Co-founder of Ethereum Vitalik Buterin recently published an alternative solution for an early Ethereum 2.0 upgrade. On December 23, a Ethereum research forum reported Buterin has developed a “rapid schedule for the change from Ethereum 1.0 to Ethereum 2.0 via a new type of ETH validator named” eth1-friendly validators”. He claims this new alternative proposal will require less “rearchitecting” in the network. Concurrently ,
“Specifically, it requires stateless clients, but NOT stateless miners and NOT webassembly, and so requires much less rearchitecting to accomplish.” Noted Buterin.
Ethereum 2.0 is a significant upgrade to the Ethereum blockchain network intended to change the existing algorithm of proof-of-work consensus to proof-of-stake. The block validation feature will be transferred from miners to specific network validators as soon as the Ethereum blockchain turns into a PoS consensus. It is planned that the first “step zero” level of the move to Ethereum 2.0 will take place on January 3, 2020.
In Vitalik’s new alternative plan, it is proposed that eth1-friendly validators can retain both the existing Ethereum 1.0 blockchain and the Ethereum 2.0 Beacon Chain.
“Validators that want to participate in the eth1 system can register themselves as eth1-friendly validators, and would be expected to maintain an eth1 full node in addition to their beacon node. The eth1 full node would download all blocks on shard 0 and maintain an updated full eth1 state.” Suggest Buterin.
Transaction costs could increase by 5-10 percent
The transaction costs on the Ethereum network can rise slightly as a result of the planned transition procedure. According to the co-founder of Ethereum, calling a contract will require an additional 1-2 gas per byte of text, while a basic ERC20 transaction will increase by 5-10%.
“This would actually be not that punitive to average applications, though many apps would need to rearchitect themselves to use fewer full-sized contracts. There would be some exceptional applications that become considerably less viable. A simple ERC20 transaction (including DAI) would maybe become at most ~5-10% more expensive.” Buterin concluded.
Source : CoinTelegraph, Ethereum Research.
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