Posted 1 year ago | by Ben Armstrong
Ethereum 2.0 is Coming
The team at Ethereum is been shifting focus to new challenges within its ecosystem. Ethereum co-founder Vitalik Buterin highlighted the recent change in Sharding protocol, and how it would impact the ecosystem when it is deployed. Buterin emphasized that it is intended to improve the experience for the ecosystem’s validators.
“It feels like we’re finally overcoming of all of the bottlenecks that we’ve had all along – privacy-preserving applications, on-chain scalability, optimistic roll-up, Sharding and proof of stake.” Buterin stressed.
Faster ETH Network
According to the Buterin, with the help of Shard blocks, the ecosystem will be able to reach and handle 100,000 transactions per second at its high point, and a few thousand at its low point. Within the next year it will no longer need any decentralized exchanges as a medium to facilitate paying transaction fees across Shards.
For more detail, Buterin explained there are two types of cross-shard communications: asynchronous and synchronous and he confirmed that there are ways to fuse the two methods while using synchronous features whenever needed.
And the important is once Ethereum 2.0’s transition is complete, other dependent projects including MakerDAO will be also automatically transferred on to the updated network. But he did not confirm address whether the external intervention will be required.
He added that,“Even if you do nothing, your app will be safe and continue living and eventually will live inside Ethereum 2.0...proof of work and non-charted blockchains are the only way to do things.”
Istanbul Hard Fork
In another major event for the Ethereum ecosystem, Tim Beiko, Product Manager at PegaSys Protocol Engineering shared another update expected Istanbul hard fork.
Beiko published this on his twitter account :
“There is some back and forth, but it seems like there is rough consensus on having Dec 4th be the hard fork date, and using Jan 8th as a backstop date in the case goes wrong, So Istanbul is coming early December!”
Beiko also stressed that the Ethereum’s development will be focused on releasing the EIP-2124, a fork identifier for chain compatibility checks and an alternative for the discovery protocol. The developer also confirmed that the innovation was “@peter_szilagyi‘s idea of having clients talk to each other based on their entire fork history rather than just their genesis block.”
At this point, the cooperation between the genesis and EIP-2124 will make it easier to identify the current network of the user although the risk of losing that easy identifier for the network remains which given the simultaneous hashing of all the fork blocks.
“A proposal would be to have both the genesis and EIP-2124 handshakes running in parallel to start, and then if we realize that that genesis blocks aren’t useful, we can drop them eventually.” Beiko added.