The first stage of transition of Ethereum to Proof-of-Stake consensus algorithm deemed the Phase Zero Code can be ready as early as June 30th. During the last bi-weekly meeting between Ethereum’s Core developers, Justin Drake, a researcher at the Ethereum Foundation, said the code specifications for the initial phase of Ethereum’s transition from proof-of-work (PoW) to PoS was on track to be completed by the end of next month.
The upgrade will completely change the way that blocks are created and how transactions are verified on the network, presently valued at $18 billion.
“I’ve been continuing to fine comb Phase Zero in preparation for the spec freeze which we’re targeting for the 30th of June. We’re still very much on track. Still, [codebase] simplifications are coming through which is great and the process of fine combing is also for finding final bugs.”
Additionally, the developers of Ethereum are working on Ethereum 2.0. The changes that will be activated with Ethereum 2.0 will drastically change how the multi-billion dollar crypto network generates and validates new blocks.
Vitalik Buterin earlier remarked that Ethereum 2.0 has two major flagship components. He explains:
“One is Casper, which is our proof-of-stake algorithm which replaces mining…with something that we consider to be much more efficient. The second part is sharding which is this massive scalability improvement which happens because you don’t need every computer in the network to process every transaction in the network anymore.”
Buterin figured that with sharding, he expects a 1,000-fold gain in scalability to the network. Still, sharding will only come in the latter two phases of ethereum 2.0 roll-out. The first phase – dubbed Phase Zero – strictly launches ethereum’s new proof-of-stake blockchain.
On the completion of the first phase, Drake added:
“One of the things that might be possible when we do a spec freeze – thanks to all these simplifications both cosmetic and substantive – is that we might be able to fit the state transition function of Phase Zero in 512 lines of code…All of ethereum 2.0 in terms of state transaction function including both the Beacon Chain and the shards might fit into 1,000 lines of code which is amazing.”
Notably, the first phase was pre-released at the beginning of the year.
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Ethereum’s price is $167.06 ETH/USD exchange rate today. The real-time ETH market cap of $18.27 Billion currently ranks #2 with , daily trading volume of $2.17 Billion and live coin value change of ETH 1.09 in the last 24 hours.