The developers of Ethereum are planning an accelerated technical roadmap
We all know that the Ethereum blockchain it will soon be updated with Constantinople's fixed fork, which will be an important upgrade for the ETH system. However, some developers of Ethereum also argue quilt over a previously unknown update that could also affect the entire network and that will be considerably aggressive in the short term.
This new update will be called Ethereum 1x and was shown for the first time in the world during the Devcon4 conference, which took place in October. Private meetings were held at the time and this new technology was unveiled and can be released in June 2019 if all the plans of the people involved are actually met.
Today, November 24th Greg Colvin, who is an engineer of the Ethereum virtual machine, has released an internal document that explains what is the project and the whole Ethereum Community he is now interested in these developments that have not been revealed until now.
Although the proposal is still in its infancy and should not yet be publicly discussed, some people in the development world are beginning to see how this could impact the market. Meeting notes can give you a window on what the project was like, so you may want to visit it on Github.
According to reports by Coindesksome developers are still not sure if they want to take the project out of doors so early because they lack a consensus on how to solicit community feedback for the project when they are so divided and the project is simply too new.
Afri Schoedon, a Parity manager, wrote about Github that he is not aware of the document or any project in progress. All the secrecy and lack of transparency could end up damaging the project, even if Ethereum needs a distributed consensus every time his rules have changed and if people do not agree Ethereum 1x, you might not see the light of day or turn into a hard gallows like the one that created Bitcoin Cash.
Vitalik Buterin attended the meetings
According to the information we have, four meetings have been held in the Devcon4 conference. It is reported that people like it Vitalik Buterin, the most important creator of the Ethereum network, and Joseph Lubin, the founder of Consensys Systems, the largest startup community of Ethereum, were present at the meetings.
Other important figures who appeared at the meetings were Peter Szilagyi, Hudson Jameson and Lane Retting.
Although it was not made clear that this had any reason with the bear market that Ethereum is currently facing and with allegations that the software is not actually good, the notes strongly suggested that developers could be pressured to increase the Ethereum roadmap create an accelerated time that resizes the project and makes it better.
It is a well-known problem that after the cryptography boom of 2017, Ethereum has suffered serious downsizing problems, so a complete system upgrade or a difficult fork that could improve most of the system in 2019 would be a huge increase in popularity.
Updates could drastically change the Ethereum network
This series of updates could change the way Ethereum network he works seriously. For example, they could completely replace the current Ethereum Virtual Machine and how smart contracts are processed in the network.
Another big change is the concept of "rent", which would allow depositing fees for smart contracts, what would be done to stem the growth of the Ethereum blockchain which currently is about 1 Terabyte in full storage mode and must be downloaded from all participating nodes.
The project has a clear sense of urgency and describes several small sequential updates as soon as possible. While everything is still in its initial phase, the project already describes the implementation of eWASM as an alternative to current Ethereum virtual machine because they believe that this would allow a faster calculation on the network.
All this, of course, would require a massive overhaul of the network, as suggested by Buterin. According to him, the focus of the group should be to make the size of the state more manageable. Many developers have also stressed that it was very important to have the maximum possible transparency and at the same time be able to work in private to better coordinate the work.
As for transparency, Buterin said he was very uncomfortable with private institutional calls and forums because he believes that all these decisions should be more public and transparent rather than being done this way.
It's a fair request. A lot of people would not be happy to see the future of a network that should be decentralized, made behind closed doors by a handful of key members. Decentralization is one of the most important aspects of the cryptic industry, so it is obvious that there would be a clear backlash if decentralization and transparency were damaged.
In response to the meeting and the post on Github, the group said that, at the time, theirs main goal is to focus on the Ethereum Virtual Machine and how it will change and that all other discussions will be done later, such as those involving smart contracts, which are also considered very important changes.
There was even an idea to simulate a model of the impact these alternations could bring on the network.
A new call between the group is now scheduled for November 30th. Now that the cat is out of the bag, it will be difficult to keep this project a secret, as we are all interested in the future of blockchain technology.