On June 17th, the Fire Coin Blockchain Research Institute (referred to as the "Fire Coin Research Institute") released a report titled "Beyond the White Paper: You Need to Know Several Facts about ETH2.0" (hereinafter referred to as the "Report")
On June 17th, the Fire Coin Blockchain Research Institute (referred to as the "Fire Coin Research Institute") released a report titled "Beyond the White Paper: You Need to Know Several Facts about ETH2.0" (hereinafter referred to as the "Report").
The report provides a comprehensive analysis and interpretation of ETH2.0 based on the Token mechanism (Casper consensus, new TokenBETH) and technical principles (sharding, eWASM virtual machine). It not only introduces the current overall time plan for ETH2.0 upgrade (stages 0 to 2), but also deduces the changes before and after ETH2.0 upgrade.
"This upgrade has made an unprecedented adjustment to the ETH architecture, so that the community has a new blockchain called Ethereum." Ma Tianyuan, the Principal investigator of the Fire Coin Research Institute, believes that the ETH2.0 upgrade will finally usher in the first milestone, and it is expected that the ETH2.0 phase 0 beacon chain is expected to go online in the third quarter of this year. This upgrade is different from the previous "patch style" hard fork upgrade, but a "recast style" new chain upgrade.
ETH2.0 upgrade eagerly awaited by the technology community
ETH has become a world-class blockchain platform, implementing the first underlying blockchain architecture that supports programmable smart contracts. However, ETH still has many issues to be addressed, such as performance, scalability, and privacy protection. Especially with the ecological development of ETH and the deployment of smart contracts by more DApp applications on the platform, the inefficiency of the underlying PoW consensus has become prominent, Severe network congestion and transaction confirmation delays have greatly affected the platform user experience.
ETH2.0 is seen as building a new generation of Ethereum blockchain network, rather than just upgrading the existing Ethereum network. The important goal of ETH2.0 is to complete the conversion of the main network consensus mechanism from PoW to PoS, apply sharding technology to significantly improve the performance of the blockchain network, and use more advanced virtual machines to improve the execution speed of smart contracts.
Ma Tianyuan emphasized that the ETH2.0 upgrade is not a simple hard fork upgrade. In the past hard fork upgrades of ETH, the old chain has stopped the operation of the new chain. However, in ETH2.0, the old chain, i.e. PoW chain, will coexist with PoS chain for at least 3-5 years, and it is possible that PoW chain will eventually exist as a fragmented chain of ETH2.0 for a long time.
The report points out that the three most important upgrades of ETH2.0 technology level are Casper Consensus, sharding and eWASM virtual machines, which can enable Ethereum network to achieve high performance and scalability at a low cost. Based on the correct technical roadmap and the work of Vitalik and many core developers, ETH2.0 has received unprecedented attention and support from the community.
To help understand the overall framework of ETH2.0, the report compares ETH2.0 to a port that handles various types of goods, a beacon chain to a port lighthouse, where all cargo ships need to be commanded and dispatched, and a fragmented chain is a collection of cargo ships responsible for the actual transportation of goods.
chartSource: Huo Coin Research Institute
Ma Tianyuan pointed out that for ETH itself, completing the goal of ETH2.0 also means that Ethereum will become the beginning of a distributed general computing platform supporting large-scale commercial application scenarios in the future.
The complete version of the ETH2.0 upgrade schedule is scheduled until 2022
The vision goal of Ethereum community is to become a high-performance distributed "world computer". ETH2.0 can be regarded as a new open source project to achieve this goal. Its main significance will be to build a new Ethereum blockchain platform to comprehensively replace the existing Ethereum. Compared with the existing Ethereum blockchain, ETH2.0 has added new technical architecture design, It can be said that the final ETH2.0 will become a new Ethereum public chain platform after being fully formed.
The report points out that the overall planning of ETH2.0 consists of three important stages: beacon chain, sharding, and eWASM, and the subsequent continuous innovation direction is still being dynamically formulated. The report introduces the overall timeline for the ETH2.0 upgrade (stages 0 to 2), and predicts that stage 0 is highly likely to be launched by the end of Q3 to the beginning of Q4 this year. At the same time, stage 0 beacon chain will be the first to support the Stacking function. Phase 1 will be launched in 2021 in pieces. After the launch, it can only be put into trial operation and still does not support transfer and smart contracts; The new virtual machine eWASM in Phase 2, along with its accompanying smart contracts and cross shard transfers, may not be available until 2022, while subsequent upgrades in Phase 3 will be available after 2022.
Ma Tianyuan pointed out that after Phase 2 is launched, this chain will be considered the complete version of ETH2.0, which supports transfer and smart contracts. At present, there is no official announcement that ETH2.0 will definitely be launched in 2022. However, eWASM and sharding are developed in parallel by multiple teams, so the community generally estimates that ETH2.0 will be launched in 2022.
From the initial design concept, ETH's EthashPoW mining algorithm can indeed ensure the authority and non tampering of block data, but it also sacrifices the transaction throughput and scalability of the network. Any transaction requires all nodes to consume computing resources for hash operations, which is a common problem in all blockchain projects that use PoW as a consensus mechanism. So, ETH2.0 has some worrying issues, such as its development progress still not being fast enough.
The report believes that in the near future, simply looking at this phase 0 upgrade, it is actually just the first step of the Long March. In stages 0 and 1, ETH2.0 does not support transfers and smart contracts, so it is temporarily unavailable for practical use. So we need to give the development community more time.
Finally, the report deduces the changes before and after the ETH2.0 upgrade, believing that the ETH old chain will not be directly forced to stop by the "difficulty bomb", but will exist for 3-5 years and may be transformed into a fragmented chain under the ETH2.0 framework for long-term existence. It is also predicted that the possibility of significant community fragmentation is relatively low at present.
The complete upgrade of ETH2.0 will bring about a comprehensive reshuffle of public chain, DApp, DeFi, and even allow some national level projects to be moved to ETH, which will have a profound impact on the entire industry, "said Ma Tianyuan.
Click on the link to read the full report
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