The founder of Ethereum said that will be with cryptocurrency after merging with Ethereum 2.0
Somewhere in 6 months there will be a final merger of the main version of the Ethereum blockchain with version 2.0, and after this merger a number of large changes are expected. This became known from a statement at the World Blockchain Conference 2021, the founder of the world’s second cryptocurrency capitalization, Vitalik Buterin.
Buterin said the merger would be “minimalistic.” In his opinion, as part of the new technology, technical developers will not be able to implement the bulk of the functions necessary for the initial work of the blockchain as it was conceived.
“If today you have a deposit in the Proof-of-Stake (Ethereum 2.0) network, then you will not be able to receive these funds. After merging the old version and the new version of Ethereum, you will also not be able to receive these funds. The withdrawal of funds and rewards for mining is just the task of the first priority after the merger. I think that the first hardfork will fulfill this task”, – the founder gave an example.
Buterin also explained that there are “many ready-made changes” that can be immediately implemented simultaneously with the merger, just to speed up the unification process, the developers decided to postpone these changes until the next hardfork.
According to the founder, Vitalik Buterin, the next important stage is the implementation of Sharding. It was emphasized that thanks to blockchain segmentation technology and Rollups technology (technology combining several transactions into one), the throughput of the Ethereum network will increase in the future and reach one hundred thousand transactions per second.
Technical developers aim to increase the security of Sharding and the entire Ethereum network as a whole. Also, Buterin mentioned the technology of checking the availability of data (Data Availability Sampling), which will allow people to further independently check the information for the reliability that chards store, without the need to download it.
The Ethereum development team increases the performance of the network and not only. Scalability is also the main objective, for example, Verkle Trees technology allows nodes to verify received blocks without having to load information onto hard drives, thereby freeing up vast space.
“Ethereum Virtual Machine” is also subject to modernization and upgrade of functionality, which will allow it to work and implement more complex cryptographic functions. And yes, we are waiting for all this in the near future, “Buterin added.
Further, after conducting hardfork and updating the functions of Ethereum Virtual Machine, the developers will work closely to improve the “consensus and quantum security” algorithm. The implementation technology of the Casper Correct by Construction (CBC Casper) specification and the ZK-SNARKs proof protocol have already been taken into account by developers and will also be used on the Ethereum network.
Protection against phishing attacks will be implemented using quantum computers – this is a separate issue that developers do not disclose. But Buterin was told that there is already a ready solution from many types of attacks and a separate technical team inside the Ethereum Foundation is dealing with this issue.
During the last few weeks there has been a lot of discussion around the possibility of miners running custom software that accepts bribes to reorg the chain.@gakonst and I explain how this will become harder after the proof of stake merge:https://t.co/ghwikceVBr
— vitalik.eth (@VitalikButerin) July 20, 2021
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