ETH Price Near $100 USD Looks Grim But Ethereum Blockchain Developers Plan For Accelerated Roadmap
Ethereum Devs Are Planning An Accelerated Tech Roadmap
We all know that the Ethereum blockchain will be upgraded soon with the Constantinople hard fork, which will be a major upgrade for the ETH system. However, some Ethereum developers are also quiltly discussing a previously undisclosed upgrade that could also affect the whole network and that will be considerably aggressive in the short term.
This new upgrade will be called Ethereum 1x and it was first showed to the world during the Devcon4 conference, which happened in October. Private meetings were made at the time and unveiled this new technology which can be released in June 2019 if all the plans of the involved people are actually satisfied.
Today, November 24, Greg Colvin, which is an engineer of the Ethereum Virtual Machine, has released an internal document that explains what the project is and the whole Ethereum community is now interested in these developments that were undisclosed up until now.
While the proposal is still very early stage and it should not be discussed publicly just yet, some people in the dev world are starting to see how this could impact the market. The meetings notes can give a window into what the project was, so you might want to visit it on Github.
According to reports from Coindesk, some developers are still unsure whether they want to get the project out of the door so soon because they lack a consensus about how they solicit community feedback for the project when they are so divided and the project is simply too new yet.
Afri Schoedon, a manager of Parity, has wrote on Github that he is unaware of the document and or of any plans in motion. All the secrecy and lack of transparency might end up hurting the project, though as Ethereum needs a distributed consensus for whenever its rules are changed and, if people do not agree with Ethereum 1x, it might not see the light of the day or turn into a hard fork like the one that created Bitcoin Cash.
Vitalik Buterin Participated In The Meetings
According to the information we have, four meetings were made in the Devcon4 conference. It was reported that people like Vitalik Buterin, the most important creator of the Ethereum network, and Joseph Lubin, the founder of Consensys Systems, the largest Ethereum startup community, were present at the meetings.
Other important figures that appeared at the meetings were Peter Szilagyi, Hudson Jameson and Lane Retting.
While it was not made clear that this had any reason with the bear market that Ethereum is currently facing right now and with the allegations that the software is not actually good, the notes heavily suggested that the developers may be under pressure to augment the Ethereum roadmap to create an accelerated time that would scale the project and make it better.
It is a well-known issue that after the crypto boom of 2017, Ethereum has been facing severe scaling issues, so a system wide update or hard fork that could improve most of the system in 2019 would be a huge boost in popularity.
Upgrades Could Drastically Change The Ethereum Network
This series of updates could change how the Ethereum network works in serious ways. For instance, 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 for storage fees for smart contracts, what would be made to stem the growth of the Ethereum blockchain which is currently around 1 Terabyte on full archive mode and must be downloaded by all participating nodes.
The project has a clear sense of urgency and describes several small, sequential updates as soon as they are possible. While everything is really in its initial phase yet, the project already describes the implementation of eWASM as an alternative to the current Ethereum Virtual Machine as they believe that this would allow for faster computation on the network.
All of this would, obviously, require a massive overhaul in the network, which was suggested by Buterin. According to him, the focus of the group should be to make the state size more manageable. Most developers also stressed that it was very important to have as much transparency as possible at the same time that they could work privately to coordinate the work better.
About transparency, Buterin has affirmed that he is very uncomfortable with institutional private calls and forums as he believes that all these decisions should be more public and transparent instead of being made like this.
It’s a fair request. A lot of people would not be happy to see the future of a network that is supposed to be decentralized be made behind closed doors by a handful of key members. Decentralization is one of the most important aspects of the crypto industry so it is obvious that there would be obvious backlash if decentralization and transparency would be harmed.
In response to the meeting and the post on Github, the group has affirmed that, at the moment, their main goal is to focus on the Ethereum Virtual Machine and how it will change and that all the other discussions will be done later, like the ones involving smart contracts, which are also considered to be very important changes.
There was even an idea to simulate a model of the impact that these alternations could bring to the network.
A new call between the group is now scheduled for November 30. Now that the cat is out of the bag, it will be hard to keep this project a secret, as we are all interested in the future of the blockchain technology.