Ethereum 2.0 : The Brighter Future 🌞
Well after witnessing ethereum dev con, we really believe in 2019 ethereum will be the like the hulk, that should put everyone out in a single flick.
About ‘Serenity’ which is the name of the update aka Ethereum 2.0
why couldn’t they name it like somewhat the android operating systems, it makes it soo damn interesting when its named something like jelly bean or donut 🍩 .
It’s great that we name our company 🍩, not a day passes by saying donut doesn't make us hungry.
Well to begin with all what we have been talking about like plasma, casper, sharding , EWASM (Virtual Machine), yada yada.
All of this will be a reality now starting from the beginning of 2019, this is a dream or what, all of it together.
this makes us feel the bells,
so exciting!
Are they really prepared for such a blast?
Turns out OFCOURSE , as its been in developments and close testing since a long time now and now we get to experience it!
Let’s see the journey of ethereum updates…
This is serenity, which means ethereum is finally coming out of beta with a bundle of fixes to it’s own limitations. Going all in for decentralization!
A lot of people automatically dismiss e-currency as a lost cause because of all the companies that failed since the 1990’s. It’s obvious it was only the centrally controlled nature of those systems that doomed them.
Satoshi Nakamoto!
Now let’s put on our knowledge caps:
Ethereum 2.0 = Casper(POS) x Sharding = Super Fast Blockchain 🤯
Ethereum 2.0 includes so many major fixes:
- Proof of Stake aka CASPER 👻
It’s like we are getting prepared to shift to mars, the update is pretty big for the amount of people that will adapt through this change.
Now starting with POS, minners bet on blocks rather than uselessly keep mining the same block and keep the fire on unless it fades out of its own.
Starting from 2019 ethereum will fork to create a parallel chain for miners to shift to the poof of stake(POS) system, they’ll have around 1 year or so to get a hang of it and shift.
Here comes efficiency baby!
2. Maintaining economic abstraction
That means staking any type of coin from there holdings to bet on a block, That makes it easy for miners as they wouldn’t have to be limited to ethereum only, which was currently the case as of now.
3. Scalability Sharding aka Plasma
Much like Raiden network(read here) but much more secure, as ethereum is like a cornerstone of stability with scalability as a lot of people and institutions are depended on it. If it’s get shorted, a downtime can cost millions in seconds.
Ofcourse seriousness had to be maintained!
But with sharding the transactions can be further shared to 14000 transactions per second from merely 14 transactions per second.
Which means users will be able to create a decentralized twitter with that fast transactions/data being processes per second. This is going to be amazing for dapps, now a dapp can perform at such speeds which is going leave competitors in dust.
This will hopefully be a pump in price of ethereum, putting EOS(4 Billion dollar ICO) in a shard!
4. Multi Client Decentralised Development
This here is getting ethereum out of the hands of one (vitalk) and putting it under the control of the public a 100%, We remember vitalk talking about the same on the tech crunch stage
“That if someone puts a gun to my head as asks me to write a fatal bug into the system or he shoots me, i would write it”
Thus this kind of ‘one man control’ system can be very risky for the future of the ethereum blockchain itself, we all know how many traditional business giants are affected with this, so a decentralized control is what ethereum is finally headed towards.
- this makes the system unbeatable
- the system can learn from the bugs from one development company and make fix itself by the help of people, like a brain network
That’s some real decentralization, it gives me the goosebumps! What a future!
Q: Will POW(proof of work) and POS(proof of stake) be two different blockchains?
Yes, it will be two different chains!
But Hold! That doesn't affect us as users on the existing POW(proof of work) chain. As the chain will work beside the existing chain! Like a interconnected system between two chains.
Like Proof of Stake chain will be aware of the Proof of Work chain, which means whatever you choose to mine or transact it’ll interact with you in the same manner just that the backend will be a bit different .
The goal is that with such a large community ethereum needs time for everyone to slowly transition into proof of stake chain, so that when the system is stable enough with no issues all development fixes to the Virtual Machine and other stuff that comes with ethereum will finally start to work as expected for the proof of stake chain.
Its like you create another planet earth 🌎 and align them together 🌎🌍, which will stay together unless everyone has properly shifted with no chaos. Take your time to get inhabited, build & get built with the community.
Post the update — — — — — — — — — — —
- Improved Privacy
For people who have been looking for privacy over ethereum, elliptic curve solutions are being built for the layer 2 solutions.
elliptic curve is a cryptography method which is pretty intense, the crux is that it cannot be reverse engineered anyway possible. eg:
A= B
B≠A
2. Cross Shared Transactions
3. Semi Private Chains
Well you can know have encryption in the shards so that apps that like to fund transfer from one user to the other in a private form, they can now have there data encrypted on blockchain or use hashes with zero knowledge proof to secure there information. Leading to having like private shards over ethereum.
4. and mainly improvements to the system based on fixes to casper(POS)
Here for the people who like to listen to Vitalik just like us 😍, here it is a 30 min video of the launch of ‘Serenity’ .
