Golden Hard Core｜Comprehensive understanding of the key technology of Ethereum 2.0: scalability

As the ETH deposited in the Ethereum 2.0 deposit contract reached the threshold of 524,288 on November 24, it is basically certain that the beacon chain of Ethereum 2.0 will be launched on December 1, 2020 as scheduled. This also means that Ethereum will officially move towards PoS and expansion at the layer1 layer. In the future, decentralized applications on Ethereum may no longer have to suffer from the high gas fees experienced during the DeFi boom in the summer of 2020. Scaling is critical to Ethereum, because Ethereum's vision is to serve as a global, public open source platform for decentralized applications that anyone can participate in. To become the infrastructure of the next-generation Internet and meet the needs of mainstream Internet users, capacity expansion is an inevitable choice. Vitalik Buterin's expectation for Ethereum is to become the world's computer, but Ethereum 1.0 adopts the PoW consensus mechanism, and its TPS is only about 15, which cannot bear the heavy responsibility of the world's computer at all. Vitalik Buterin once said: "Ethereum 1.0 is a relentless attempt by several people to build a world computer; Ethereum 2.0 will eventually actually become a world computer." Looking back at the history of Ethereum, Vitalik released the Ethereum white paper in January 2014, and in 2015 In July, the Ethereum 1.0 mainnet was created. However, in the same month that Vitalik released the Ethereum white paper, he published a blog on the PoS consensus algorithm Slasher, and he was already seriously discussing the future of Ethereum from PoW to PoS. In March 2015, before the Ethereum mainnet was launched, the Ethereum community had already planned the future technical path of Ethereum into stages: Frontier, Homestead, Metropolis and Serenity , and reached a consensus to switch from PoW to PoS in the Serenity phase. In order to drive miners to change from PoW to PoS, the Ethereum 1.0 blockchain network also deliberately set up a "difficulty bomb". In 2015, Vitalik and the Ethereum development community began to try random sampling (Random Sampling), which was a breakthrough for the application of sharding technology on the chain. In 2017, a breakthrough in the proof of data availability was completed, proving that sharding is a feasible expansion solution. It can be said that Ethereum 2.0 is the real Ethereum in Vitalik's mind. Golden Afternoon News | List of important developments at noon on July 22: 7:00-12:00 Keywords: Central Bank, Supreme Law, Development and Reform Commission, Filecoin Miners Conference 1. The central bank issued blockchain financial application evaluation rules. 2. The central bank issued a document to regulate and define the blockchain without mentioning decentralization and tokens. 3. The Supreme Law and the National Development and Reform Commission: Strengthen the protection of new rights and interests such as digital currency and network virtual property. 4. Summary of the main points of the Filecoin Miners Conference: New test rewards will be distributed to the top 20 miners. 5. Filecoin developers: The big miner test competition will be officially launched on August 3. 6. Bitmain teamed up with Yuncong, Isaac, and Landian to help Yunnan's "new infrastructure". 7. The transaction fee on the Ethereum chain has reached the highest level in two years. 8. V God: PoS is still very important even though the problem of capacity expansion is no longer so important. [2020/7/22] Although on the specific technical path, Vitalik is also constantly improving his views. For example, recently Vitalik said that the near-term and mid-term expansion strategies of Ethereum (1.0 and 2.0) center on Rollup. Let’s review the roadmap of Ethereum 2.0 first. As mentioned above, four phases of development have been planned since the launch of Ethereum: Frontier, Homestead, Metropolis, and Serenity. Serenity is the stage of Ethereum 2.0, and its biggest change is the complete transition from PoW (Proof of Work) to PoS (Proof of Equity). For this change, Ethereum 2.0 must be divided into at least three phases: Phase 0: Beacon Chains; Phase 1: Shard Chains; Phase 2: Cross-shard transfers, contract calls, eWASM replacement Ethereum Virtual Machine (EVM), etc.; each stage will improve the performance of Ethereum in different ways. Phase 0: The first phase of Ethereum 2.0 will implement "Beacon Chains". The beacon chain stores and manages the registration of validating nodes and will implement Ethereum 2.0's proof-of-stake (PoS) consensus mechanism. The Ethereum 1.0 PoW chain will run alongside the new Ethereum PoS chain to ensure data continuity. Phase 0 of Ethereum 2.0 will be launched in 2020, and Phase 1 is expected in July: Phase 2 of Ethereum 2.0 may be launched in 2021. The main improvement of Phase 1 is the integration of Shard Chains. Sharded chains are a scaling mechanism in which the Ethereum blockchain is "split" into 64 different chains, allowing parallel transactions, storage, and information processing. According to the most conservative estimate, its throughput will reach 64 times that of Ethereum 1.0. People's Daily Digital Communication FINTECH and Jinse Finance and Economics jointly launched the "War against the Epidemic with Me丨Blockchain in Action" public welfare activity: Jinse Finance reported that People's Daily Digital Communication FINTECH and Jinse Finance launched the "War against the Epidemic with Me丨 Blockchain in Action" The public welfare action is now facing the blockchain, soliciting enterprises to help Wuhan fight the epidemic, so that public welfare becomes a consensus. This event adopts the form of targeted donation, and donors can choose to donate materials to those who need them most. Donation progress, records and other information can be checked in real time, and all processes of the project will use blockchain technology to store evidence, which cannot be tampered with or forged, so as to ensure that the entire process is open and transparent, and all kinds of illegal operations and black box operations are eliminated. See the original link for more details. [2020/3/18]Phas2: The third phase of Ethereum 2.0 may start in 2021 or 2022. Compared with Phase 0 and Phase 1, the definition of Phase 2 is not yet clear, but it will involve adding Ethereum accounts and enabling transfers and withdrawals, implementing cross-shard transfers and contract calls, and building an execution environment so that Ethereum 2.0 can Build scalable applications on top of it, and introduce the Ethereum 1.0 chain into Ethereum 2.0, and finally close the proof of work. The launch of the Ethereum 2.0 beacon chain mainnet marks the official launch of Ethereum 2.0. What is Ethereum 2.0? Ethereum 2.0, also known as Eth2 or "Serenity", is the fourth phase of the planned Ethereum blockchain, and it is also a complete redesign. The consensus mechanism will move from PoW (Proof of Work) to PoS (Proof of Stake). ). The four phases in Ethereum planning are: Frontier, Homestead, Metropolis and Serenity. What is the difference between Ethereum 1.0 and Ethereum 2.0? Ethereum 2.0 will introduce two major improvements that did not exist in Ethereum 1.0: Proof of Stake (PoS) and Shard Chains. The consensus mechanism of Ethereum 1.0 is Proof of Work (PoW). PoW relies on miners to use electricity to drive physical mining machine calculations to generate the Ethereum blockchain. PoS does not rely on miners and electricity, but relies on verification nodes (virtual miners) and ETH deposits to generate blocks. The shard chain is an expansion mechanism that can greatly improve the throughput of the Ethereum blockchain. Shardchains will "split" the Ethereum blockchain, distributing data processing responsibilities to many nodes. This allows transactions to be processed in parallel. Each shard chain is like adding a lane, upgrading Ethereum from a single lane to a multi-lane highway. Shard chains are expected to launch in phase 1 of Ethereum 2.0. The third course of "Trading Open Class" produced by BiKi and Jinse Finance will start tonight: "Simple technical indicators are bullish and falling", taught by a homeopathic teacher. This course is divided into 5 parts, which are: 1. Introduction: the ruler is short and the inch is long; 2. K-line: only the source of flowing water; ; 4. MACD: the distance is different. Lecturer Homeopathic Teacher, Chief Gold Medal Teaching Consultant of BiKi Trading Academy, BiKi Gold Medal Broker, Stock Market Investment, Futures Industry Analyst, Blockchain Industry Training Consultant. Homeopathic teacher has been engaged in futures industry research for many years, and is good at market analysis, professional knowledge training and guidance. The BiKi perpetual contract is now open for BTC, ETH, EOS, XRP, BCH perpetual contract transactions, and other currency transactions will be opened soon. [2020/3/18] What will happen to Ethereum 1.0? According to the plan, when the first phase of Ethereum 2.0 is launched, Ethereum 1.0 will become the first fragment of Ethereum 2.0. Until then, Ethereum 1.0 will continue to maintain the status quo. Will there be Ethereum 2.0 tokens? There are no new ETH tokens. How to participate in the staking of Ethereum 2.0? ETH holders can participate in Ethereum 2.0 staking and get rewards in two ways. 1. ETH holders can mortgage 32 ETH to run their own verification node. It needs to deposit 32 ETH into the deposit contract (Deposit Contracts) on Ethereum 1.0. This process is irreversible. Running your own verification node means that you have the responsibility to verify and organize blocks, and failure to do so may result in the loss of ETH. 2. ETH holders mortgage ETH through staking service providers or join staking mining pools, and anyone can get staking rewards in proportion. What are the risks of becoming an Ethereum 2.0 validator? The advantage of becoming a verification node is that you can get ETH rewards. However, there is a "punishment" mechanism on Ethereum 2.0, so there is a risk of loss of mortgaged ETH. The first way a validator can lose ETH is by going offline and not being able to perform their duties properly. This produces a relatively mild penalty, about the same as the possible reward. Another way a validator can lose funds is by publishing contradictory information. In such cases, validators are heavily penalized and expelled from the system. The amount of punishment is between 1 ETH and all mortgages, and the detailed punishment depends on the analysis of specific factors | Golden disk: NEO weak rebound, focus on short-term resistance at $28.60: Golden disk analysts said: NEO rebounded weakly from a low level, with an increase of 4.5% within 24 hours , In the short term, it encounters resistance below $28.60, pay attention to whether it can effectively break through, and pay attention to $27.40 for the lower support. [2018/8/6] How much ETH is needed to start the beacon chain? In order to start the beacon chain, at least 16,384 verification nodes will be required, which is equivalent to staking 524,288 Ethereum. The beacon chain will not start distributing rewards until the founding threshold is reached. What about the currently held ETH? You do not need to do anything with the ETH you currently hold. It continues to be fully available on the Ethereum 1.0 chain. At some point, the Ethereum 1.0 chain will become part of Ethereum 2.0, and holdings of ETH will continue to function as they do now, no action required. For those who want to participate in the mortgage, they can choose to become a verification node on the Ethereum 2.0 beacon chain by depositing their ETH into the Deposit Contracts on the Ethereum 1.0 chain. It then becomes the validator balance on the Ethereum 2.0 beacon chain. This process is irreversible. During Phase 0, these EHTs cannot be spent, and validators will have to wait until Phase 2 to withdraw these ETHs to specific shards, at which time the staked ETH and the resulting rewards will be fully available in Ethereum 2.0. Who is developing Ethereum 2.0? The development of Ethereum 2.0 is mainly led and coordinated by the research team of the Ethereum Foundation, and there are hundreds of developers. The Ethereum 2.0 specification is maintained on the Ethereum Foundation Github page. There are currently 9 separate teams building Ethereum 2.0 clients for different use cases in a variety of different programming languages. The nine teams are ChainSafe Systems, PegaSys, Parity Technologies, Prysmatic Labs, Sigma Prime, Status, Trinity, Nethermind, and Harmony. Why do people mortgage ETH2.0 to participate in the launch of the beacon chain mainnet? One of the most important reasons is the expectation of stable returns with relatively low risk. If only 524,288ETH is deposited, then its APR income can reach 21.6%; if the ETH participating in the pledge reaches 2,450,000, its return rate can reach 10%; even if the locked ETH is as high as 10,000,000, its APR income can also reach 4.9%, much higher than the ETH storage income of other DeFi protocols. The APR here is calculated in ETH, and as the price of ETH increases, its actual APY may be higher, which will encourage more people to pledge ETH. Jinse Finance live report Zhou Xiaobing, founder of Van Gogh Capital: It is recommended to pay more attention to technology-type projects: Jinse Finance live report, in the "2018 Alliance Chain Future and Ruilian Technology Blockchain Product Launch Conference", carried out the "Alliance Chain Development" In the roundtable forum titled "Future", Zhou Xiaobing, the founder of Van Gogh Capital, pointed out: It is recommended to pay more attention to technology-type projects. There are still many problems in the blockchain. Next, the blockchain technology will develop in a layered direction. In the era of blockchain, there are many layers above the bottom layer, and each layer is used to solve different problems. [2018/5/31] The beacon chain uses the POS consensus algorithm, which is the infrastructure of Ethereum 2.0. In the second phase of Ethereum 2.0, the shard chain will operate with the help of the beacon chain. The way the beacon chain works is that each shard is randomly assigned different validators to publish blocks, and each shard chain is also assigned a committee. The role of this committee is to vote on blocks produced by shard chain validators. The blocks of the shard chain need to be approved by more than half of the committee members. The shard chain can also use the beacon chain to complete cross-shard operations. After the beacon chain is launched, it will run in parallel with the Ethereum 1.0 chain, and will depend on the state of the Ethereum 1.0 chain during this period. The beacon chain uses the PoS algorithm. In the PoS algorithm, the probability of each miner generating a block is proportional to the miner's equity.

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