Ethereum 2.0 would be almost ready for launch, the audit firm says

According to Quantstamp, a company dedicated to auditing smart contracts, Ethereum 2.0 is almost ready for launch, although they haven’t given more details on when that will be. The company reported this after completing an audit of Teku, the customer of this new version of Ethereum developed by ConsenSys.

“Ethereum 2.0 is on track to enter phase 0 in the very near future,” were the words of Quantstamp CEO Richard Ma. He added that Teku’s audit took “countless hours”, in which the teams of work coordinated, tested and partnered with audit firms to “ensure the Ethereum 2.0 foundation is ready for delivery.”

On Teku, Richard Ma called his code “of the highest quality”. He added that the problems that Quantstamp was able to detect were quickly resolved by Teku’s development team.

These fixed issues include a bug that could cause client synchronization errors. Additionally, an unlimited incoming message queue has opened up the possibility of DDoS attacks on individual nodes.

What does Quantstamp “almost ready” mean?

Teku won’t be the only Ethereum 2.0 client. Among others, Nimbus, Lodestar, Lighthouse and Prysm are also under development. Prysmatic Labs, the developer of the last of the clients mentioned, has assured that they are working on having it ready and launching in November 2020.

But Prysm was also controlled by Quantstamp in July of this year. Back then, Richard Ma said, as he has done now with Ethereum 2.0, that the customer was ready to go. Perhaps Ma’s announcements of immediacy should be questioned.

YFI and SushiSwap: dubious protocols got Quantstamp approval

Quantstamp defines its mission as “protecting decentralized internet”. On their website they claim to have security experts running rigorous auditing processes in “blockchain implementations to prepare them for launch and future iterations”.

Among the projects Quantstamp controlled was SushiSwap. The audit was done days before this decentralized finance protocol (DeFi, for its acronym in English) left UniSwap and momentarily took away much of its liquidity, after which its anonymous founder sold all of his Sushi tokens causing the downfall. of its price.

Sushi’s audit was limited to technical issues, and unlike Teku, Quantstamp’s team did not comment further on the project or related issues.

Quantstamp was also commissioned in July this year to perform an informal audit of Yearn Finance, another DeFi protocol. It became famous when its YFI token, of which 30,000 units were issued and which, according to its creator Andre Cronje, “has no value”, rose to USD 41,000.

Cronje, is currently under legal action. The reason is to have promoted an experimental project within its platform without making it clear that it was incomplete. The equivalent of $ 15 million was locked into a smart contract due to an alleged hack.

Ethereum 2.0: a reality in 2020?

Whether true or not, the news brings a dose of optimism to those hoping to see Ethereum 2.0 up and running before the end of the year. Among them is the co-creator of this network, Vitalik Buterin.

As reported by CriptoNoticias in July 2020, Buterin believes this many aspects of Ethereum 2.0 are simpler than the current version network, so its launch should not be delayed.

Phase 0 of Eth2 is in some ways simpler than eth1 and in some ways more complex: PoS more complex, but not complicated GPU-oriented PoW; More optimization is needed, but not a complicated VM, among others. I am inclined to say that phase 0 of eth2 is a little easier on the net. Also, eth2 will not have critical applications that depend on it until phase 1, so the practical risks of failure are lower.

Vitalik Buterin, co-creator of Ethereum.

It has been several years since the next release of Ethereum 2.0 was announced, but until now there has never been a precise date or official estimate on a roadmap. Justin Drake, a researcher with the Ethereum Foundation, who said the new blockchain would be available in early 2021, most recently admitted he doesn’t know when it will be ready.

Now the indications are more evident and from various sources, such as the auditing firms mentioned here, confirms this the countdown to the launch of Ethereum 2.0 is coming to an end.

The launch of the initial phase of Ethereum 2.0 is one of the most anticipated events by the community that has built around this network. One of the main differences with the current version is the change in consent algorithm.

While Ethereum 1.0 uses proof of work (PoW), version 2.0 will use proof of stake (PoS). Among other advantages, as explained by the main developers, this new blockchain would allow to increase the number of transactions processed to 100 per second. Ethereum currently supports 14 transactions per second.