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The developer discussed the expected update and even brought rumors about ETH 3.0 into play
Ethereum already announced the start of development work on the Ethereum 2.0 update “Serenity” 2018 in 2018. Since then, the massive bullish event has attracted the attention of experts and cryptocurrency users alike. Above all, the proposed switch from Proof of Work (PoW) to Proof of Stake (PoS) aroused interest.
Ethereum had already announced a postponement of the actual schedule to July. Lead developer Danny Ryan answers many typical questions about the long-awaited update. Ithe Reddit’s R/Ethfinance community most recently, Ryan addressed centralization concerns related to the switch to PoS Ethereum 3.0 a.
As an update, ETH 2.0 is intended to increase system scalability, among other things. The overall network speed should also be increased. In his presentation, Ryan explained the various upgrade stages. He also explained important new system features and cleared up concerns about possible delays in the introduction of “Phase 0”. Test periods took their time, especially when it comes to distributed systems.
However, he quickly assured that most developers are currently focused on phase 0, but Phase 1 is also making “fast progress” to ensure that it can start shortly after the start of Phase 0. Regarding hardware, Ryan said that computers like Raspberry Pi 4 may be processing Phase 0, but more powerful hardware may be needed to implement Phase 1.
Ryan stated that the Ethereum developers are “aware” of the community’s concern regarding the blocking of the 32 ETH to run a validation node. The team is therefore open to a renewed discussion of the topic after the start of phase 0.
Furthermore, Ryan revealed that the developers’ original plan to include ETH transfers between validator nodes did not become part of the final design. Ryan addressed questions about how developers want to prevent centralization. He spoke of possible “false incentives” that prevent providers of “staking-as-a-services” from becoming too large in the system of the new orientation. This ensures that the dominance of hashrates does not come from mining pools. The Bitcoin community is currently facing this problem
The developers are ready to involve the entire Ethereum community. According to Ryan, this promises the emergence of a network that is distributed among as many customers as possible. Attempts to centralize to specific customers or other sources of error should result in penalties in the future.
Some questions concerned the prospect of decentralized applications with similar output models and targets running on specific “shards” to increase speed and output. The developer replied that a DeFi-specific shard had not been considered. An early introduction seems unlikely.
When the community came up with the idea of ETH 3.0, which could replace certain components of Ethereum to create a “quantum-resistant” platform, Ethereum co-founder Vitalik Buterin also spoke up. He commented in a comment: “Currently, I prefer the consideration that the ETH basic structures will never change once (ETH 2.0) has been published; at most through gradual optimizations “
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