OK.
Beacon Chain Main Function One: Pledge System Gateway
This may be the most important function of the beacon chain, which allows verifiers to participate in the pledge system, replace the role of miners, and become the builders of the chain. PoW is no longer available, but instead PoS.
As for how to become a 'miner', I believe you definitely know that pledging 32 ETHs is enough. Laotie, do you have 32 ETHs?
Beacon Chain Main Function 2: Storage Authentication Attention
The thing that beacon chains need to do is coordinate the status and communication of shards like lighthouses or beacons, mainly relying on the Attention that exists on the beacon chain.
Attention is not a direct transaction data similar to the ETH main chain, but a hash value of a transaction that has been confirmed and signed by the verifier. They record the status of a specific shard in real-time. Whenever the status of a shard changes (such as an account balance changes), the verifier submits the change to the beacon chain, which tracks the change through these hashes and establishes connections and communication between shards.
Once phase 0 is activated, there will be two Ethereum blockchains: Eth1 chain (PoW main chain) and Eth2 chain (beacon chain/PoS chain)
Readers who want to participate in the verification, i.e. ETH1 users, need to register a contract to replace ETH with ETH2, and Stage 0 does not support withdrawing or transferring ETH2 from the beacon chain. Once ETH1 is stored in the verifier's registration contract, it will be destroyed in the Ethereum 1.0 chain.
02Where is the progress of stage 0
Basically, it's just testing the network status, and it seems to be going smoothly so far.
On the Prysmatic client side - the Sapphire test network that successfully ran in the first three months has been shut down, and the new Topaz test network has been successfully launched. Interested readers can participate in the testing. It is worth noting that the top trading platform OKEx has taken action to support the Topaz test network, making it the first large mining pool in the entire network to publicly access the ETH2.0 test network.
The test network week of the next version of LightHouse client is launched, focusing on interoperability of the test network (currently several test networks are single clients, and the joint test network will be launched in a few weeks).
03
The impact on the blockchain world or our investors
In fact, this is what matters. After ETH2.0 is launched, even if it is only stage 0, it will have many technological and economic impacts on the existing blockchain world. Currently, the main ones that can be considered are the following:
1. Technically - the class representative is about to complete the first assignment
Do you think, since Zillqa in 2018, why haven't so many sharding projects come out yet?
The reason is very simple - because the class representative has not finished the homework yet, so there is no need to copy it!
As mentioned in my previous article, after 10 years of blockchain development, Bitcoin is considered one, ETH is considered half, and EOS may be 0.1. The other various chains, upon inspection, are essentially copying the assignments represented by these three courses and then modifying them.
Before the completion of ETH2.0 sharding, there is a high probability that there will not be anything available on the market, and a highly mature sharding public chain is truly usable.
Of course, in ETH2.0, Phase 1 is the true implementation of sharding chain, but the prototype of beacon chain as a scheduling center was already in Phase 0. In the year from Phase 0 to Phase 1, we should see significant progress in other sharding projects.
After achieving sharded chain interoperability and smart contracts in stages 1 to 2, it should be a significant impact on public chains dominated by high-performance TPS, such as EOS, TRON, and other DPoS.
Also, it should be noted that,ETH2.0 is essentially not an upgrade or hard fork of 1.0, it is a new chain, a brand new chain built from scratch.
2. Economically - From both PoW and PoS perspectives
PoW
At that time, so many ETH mining machines will obviously not watch them turn into scrap iron, and some other mining coins may benefit from it. Currently, ETC and some GPU computing power mining coins are most likely the next destination for these mining machines.
PoSBecause this involves three major factors: how many people will lock, how to lock, and the impact on price after locking:
How many people would lock it
How to lock it
Price impactFrom an optimistic perspectiveIt should be quite large. Because according to the model calculation, the return on Stack's Ethereum block needs to be reduced to close to the current DeFi interest rate, which would require locking off approximately 20 to 30 million ETHs. (Similar to PoW, the fewer miners there are, the higher the profits for individual miners. Starting with high profits will naturally attract more and more miners to come in.)
What is this concept? Here are two data points for you to know:
1DeFi2020ETH3003000ETH
2 are the two star projects of PoS, Tezos and Cosmos. What is their current lock-in rate? More than 90%.In other words, the current prices of these two celebrity PoS projects are supported by a lockdown of over 90% circulation.So guess what happens when ETH's lockdown increases from 3% in the current DeFi era to ETH2.030%? Youpin, Youpin, Youpin.
3. Ecological
DAPPVPhase 12ETH2.0ETH10ETH2.0DAPPETH1ETH2.0Although theoretically ETH1 will eventually be connected to ETH2 in the form of sharded chains, as a developer, can the assumptions you made when writing smart contracts in the 1.0 environment be seamlessly converted to 2.0?Is it possible that a lot of modifications or even complete refactoring are needed?
DeFiDeFiDAPPDAPP1.02.0DeFi
DeFiDAPP MakerDAoETHDAIDAICompoundSo this building block is the bottom ETH+middle MakerDao+upper Compound,The several major DeFi safety accidents that occurred in the previous months were also related to this combination of building blocks. There is currently a heated discussion in the industry about the advantages and disadvantages of this building block method.
When the sharding chain starts to run, the contracts and transactions originally involved in LEGO will now likely be distributed across different sharding chains. The DeFi Lego, which was originally vertically dispersed, has now become both vertically and horizontally dispersed, posing new challenges to its safety and composability. We can only "wait and see" what will happen.
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