Price of TRON explodes after meeting
Ethereum 2.0 is on track
There are a number of aspects to this: managing validators and their stakes; nominating the chosen block proposer for each shard at each step; organizing validators into committees to vote on the proposed blocks.This summary shows the complexity of Ethereum 2.0. For Phase 0, Carl Beekhuizen has tried to shed some light and explain in detail what happens in Phase 0. The core component, as already mentioned, is the Beacon Chain.
Ethereum 2.0, also called Eth2 or Serenity, will bring Sharding, Proof of Stake (PoS), a new virtual machine (eWASM) and many more innovations. At the beginning it is important to know that the upgrade will take place in phases.
At this stage, Phase 0 seems to be scheduled to start in the first quarter of 2020. As Beekhuizen describes, the developers are currently refining the client software, while “the specification for Phase 1 has already been completed, and Phase 2 is in active research and development”.
Phase 0 provides the basic functionality for the Beacon Chain, the validators and the coordination of Shards. Phase 1 builds on this by storing data in the shards. Phase 2 adds execution to Ethereum 2.0 by “updating Eth2 from a robust database to a fully distributed computing platform”.In this phase, users can migrate their ETH from Eth1 to Eth2 and become validators and participate in staking. However, it will not yet be possible to stake and earn Ether (ETH). In order to use the Beacon Chain, the validators need a Beacon Chain Client. These are currently being developed separately by a number of teams.
This degree of decentralisation is to be achieved by grouping the validators into committees. The votes of a committee are then cryptographically combined into one confirmation.
In addition, the Beacon Chain also has the task of tracking the old Eth1 blockchain. This also means that new validators can join Eth2 by sending 32 Ethers (ETH) to the Deposit Contract on Eth1. However, it is important to note that there is currently no possibility that Eth2 can be transferred back (to Eth1) from the Beacon Chain in Phase 0. Once deposited in the validator registration contract, ETH1 will be effectively burned.
Author : Jake Simmons