The crypto community is growing increasingly excited about the debut of Ethereum 2.0, which is set to happen in 2022. This would be one of the most significant updates to any platform, as the Ethereum network will transition from the energy-intensive proof of work system to proof of stake. This will provide the blockchain with extra benefits like stability and lower processing fees.
Ethereum has put things in place and has a roadmap to get to this phase, and it has reached significant steps on that strategy, with the exception of certain maintenance setbacks. However, small additions to the roadmap have always been made along the way, with the most recent one being from the founder, Vitalik Buterin himself. In a roadmap he titled “ Endgame,” Buterin explained new features that would make a large blockchain totally trestle-free and censorship-resistant.
Although there is much anticipation over the launch, certain constraints have been identified alongside possible solutions. The enormous block sizes of these ‘mega blockchains,’ as Buterin describes it, are one of their key bottlenecks. As a result, the blockchain can only support a limited number of fully engaged nodes that create blocks at any given time. To combat this, the founder suggests four actions.
His first suggestion is the creation of a second stake tier. To carry out distributed block validations, this second tier would require fewer resources. This method divides transactions into 100 buckets, with a Merkle or Verkle tree state root accompanying each bucket and a second-tier staker being allocated a randomized bucket per round. At the end of the day, a block will only be recognized if two-thirds of all verifiers allocated to a bucket sign off on it.
The next step is establishing fraudulent proofs, sometimes known as ZK-SNARKs. Members will be able to check the validity of blocks for a nominal price through this. ZK-SNARKs and fraud proofs are comparable in that ZK-SNARKs cryptographically prove block authenticity directly, but fraud proofs enable anybody to publish an invalid bucker fraud-proof if it is incorrect.
Another idea is to implement data availability sampling, which permits people to instantly determine whether or not a block is available. This is accomplished through the use of DAS checks, which permit light users to validate a released block by downloading a few randomly picked parts.
Finally, Buterin advises that supplementary transaction channels be added. These will aid in the prevention of blockchain manipulation by requiring that each main block include a record of transactions originally posted by secondary stakers.
The Arrival of Ethereum 2.0
The transition to Ethereum 2.0 has two major steps left to complete. The Merge and the deployment of Shard Chains onto the network are the two stages. The Merge occurs whenever the Ethereum mainnet “merges” with the Beacon Chain, which is already operational, indicating the end of proof-of-work on the Ethereum network.
The addition of Shard chains to the Ethereum network will allow it to scale more efficiently by increasing the network’s ability to process transactions and store data. This ending part will be released in parts, with additional features being added as time goes on. In 2022, the Merge will take place, as will the addition of Shard chains.