Posted 1 month ago | by @devadmin
Ethereum 2.0 developers are aiming to change the consensus protocol of Ethereum from proof of work to proof of stake as soon as possible, according to a lead developer’s tweets and an Ethereum developer call.
It's been a while, but PR is opened. Everybody is welcome to collaborate! Let's work that through to get Ethereum Mainnet onto proof of stakehttps://t.co/C9TOccXf3Y
— Mikhail 👉👈 Kalinin (@mkalinin2) March 11, 2021
This may be due to a growing blowback from miners that oppose a recent Ethereum proposal, EIP-1559 who have threatened a hash war for 51 hours, symbolizing a 51% attack. The miners vow to redirect their hash power to one single pool Ethermine.org on April 1st, in a show of force against the Ethereum network, as Bitboy Crypto reported. The Ethereum proposal is set to take effect in July of this year; as part of the upgrade a part of every transaction fee will be burned, reducing the overall supply of Ethereum.
The proposal is expected to put stress on miners’ revenue with some estimates suggesting a massive 50% of lost funds.
Meanwhile, Danny Ryan, the lead researcher behind the Ethereum 2.0 roll out stated in an Ethereum conference call that he and Mikhail Kalinin of the Ethereum 2.0 software client Teku were exploring ways to create a shippable product that saved some features for later.
Currently, Ethereum is in Phase 0 of the transition also known as the Beacon chain stage, which will help shift ETH over to the Eth2 network, which went live on December 1st. The current model of Ethereum proof-of-work is essentially operating in parallel beside each other.
With proof of stake, Ethereum 2.0 blockchain users can earn rewards for helping run the network based on the amount of ETH they stake, while miners are being faced out.
The next step is to “merge” the two networks together which is what the call was partially discussing the merger’s logistics.
At the same time, Vitalik Buterin is strategizing against the possible 51% attack scenario, by attempting to rush another proposal.
Vitalik writes the following:
“FAQ: Possible attacks
Can the first proposer after the transition time be malicious by including an ethpow block that is not the head of the ethpow chain?
We expect that an ethpow block will be included into the beacon chain within a minute of it becoming possible to do so (otherwise, there must be 5 malicious proposers in a row). At that point, there are very few possibilities for what ethpow blocks could be incuded: it must be the first transition block, a descendant or an uncle. In either case, the ethpow chain would not revert more than a few blocks.
Could miners collude to do something malicious?
Miners could do a “balance attack” and mine multiple chains, so there are many choices for what ethpow block to include. But ultimately, as long as there is at least one honest miner, eventually at least one block with
totalDifficulty >= TRANSITION_TOTAL_DIFFICULTYgets created. If multiple options appear simultaneously, the first proposer would pick one, and as soon as the ethpow fork choice repoints to the beacon fork choice, the ethpow chain would proceed smoothly inside the beacon chain.
What if the beacon chain reorgs around the transition boundary?
If the beacon chain reorgs, then this would lead to the ethpow chain reorging. However, once the beacon chain stops reorging (or at least the blocks around the transition period stabilize), the ethpow fork choice would also stabilize, because the ethpow fork choice favors the chain embedded within the beacon chain if such a chain exists.”
Kalinin’s proposal is an “executable beacon chain,” which would get rid of some of the complexity of the initial design. Kalinin posted a pull request on GitHub that developers can contribute to in order to swiftly implement his proposal. This says, that Ethereum is attempting to move faster and may try to release ETH 2.0 without some features which they will add later.
Ryan also stated in the call there would be a public call with project stakeholders such as software clients about allocating resources within the next two weeks, Decrypt reported.
The Ethereum Foundation estimates that the merger will happen in 2022 in Phase 1.5 of the roadmap. According to the foundation, “It’s the moment where the Eth2 vision becomes fully realised—more scalability, security, and sustainability with staking supporting the whole network.” However, the comments made by Vitalik, Ryan, and Kalinin suggest that it could be sooner rather than later.
Ethereum is currently trading at [FIAT: $1,742.93] DOWN -3.7% in the last 24 hours according to Coingecko at the time of this report.