Ethereum 2.0: Towards a Frictionless launch in July 2020 after Successful Validation and Mining


On April 17 last month, the Ethereum
developer team has achieved a milestone in their testnet 2.0 by successful
validation and mining of the Ethereum 2.0 genesis block.
The tentative launch of Ethereum mainnet is
scheduled in July 2020, for which the Vitalik Buterin and his team members are
working relentlessly.
The upgrade process which has been dabbed
as Ethereum 2.0 (ETH 2.0) will be rolled out in three phases. The original
launch was scheduled in January 2020, which had been postponed up to July 2020,
due to some technical glitches in sharding.
After the recent successful validation of
the block, it can be said safely that the upgrade process is going smoothly.
The up-gradation will undoubtedly make the Ethereum better, faster and secure
in terms of scalability, stability, and even in terms of economic viability.
Thousands of developers have been working
on this project and which will be accomplished in three steps, started from
phase 0, 1.0 and to 2. 0.
Highlights of the Ethereum 2.0(ETH2.0) Upgrade:
- Ethereum 2.0 version will be working as an independent Proof-of
-stake PoS network.
- The active validators on the testnet have been closed down at
20,000 on April 19.
- It will have a central blockchain and 64 shards (side chains).
- Each node will process transactions exclusively for a
particular shard rather than working for the entire network.
- The testnet version – Topaz Testnet has reached 20,000
validators this month. The first block has been validated on April 18 of
this month after the mining process.
- In March 2020, The ETH 2.0 has also passed the security audit
by blockchain security firm Least Authority
What is Ethereum 2.0 Topaz Testnet?
The Ethereum Topaz network has been
launched replacing the Sapphire Test network on April 16 by the Prysmatic Labs.
This is the technical team that has been working on the Ethereum 2.0 technical
infrastructure under the lead of Ethereum Co-founder Vitalik Buterin. The topaz
testnet tested the feasibility of the PoS protocol implementation on the
Ethereum network replacing the current proof-of-work (POW) consensus mechanism
which is computationally tacky to handle.
The new PoS mechanism will enable the users
to stake (Lockup) their Ether (ETH) that will be used to verify the
transactions. The Stakeholders in return will be rewarded a partial portion
from the fees.
Why the Upgradation?
Over the years, the Ethereum network has
highly been criticized for the high transaction charges and fragility of the
network during peak hours of transactions and over the security.
The developers are testing towards
eliminating these issues in the latest version 2.0, making the network more
robust and faster. ETH 20 will be supporting the sharding as well.
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Jayashree Ingle
CBW - External Analyst
INDIA