Author | ConsenSysIntroduction: Ethereum 2.0, which is expected to be launched in 2020, marks the beginning of the long-awaited upgrade of Ethereum's main network
Author | ConsenSys
Introduction: Ethereum 2.0, which is expected to be launched in 2020, marks the beginning of the long-awaited upgrade of Ethereum's main network. This article will briefly introduce the panorama of Ethereum 2.0 and prepare for its next stage of development.
Ethereum 2.0 is a major upgrade of the current Ethereum main network. Its purpose is to solve the scalability problem of Ethereum through fragmentation and other technologies.
History of Ethereum 2.0
Ethereum 2.0 is not a new idea in the Ethereum community. Since its birth, the idea of changing the underlying consensus mechanism of Ethereum to address the limitations of Proof of work has always existed. After the launch of the main network Frontier in July 2015, the discussion on upgrading Ethereum 2.0 has never stopped.
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Homestead, March 2016
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Metropolis: Byzantium, October 2017
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Metropolis: Constantinople, February2019
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Istanbul, December2019
Compared with the past multiple upgrades of Ethereum, the launch of Ethereum 2.0 is particularly significant, because it will realize the Proof of Rights Consensus Mechanism (PoS), which will remove Proof of work (PoW) from the existing network.
Proof of Equity (PoS)
Proof of Equity (PoS)2.0PoWPoWBTCETCLTCPoW
The time and funds required for miners to run hardware and consume electricity on the PoW chain will be compensated through block rewards, which are distributed to miners who successfully mine the block. The PoW consensus algorithm is very secure. The computing power required by individuals to destroy mature PoW public chains such as BTC or Ethereum is very large, and even such huge computing power may not exist at all.
Although the PoW mechanism is very secure, the PoW consensus also existsScalabilityandAccessibilityThe issue of.
Scalability: Since each block is mined sequentially, and the amount of data that can be recorded in each block is limited (that is, the block size is limited), Ethereum can only process a limited amount of information in a given time. If the number of pending transactions exceeds the capacity of a block, the remaining transactions must wait for the next or subsequent block validation. The scalability issue will be addressed through sharding implementation on PoS networks (see below).
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In Ethereum 2.0, the verifier deposits funds (at least 32 ETHs pledged) into the official deposit contract developed by the Ethereum Foundation. The verifier will download and run the Ethereum 2.0 client software. While running the client software, they will be randomly selected to package or validate blocks on the chain. Verifiers who package and verify blocks correctly will receive ETH (which is the proportion of ETH pledged by the verifier to all verifiers) as a reward.
In Ethereum 2.0, if the verifier fails to stay online and perform their computational responsibilities, their block rewards will be reduced accordingly, so as to encourage the verifier to stay online as much as possible. If the verifier maliciously attempts to disrupt the network (such as verifying incorrect data records), the 32 ETHs or parts they pledged will be confiscated. In PoS networks, the economic incentive mechanism for malicious actors is stronger (i.e., making them less motivated to do so), while in PoW, the economic risk of attack failure is only the cost of electricity required to achieve a certain computing power, and the cost of launching an attack on the PoS system is equal to the number of ETHs pledged (i.e., penalty). Compared to the more abstract cost of electricity bills, the risk of losing a corresponding amount of money brings a stronger intuitive feeling to individuals who want to launch an attack. The result of a failed PoW attack is a loss of electricity bills, and confiscating the verifier's pledged funds is equivalent to PoW miners burning the entire mine in a failed attack. In short, the PoS system can enhance individuals' motivation to maintain the entire network.
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Proof of Equity (PoS)2.0Stage 0
Stage 0
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