Highly Anticipated Proof-Of-Stake Blockchain from Ethereum Should Be Finalized in May 2019
The proof-of-stake (PoS) blockchain from Ethereum has been discussed and debated for months, as work has continued on the coding. Now, according to reports from CoinDesk, Ethereum stated that that the finalization of the code will be happening by sometime in June.
Justin Drake, a researcher for the Ethereum foundation, spoke during a bi-weekly developer call with Ethereum saying that the first phase of this transition is “on track” to have the coding finalized by June 30th.
Drake explained, during the call, that he is been “continuing to fine comb Phase Zero,” preparing for a “spec freeze” that will be happening at the end of next month. Assuring that the company is keeping with their desired timeline, he added that the simplifications implemented are “coming through” and that any “final bugs” are being eradicated.
Ethereum has been powering through to reach their upgrade, which is being called Ethereum 2.0. The upgrade will completely change the way that blocks are created and how transactions are verified on the network, presently valued at $17 billion. Vitalik Buterin, Ethereum’s founder, explained during an interview at the ETHCapetown conference that there are “two major flagship components” with the 2.0 version.
At the time, Buterin said that the first of those components is Casper, “which is our proof-of-stake algorithm which replaces mining. The second component is sharding, “which is this massive scalability improvement,” since there’s no need for every transaction to be processed by every computer anymore.
With the sharding, Buterin is expecting that scalability will see a “1,000-factor increase,” even though this protocol will not be implemented until later on in the 2.0 implementation. The first phase – Phase Zero – is only the launch of the proof-of-stake blockchain.
The blockchain, which is being called Beacon Chain, activates the new block system. Instead of using miners, there will be validators to stake tokens on the network, voting on various block proposals. In establishing the Beacon Chain, there are many new functions that will happen seamlessly –
- Managing stakes and their validators
- Organizing committees of validators for proposed block voting
- Implementing the rules of the consensus
- Providing validators with applicable rewards and penalties
Validators will receive rewards that are based on the number of tokens staked by that individual, along with the total staked tokens with Ethereum’s network. Buterin has suggested increasing the rewards for the Ethereum 2.0 system, which will be completed by the end of Phase Two. At this point, Buterin assures that the first phase “is very close to completion.”
Drake stated that, upon completing Phase Zero, the developers
“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.”
Still, users will need to know that there are “a few black boxes” that have not quite been employed with the new Ethereum 2.0 design. Still, the testing of Phase Zero is eagerly anticipated. In New York on the 15th of next month, an in-person meeting is planned for the various teams that are working on the Ethereum 2.0 implementation.