- Ethereum’s PoS migration is getting closer
- Phase 0 update to be launched sometime this year
- 0 is designed to tackle more than scaling issues
Ethereum News Today – according to reports, Ethereum’s co-found Vitalik Buterin gave a few hints about his network’s plans. He touched topics like the Ethereum 2.0 update during a conference at Stanford. Ethereum is enjoying an excellent price position at press time. Meanwhile, the network’s Proof of Stake migration is inching closer and closer. Buterin talked about the relevance of Phase 0’s launch to the Ethereum network. Phase 0 is scheduled to go live later in the year. Currently, there isn’t any official word regarding the Phase O launch date.
Ethereum 2.0 Journey So Far
Buterin claims that ETH 2.0 will work as an independent PoS network. He emphasized the importance of the protocol to the network and its change to the PoS system. According to Buterin, Phase 1 of ETH 2.0 will follow. This protocol allows shading. According to the testnet client, Prysmatic Labs ETH 2.0 will accommodate the beacon chain. This protocol will coordinate 64 side chains. The use of Shards. Shard is the answer to Ethereum’s scalability issue if used properly. After the ETH 2.0 is activated it will initiate the transition to the ETH 1.0 protocol.
On February 5, ETH 2.0 representatives organized a seminar. The goal was to address the issues affecting their research. Transitioning to the PoS system was the primary concern. Asset holders must pledge their coin to secure the network for which they will be generously compensated for. ETH 2.0 will also need a validator. 32 Ether will be suitable for that.
ETH 2.0 Can do More Than Tackling Scalability Issues
The founders of the ETH 2.0 protocol are now claiming that as their work is being done regarding progressing further, they are also working to resolve the existing issues and hurdles affecting the protocol. Take an example, the firm introduced: Optimistic Roll ups. This solution is designed to tackle scaling issues on smart contracts. Edward Felten the co-founder of Off-chain labs, revealed his solution (the first roll-up system) for smart contracts. This product is called Arbitrum Roll up.
Additionally, Felten spoke about how the Arbitrum solution or toolchain can be utilized with legacy applications. Building a custom side chain for the developer apps and depending on the Ethereum main chain to offer security. Felten dispersed ideas that the Ethereum network and Off-chain were rivals. However, he spoke about working with Ethereum to offer a broader range of solutions in a bid to tackle scalability. He welcomed the solutions that Ethereum will bring.
Princess Ogono is a writer, lawyer and fitness enthusiast. She believes cryptocurrencies are the future. When she's not writing, she spends time with her adorable cat, Ginger and works out often.
