Golden Outpost | The transition period of Ethereum 2.0 may come soon

The long-awaited transition to Ethereum 2.0 has finally arrived.

Ethereum Foundation core developer Danny Ryan today officially submitted a proposal (EIP 2982) that would transform the Ethereum blockchain from the current Proof-of-Work (PoW) algorithm to a Proof-of-Stake (PoS) consensus mechanism.

The proposal, once approved by Ethereum core developers, will see the launch of Phase 0 of Ethereum’s Serenity phase, or the Beacon Chain marking PoS enforcement. This is also expected to go live in the fourth quarter of this year or early next year.

Golden Evening News | Important news on the evening of June 22: 12:00-21:00 Keywords: Central Bank, UK, Bloomberg, National Archives

1. Director of the Financial Research Institute of the Central Bank: Digital currency may provide some cost advantages in terms of RMB clearing and settlement infrastructure;

2. The UK FCA requires encryption companies to submit registration applications before June 30;

3. Huang Qifan: The new infrastructure will boost the digitization of traditional industries;

4. There was a change in PlusToken running funds, and 26.31 million EOS were transferred;

5. Bloomberg: Wirecard’s $2.1 billion loss may not have existed in the first place;

6. Jim Rogers: The value of Bitcoin will drop to zero;

7. IPFS releases version 0.6, which includes important updates to the protocol layer;

8. The National Archives Bureau held a video lecture on blockchain technology;

9. The Yunnan Provincial Blockchain Center is soliciting the first batch of pilot projects for the application of blockchain technology in 2020. [2020/6/22]

Analysis | Golden Disk: The weighted benchmarks are mixed NEO becomes a star: Golden Disk Comprehensive Analysis: The market continued to diverge yesterday, with ETH leading the decline in market weighted benchmarks with a 1.62% drop. Among the targets with a market value of more than 1 billion US dollars, NEO ranked first with an increase of 7.76%, and among the targets with a market value of 100-100 million US dollars, OMG rose first, reaching 10.62%. At present, the market is facing a choice of direction, and the risks brought by technical deviation have not yet been resolved. Investors are advised to remain cautious. [2018/9/5]

The concept of sharding is introduced in the beacon chain, which solves the scalability problem of Ethereum without affecting the security and decentralization of the network. Danny Ryan previously stated that Ethereum 2.0 phase 0 focuses on the beacon chain, which is the core of the new consensus mechanism and where all system-level activities and business processes begin. Phase 1 is about reaching more consensus and comes in the form of many shard chains.

Analysis | Golden disk: BTC/USD 4-hour bottom divergence formation: Golden disk comprehensive analysis: BTC/USD 4-hour K-line chart shows that macd bottom divergence is formed, and the price is supported in the middle track of the descending channel. If the price does not reach a new low after that, Here is expected to form a 4-hour rebound buying point. [2018/8/14]

In July of this year, Ethereum researcher Justin Drake said that Phase 0 of Ethereum 2.0 may be launched in early 2021. Ethereum co-founder Vitalik Buterin responded that it is more likely that Ethereum 2.0 phase 0 will be launched within four months (before November). On September 12, Ethereum developer Raul Jordan said again that if all goes well, Ethereum 2.0 may be officially released in November.

It is understood that the Ethereum "Serenity" (Serenity) upgrade will be implemented in four phases:

Phase 0: Beacon Chains

Phase 1: Shard Chains

Phase 2: eWASM replaces the Ethereum Virtual Machine (EVM)

Phase 3: Continuous Improvement

The beacon chain is a chain that uses the POS consensus algorithm, which is the underlying architecture of Ethereum 2.0. In the second phase of Ethereum 2.0, shard chains will operate with the help of the beacon chain.

The beacon chain is a brand new blockchain and occupies a core position in the new Ethereum. One of the functions of this chain is to allow verifiers to participate in the pledge system and replace miners as chain builders. Another function is to store the index of the shard state. The way it works is that each shard is randomly assigned different validators to publish blocks, while also assigning a committee to each shard chain. The role of this committee is to vote on blocks produced by shard chain validators.

It should be noted that Phase 0 does not support smart contracts, accounts, asset transfers, nor does it include any reasons for sharding. At the same time, ether based on the beacon chain cannot be transferred on the chain, which means that users cannot deposit it on the exchange.

Phase 0 is just the first step in the multi-phase rollout of Ethereum 2.0. Other phases are expected to last until at least 2021.

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