The consensus layer Ethereum 2.0 upgrades, created by multiple teams in the ecosystem, promise a “more scalable, secure, and sustainable Ethereum,” and now Vitalik Buterin is celebrating a year since the proof-of-stake beacon chain went live . Eth2 or Serenity aims to “support thousands of transactions per second” in order to solve the problem of high gas charges.
The Beacon Chain, one of the special sections of Ethereum 2.0, has enabled users to be Eth2 validators by staking Ethereum, allegedly earning up to 10% annually, reducing the miners for transaction validation and adding new blocks.
Ben Edgington, the senior product owner of the Teku Eth 2.0 client, stated that “slashing penalties at the beginning of the beacon chain have been reduced to increase staker confidence. Now that we are all much more comfortable with staking, the penalties are gradually being raised to their ‘crypto-economically correct’ levels. “
With the August update in the London Hard Fork, EIP-1559 was implemented and the transaction fee system changed. This is how the ETH burn began, and now it’s all in all 353,615.10 8.19
Related reading | Over 1 million ETH have been burned since Ethereum EIP-1559
Eth 2.0 roadmap for the Beacon Chain’s birthday
The next phase, The Merge, can take place in May or June next year if the code is completed by February. This “merges” the beacon chain with the mainnet. As already explained, the transition to the PoS should be completed.
Buterin Vitalik publishes an updated roadmap diagram on the current state of Ethereum protocol development
Tim Beiko stated that “the Arrow Glacier upgrade is planned for block 13,773,000, which is expected on December 8, 2021,” and urged users to upgrade their nodes. He expects the Kintsugi Devnet to go live earlier this month, to “implement a release candidate design for The Merge,” which would be followed by “Testing, Risk Management and Governance”.
Both Beiko and Edgington have said that the Ethereum developers are mostly focused on the final steps of Eth2.
Switching to proof-of-stake won’t bring significant additional throughput to the Ethereum chain immediately, so I don’t expect any measurable impact on gas prices. The scalability strategy in Ethereum now revolves around Layer 2 solutions like the various rollups that are currently in use. Once The Merge is complete, we will focus on providing fragments of data within the Ethereum protocol that allow for massive scaling of rollups.
Obol Labs Project Leader Collin Myers was pleased to see Distributed Validator Technology (DVT) “at the top” of Vitalik’s Eth2 roadmap, declaring it a new infrastructure, “active-active redundancy over Eth2 infrastructure deployments away ”and proposed“ a world in which the theft of validation keys becomes almost impossible due to the cryptography used ”.
We believe that a more resilient Ethereum can be realized through a collaborative infrastructure protocol that protects against the disappearance of some network operators. DVT can do this by allowing a group of network operators to act collectively as a single validator – something we like to refer to as a multi-operator validator.
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Ethereum price at $ 4,536 in daily chart | Source: ETHUSD on TradingView.com
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