The Ethereum update will be one of the most important events in the world of cryptocurrencies this year. We present you some details of the latest news from ETH 2.0.
Last Tuesday, the Ethereum blog posted an update. It provides details about the Solidity Deposit Contract and the Altona Tesnet, among other features of the update.
According to information from various portals, the ETH 2.0 version comes into effect at the end of this year 2020. The main feature of it is that the traditional Proof-of-Work (PoW), will give way to the Proof-of-Stake (PoS), bringing a radical change in the way ETHs are extracted.
The latest news from ETH 2.0 explained in series
Since early June, the Ethereum blog has featured a column of articles regarding the latest from ETH 2.0. So far, 12 editions have been presented. If you are interested in learning more about all the details, we recommend you not miss that series.
For now, we are going to talk about two of the most specific features of the update. The first of these, the Solidity deposit agreement. It contains the same public Vyper interface, with some variations. Therefore, it becomes “A transparent change for all existing tools for clients and developers”.
The article explains that Solidity is almost a “line-by-line” copy of Vyper’s original contract. Details of the improvement in this update are being executed by a group of experts. The most important improvement is security.
In this sense, with Vyper, in simultaneous tests carried out by SonsenSys Diligence and Trail of Bits, multiple errors were found. Therefore, the respective improvements have been necessary.
The Altona multi-client tesnet v0.12
This multi-client Tesnet, prior to ETH 2.0, is scheduled to launch in seven days. According to the article, the network will be “Fully controlled by teams of constituent customers”. Furthermore, after launch, the address of the deposit agreement will be made public so that it begins to be used at a broader level of participation.
Following Altona, a larger, community-focused Tesnet will be launched with the mainnet configuration of at least 16,384 validators.
Although it seems a complex network of developers and mathematical formulas, everything is done so that users have all the facilities for using the network.
The ETH 2.0 update is one of the most anticipated events of the crypto community. Not only has it created expectations among Ethereum users, but members of other networks are following the latest developments very closely. All this has served to expand knowledge between ways to generate cryptocurrencies.
Precisely, in the sense of cryptocurrency generation, is the point of attraction. Currently, both Ethereum, Bitcoin and a large number of projects work with the Proof-of-Work (PoW) protocol. While the Ethereum update will be based on Proof-of-Stake (PoS).
This change, in the second cryptocurrency in Market Cap, could not go unnoticed. It means a sudden change in the way ETHs are generated.
With PoW, cryptocurrencies are obtained through mining. That is, by the use of devices, in the case of Ethereum of GPUs and some machine. This procedure produces a competition between miners to validate blocks in the network.
Instead, with PoS, the dynamics change. Now, participation will take the place of competition among miners. You can simply download the software and “bet” the 32 ETH.
However, with the ETH 2.0 update, mining for that cryptocurrency will not go away immediately. Both protocols will subsist together for a period of time.
Data to consider
- The Tesnet Altona, will be launched in a span of a week and will serve for developers to test the operation of the network.
- The new Solidity deposit agreement is a kind of improved copy of the previous Vyper. But those improvements haven’t been that basic, so it’s unfair to consider it just a copy.
- The Proof-of-Stake and Proof-of-Work will coexist as a hybrid system for a certain time after the ETH 2.0 update is released.
- With ETH 2.0, the ability to process network transactions is expected to increase to avoid the bottleneck that forms on this Blockchain.
The information in this content has been extracted from reliable sources detailed below:
1- Professional handling of content by the authors of CriptoTendencia.
2- External sources: Ethereum blog and github.com.