Ethereum is a smart contract platform that enables developers to build tokens and decentralized applications (dapps). ETH is the native currency for the Ethereum platform and also works as the transaction fees to miners on the Ethereum network. Ethereum is the pioneer for blockchain based smart contracts.
Although he emphasizes several points, Buterin makes it clear that unfortunately, the network a network refers to all nodes in the operation of a blockchain at any given moment in time. of Ethereum a decentralized open-source blockchain with smart contracts functionality. will have to operate with centralized a centralized organizational structure is one in which a single node or a small number of them are in control of an entire network. block a file containing information on transactions completed during a given time period. Blocks are the constituent parts of a blockchain. production, although they would try to make block processing decentralized.
Vitalik Buterin, co-founder and principal developer of theEthereum, presented what would come to be his version of the roadmap a roadmap is a high-level visual summary that helps map out the vision as well as the direction of a specific product. for the next version of the project, better known as theEthereum 2.0.
Buterin’s proposal forEthereum 2.0
Buterin’s revelation was made public in a post published on his official page, where he elaborated on a number of important aspects for the future of the project, emphasizing the freedom that the network would offer for people to support the opposite of Resistance, it is a threshold that crypto’s price doesn’t fall below. mining a process where blocks are added to a blockchain, verifying transactions. It is also the process through which new bitcoin or some altcoins are created. activities, though without addressing as such the problems of centralization that this would entail.
The publication in question, entitled“Endgame”, describes some solutions that could be implemented to address a place where cryptocurrency can be sent to and from, in the form of a string of letters and numbers. certain aspects, among which the following stand out
- Implement a second level of participation with low resource requirements, in order to perform block validation in a distributed manner.
- Add anti-fraud tests“ZK-SNARKS”, for users to verify the validity of a block.
- Introduce a data availability sample so that users can check block availability.
- And finally, add secondary transaction channels to avoid censorship.
Following these steps, Buterin indicated that although the operation of the network would still be centralized, block validation would be highly decentralized, ensuring the freedom it offers.Ethereum by implementing mechanisms to prevent censorship censorship is the act of altering, suppressing, or prohibiting speech or writing that is considered detrimental to the general public. by those who carry out these tasks.
Centralization in block production
Regarding the centralized nature of block production, the developer argued that this would unfortunately not change change — a concept relevant to cryptocurrencies that use the UTXO model — is the number of coins sent back to a user after they use their unspent outputs to initiate a transaction. even if solutions such as rollups were implemented, which would alleviate scalability issues, but would not address that aspect.
In this regard, he commented:
“No rollup manages to sustain anywhere near the majority of Ethereum’s activity. Instead, they all max out at a few hundred transactions per second.”
“Parece que podríamos tenerlo todo: validación descentralizada, resistencia robusta a la censura e incluso producción de bloques distribuidos, porque los paquetes acumulativos son todos invidididicamente pequeños y es muy fácil comenzar a producir bloques. Pero la descentralización de la producción de bloques puede no durar, debido a la posibilidad de MEV de dominio cruzado . Hay una serie de beneficios de poder construir el siguiente bloque en muchos dominios al mismo tiempo : puede crear bloques que utilicen oportunidades de arbitraje que se basan en realizar transacciones en dos acumulaciones, o una acumulación y la cadena principal, o incluso más. combinaciones complejas”.
The Road to Ethereum 2.0
Although Buterin is clear about the route that the project should follow from the technological point of view, from the outside the enthusiasm for the arrival ofEthereum 2.0, especially in light of the rise of other networks that address the cost and scalability issues present in the original project.
Despite the fact thatEthereum has recently received upgrades to improve its operational performance, scalability and high cost of operations remain a major issue. However, the EIP-1559 brought with it a destruction scheme ofETH linked to network commissions, which has begun to endow the currency currency is a medium of exchange that defines value. with deflationary properties as more and more of the currency isEther the form of payment used in the operation of the distribution application platform, Ethereum. that is being burned than that which is being produced.
While this is happening, the development teams are continuing to work on the next phase ofEthereum 2.0 salga lo más pronto posible. Analistas y entusiastas esperan ver materializado esto para 2022, al menos a un punto funcional en el que ya se pueda utilizar la red para buena parte de los casos de uso hoy conocidos.
- Ethereum could displace Bitcoin the biggest and most popular cryptocurrency in the world. It is a decentralized digital currency that enables users to make trustless peer-to-peer transactions. as a store of value, says new study
- Ethereum community starts testing “The Merge”, the next big step towards ETH 2.0
- Vitalik Buterin presents EIP-4488 proposal to solve high gas a term used on the Ethereum platform that refers to a unit of measuring the computational effort of conducting transactions or smart contracts, or launch DApps in the Ethereum network. It is the “fuel” of the Ethereum network. *see Gas Limit and Gas Price. tariffs in Ethereum
Version by Angel Di Matteo /DiarioBitcoin
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