In this article, Vitalik Buterin explains his vision for what Ethereum 2.0 would be like. He says that “We’re not building a better database,” as the current protocol is too limited to power real applications on its own. His hope for Ethereum’s future lies in sharding and plasma chain technologies
In a blog post titled “Endgame,” Ethereum co-founder Vitalik Buterin shared his vision for ETH 2.0.
He spoke about increasing his trustlessness and censorship resistance to levels that he considered acceptable. To do so, he outlined a “plausible roadmap” that included some surprises, including as a planned second-tier of staking that uses less network resources.
Within the crypto world, the ultimate release of ETH 2.0 has become a running joke. This is especially true when gas prices rise in response to increasing network activity.
However, with Ethereum’s large network effect and the promise of decreased gas prices, more decentralization, and improved security, it seems that investors are ready to wait.
The last act
Buterin outlined a “plausible path” for attaining Ethereum 2.0’s agreed goals for trustlessness and censorship resistance.
Beginning with a second staking layer, which will reduce the amount of resources required for block validation. Buterin suggests that transactions be divided into (100) buckets, each having a Merkle or Verkle tree root.
The goal behind these “tree root” methods is to boost proof efficiency and therefore scalability by allowing large-scale data verification by someone who simply possesses the tree’s root.
“A block’s transactions are divided into 100 buckets, each having a Merkle or Verkle tree state root.” Each second-tier staker is allocated to one of the buckets at random. A block is only legitimate if at least two-thirds of the validators assigned to each bucket approve it.”
On top of the bucket system, he recommended using roll-up/privacy technologies like fraud proofs and zk-SNARKs for an extra layer of protection.
Ethereum’s second layer platform This Thursday, Polygon will hold the zk Summit, during which they aim to make a big announcement about zero-knowledge technology.
Buterin believes that introducing data accessible sampling is beneficial (DAS). This effectively provides a lightweight version of the blockchain, allowing for block validation without the need to store a comprehensive record of the whole blockchain.
Finally, Buterin suggests the construction of supplementary transaction channels to conduct block validation on a distributed basis in order to increase censorship resistance.
Block production is centralized in this architecture, while block validation is decentralized and trustless.
vitalik.ca is the source of this information.
When will ETH 2.0 be published in its final form?
The phase 0 Beaconchain deployment took place on December 1, 2020, which was more than a year ago. This set the stage for Ethereum 2.0, as well as introducing staking.
“The merging” is the current phase that developers are working on. Because Ethereum 1.0 and 2.0 are operating in parallel, the update will require unifying the two chains. The merger is expected to take place in the first quarter of 2022, according to official projections.
However, given the delay in triggering the “difficulty time bomb,” some experts believe June 2022 is a more realistic timeframe.
The time bomb is a method of gradually increasing the difficulty of Ethereum mining until it becomes unprofitable. The goal is to go from a Proof-of-Work to a Proof-of-Stake chain over time.
“Shard chains” is the final implementation, which refers to managing transaction load over 64 shard chains for increased scalability. “Sometime in 2022,” according to the prediction.
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