The developer discussed the expected update and even brought rumors around ETH 3.0 into the game
Ethereum already announced in 2018 the start of development work on Ethereum 2.0-Updates “Serenity” 2018. Since then, the massive bullish event has attracted the attention of experts and cryptocurrency users alike. In particular, 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. In Reddit’s R/Ethfinance community, Ryan most recently addressed centralization concerns related to Ethereum 3.0’s move to PoS.
Among other things, ETH 2.0 should increase system scalability as an update. The overall network speed should also be increased. Ryan explained in his execution the different upgrade stages. It also explained important new features of the system and addressed concerns about possible delays in the implementation of Phase 0. Test periods needed their time, especially when it came to distributed systems.
However, he quickly assured, most developers are currently focused on Phase 0, but Phase 1 is also making “rapid progress” to ensure it can launch shortly after Phase 0 launches. As for hardware, Ryan said that computers like Raspberry Pi 4 might be handling Phase 0, but implementing Phase 1 might require more powerful hardware.
Ryan stated that 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 new 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 in 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 to create a network that is distributed among as many customers as possible. Attempts to centralize on 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 came forward. He said in a comment: “Currently, I prefer the consideration that the ETH base structures never change once (ETH 2.0) has been published; at most through gradual optimizations “