Recently, vitalik buterin, the co-founder of Ethereum, published the ETH 2.0 roadmap in social media, and made relevant comments and explanations.
Buterin tweeted that he wanted to make it clear that research and development would continue regardless of the world’s recent challenges to covid-19. He further added that concerns about the complexity of system updates should be greatly reduced and highlighted that many of the upcoming changes will address previous problems.
Despite the market turmoil, Ethereum 2.0 is still on schedule
Despite the impact of the global market and the new crown epidemic, Ethereum 2.0 was launched as scheduled.
Vitalik buterin said that in the past two years, the Ethereum team has shifted from “blue sky” Research (trying to understand what is possible) to specific research and development. The team has a better understanding of the functions and restrictions of the proof of rights and interests, the security model of shards, etc. similar technologies like ZK – snark that used to seem unreachable are becoming more and more practical.
In addition, maintaining compatibility and ensuring a smooth transition of Ethereum has been a growing trend over the past two years. At present, relevant research is still going on, and more and more complicated things will happen in the future than this upgrade. But at the same time, vitalik buterin says many of the changes are actually in the direction of reducing complexity.
What is Ethereum 2.0?
Ethereum 2.0 is the next iteration of the Ethereum blockchain, combining new protocol designs such as proof of interest (POS) and sharding.
POS consensus algorithm rewards cryptocurrency investors who hold network local currency. Holding money validates blockchain transactions and protects the network itself. Ethereum 2.0 expects sharding (a method of grouping Ethereum holders together for transaction verification) to improve the transaction speed on the network.
Ethereum 2.0 will have two verifier keys for cold wallet and hot wallet, one is only used to verify the identity of the mortgagor, which is the hot key; the other is used to control the ETH token transfer, which is a cold key, which is often referred to as the private key. Therefore, you need to store the key in the hardware wallet, just like other Ethereum private keys currently, to fully ensure its security.
Then, after the mortgagor signs some disclaimers, the process is completed. Next, you’ll see a “Congratulations” page that thanks the mortgagor and ends with a click.
For eth 2.0, vitalik buterin said, “we are doing research to integrate eth 1.0 and eth 2.0 to maintain compatibility and switch applications smoothly.”
What does the outside world think of it?
Affected by the novel coronavirus pneumonia outbreak, almost all asset classes, stock markets, bond markets, crude oil and even gold have all seen a sharp fall. This is a very rare phenomenon, which may be derived from the pessimistic expectations of the market for the epidemic and the global deflation. As a kind of risk asset, BTC is hard to be independent.
Although some insiders have a positive attitude towards it, they are looking forward to the sustainable development of the project. But the hottest comment on social media is still speculation about how the proposed development schedule will affect the price of the ether.
If BTC is regarded as an asset category, compared with the global real estate, bond, stock and commodity, it is the asset with the smallest volume, the largest volatility and the highest risk premium. Therefore, if the market is a bit volatile, it will have an impact on it.