Earlier this month, on September 7th, Rocket Pool's senior blockchain developer – Danner Langley – unveiled the roadmap for Ethereum 2.0. In addition to addressing issues related to scalability, Ethereum 2.0 also considers other important aspects including efficiency, sustainability and flexibility.
Ethereum 2.0 combines important projects such as Proof-of-Stake (PoS), Sharding and eWSAM. Before going further, let's take a look at what each of these three means.
- Proof-of-Stake (PoS): Ethereum's blockchain network is currently moving its consent protocol from the existing Fist Proof job test. The consent protocol is a set of rules that allow validators to protect the blockchain network. As the name suggests, the Proof-of-Stake (PoS) consent protocol uses digital currency deposits to protect the blockchain. The validators propose and vote for new blocks of transactions.
- Sharding: Sharding is the second-level scalability solution for the Ethereum network. The main purpose of Sharding is to reduce the load on the Ethereum blockchain by breaking the network into smaller units, called shard. Currently, every device on which the Ethereum blockchain is running must process the transactions in sequence. There is no provision for parallel processing of transactions despite several devices that perform blockchain. Sharding solves this problem where each fragment acts as a separate blockchain with its own account balance, smart contracts and transaction history. To be noticed, unlike another blockchain group, each fragment shares the same test consent.
- eWASM: eWASM is a replacement to the existing Ethereum virtual machine (EVM) used to compile smart contracts. eWASM doubles the transaction throughput with respect to EVM. eWASM is an instruction set designed as a standard opened by a W3C community group.
Sneak-peek Into Ethereum 2.0
Once all of the above three aspects have been delivered, Ethereum 2.0 will facilitate a number of chain transactions while maintaining key aspects of decentralization and security. Note that Ethereum 2.0 is not developed by any specific company but is decentralized at all levels. The creator of Ethereum Vitalik Buterin explains the decentralization as:
"Blockchains are politically decentralized (nobody controls them) and architecturally decentralized (no central point of infrastructural failure) but they are logically centralized (there is an agreed state and the system behaves as a single computer). "
To continue the launch of Ethereum 2.0, some topics of Ethereum are currently under discussion. Some Ethereum developers are also working on beacon chain clients. Some of the beacon chain activities carried out so far include data structures and persistence of the state of the Beacon chain, state transition by block, implementation of fork selection, shuffling of the validator, role of the block's proponent, serialization of the data structure and P2P protocols .
As reported by Coinspeaker, in another important milestone, blockchain researcher Vlad Zamfir and other developers presented a demonstration of the Sharding scalability solution. Zamfir said that the PoC is currently in production, but sets a new premise for the further development of the scalability solution.