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Vitalik Buterin wants to be more like Zooko Wilcox. Well, more precisely, he wants Ethereum (ETH) to be more like Zcash (ZEC) with the imminent fork of Constantinople.
It could have been the sale of panic – or profit-taking – which has so far pushed the price of Eth down 16%. It could also have been the anxiety surrounding Constantinople – it is expected to occur at the start of next week. Investors get nervous when projects talk about hard forks. No surprise here: everyone is still recovering from the stormy Bitcoin Cash fork (BCH) a few months ago.
Whatever he did, Mr. Buterin began to ruminate on his use of terminology. ETH owners may not understand what is going to happen. The connotations surrounding the term "fork" are creating different misunderstandings. He put the hat on the boys of Zcash for their skilled marketing skills. In a tweet last night, Buterin integrated Zcash to call instead a "fork", a "network upgrade".
IMO the Ethereum community should consider adopting @zcashcoThe terminology of calling things like "upgrade network" of Constantinople and reserve "fork" for the fractions that leave 2+ feasible chains. Too many people ask me lately where they can unload their non-Constantinople coins …
– Vitalik non-donor of ether (@VitalikButerin) 10 January 2019
The Ethereum roadmap tells Serenity Ahead
But Buterin does not just want to bring Zcash's appropriate phraseology to Ethereum. He is also trying to make some suggestions on how best to climb the network.
Everyone knows that Ethereum – which uses the good old consensus Proof of Work (PoW) – has a negative record in terms of scalability. A rival blockchain platform EOS can process thousands of transactions per second (TPS), using a delegated Proof of Stke (dPoS) method; Ethereum is able to manage 15. ETH has effectively become unusable – high transaction fees and long confirmation times – during periods of high throughput; the fiasco of Crypto Kitties in December 2017 and FCoin in the summer completely blocked the network.
Although zk-SNARKs is known primarily for facilitating private transactions on Zcash, Buterin hopes it can also be used to improve scalability on Ethereum; it will be integrated into the network in the updating of Constantinople next week. He said back in February 2017 that the zk-SNARK support would be one "key feature" on the roadmap. In September he said that the algorithm could scale the network up to 500 TPS.
And there are layers 2 without compromise on data availability or viveness requirements, e.g. Tx mass validation via ZK-SNARKs can reduce costs to <1000 gas per tx if done well. That is ~ 500 tx / sec on-chain with all the security guarantees of the chain.
– Vitalik non-donor of ether (@VitalikButerin) 22 September 2018
ETH the new ZEC?
The 16% drop in the week – the crypto wipeout – completely canceled the 2019 earnings of the Eth. But this is the old Ethereum. The transformation into an improved Ethereum is a few days from Constantinople.
There can not be a new chain coming from the updating of Constantinople; but do not make mistakes, Ethereum is reinventing itself. And before the market recognizes this transformation, the price can come out of depression and trade with a stability that has been lacking.
The author is invested in digital resources, including Zcash mentioned in this article.
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