What is Ethereum 2.0? Is it a devil or an angel?
From Tuesday to Thursday, at 8:00 every night, Babbit's first community interview column, Sheknows, teamed up with ETC community and Ethereum eco-operator for three consecutive live broadcasts to comprehensively analyze the "post Ethereum era" and uncover Ethereum for you. The mystery of 2.0.
On the 23rd, the first one was about "ETH2.0 Ecology". We invited Mako, the head of commercial operations of imToken, and Qiu Xiaodong, head of the China market of Xinghuo Mine Pool, to poke the capital CEO Li Zongcheng in time, and the host was Helen, a reporter at Babbitt Beijing Station.
- Ethereum will be upgraded this Saturday, and developers have agreed to delay the launch of the difficulty bomb
- Parity CTO: Nearly half of the code specification for the initial phase of the Ethereum 2.0 upgrade
- Ethereum's six myths: is decentralization really omnipotent?
- Quick Tour of Ethereum 2.0 Update (7): Phase 1.5 Means Ethereum Says Goodbye to PoW
- Market analysis | After watching for so long, it is time to turn over
- Is the Ethereum futures contract really coming?
The following is the essence of the whole sharing.
1. Ethereum 2.0 can have a lot of miners, the requirements are very low, and the mining nodes can run on ordinary laptops or even mobile phones. It is designed to engage retail investors with minimal off-line penalties. – Mako
2, Ethereum's layer2 can carry more data and information, so that the performance of Ethereum is greatly improved, this change is the most exciting. ——Qiu Xiaodong
3. The PoW transition to the PoS phase is slow, and there will be a mixed operation phase of PoS and PoW. Ethereum GPU miners should be gradually reduced. This may be an opportunity for the graphics card miners, the mining machine is digging the currency, and the excavated coins can also generate additional revenue. ——Qiu Xiaodong
4. Ethereum 2.0 will lead the development of public chain technology from three aspects: Plasma, Casper and Sharding. Compared with other projects, Ethereum has more manpower and capital in these three directions, with human and financial advantages. – Li Zongcheng
5. However, in the Ethereum 2.0 era, the 1.0 and 2.0 phases will run simultaneously. The user will use Ethereum to lock in the Ethereum 1.0 Certifier contract to participate in the Ethereum 2.0 mining, which is equivalent to destroying the Ethereum 1.0 Ethereum and converting it to the Ethernet. Square 2.0. So the old chain was not blood drawn, it was destroyed directly, and then a new Ethereum was issued on 2.0. – Mako
6. Users who want to participate in Ethereum 2.0 Staking need to be carefully considered and may be locked for a long time. Of course, there will be a third-party financial DApp that can solve the problem of liquidity. – Mako
7. If the market value of the public chain exceeds BTC, it is most likely to be Ethereum. A public chain that can carry more people and support a larger number of transactions, the market value will be larger. – Li Zongcheng
Ethereum 2.0: Step by step four stages
Q1: What is Ethereum 2.0? What are the changes that are worth looking forward to? What is the biggest uncertainty?
Mako: Ethereum has set four stages, frontiers, homes, cosmopolitan and quiet. It is currently in the metropolitan stage, and tranquility is Ethereum 2.0. The biggest change is the transition from PoW to PoS, plus support for sharding and new virtual machines.
Ethereum 2.0 has several phases planned, but it is parallel development. details as follows.
Phase 1: Also known as the zero phase (developers like to count from scratch), the beacon chain, the introduction of the consensus layer, there are currently 8 teams that are implementing the first phase independently, and the beacon chain will be a brand new PoS block. Chain, users can use the wallet to participate in Staking mining to gain revenue.
At present, Phase 0 research has ended and it is expected to participate in Ethereum 2.0 Staking mining in October. 2.0 Mining is very interesting. It is divided into two types of miners. The beacon chain must be a professional miner. The miners can have a lot of requirements. The requirements are very low. The mining nodes can run on ordinary laptops or even mobile phones. It is designed to engage retail investors with minimal off-line penalties.
Phase 2: Fragmentation, the introduction of the data layer, this stage is only a trial run of the slice structure, rather than trying to use the slice to extend the Ethereum.
Phase 3: The eWASM virtual machine introduces the executive layer, which will become the familiar Ethereum. At this stage, Ethereum 2.0's important functions are aggregated, the segmentation chain is upgraded, wallet transfers are allowed, and contracts are executed.
Phase 4: Adjustment and optimization of this new world computer.
V God said that he believes there are currently no unresolved research challenges. In terms of research, it is mainly how to implement it more elegantly, and takes up less code and involves fewer borders. The philosophy of Ethereum 2.0 design is as simple as possible.
Qiu Xiaodong: The most worthwhile change is that Ethereum 's layer2 can carry more data and information to greatly enhance the performance of Ethereum . This is the most exciting thing for me.
Li Zongcheng: Ethereum 2.0 will lead the development of public chain technology from three aspects.
The first is Plasma, time to be determined. Plasma's main idea is to provide a model that can perform chain transactions, while relying on Ethereum's blockchain to ensure its security. Allowing the creation of a "sub" blockchain attached to the "main" Ethereum blockchain is equivalent to doing a technical exploration on a Layer 2 network.
The second is Casper, which is expected to be implemented in early 2020 to achieve a transition from PoW to more efficient PoS.
The third is Sharding (sharding), and the fragmented roadmap (twice the ETH2.0 roadmap) lists seven phases. Only stage 0 has a clear specification and is updated regularly. The rigor and accuracy of the Phase 1 specification is much lower. After Phase 1, the roadmap is transformed into a target list, no longer a technical document.
At present, most of the public chain projects are innovative in these three directions. Ethereum has more manpower and capital in these three directions than other projects, and has the advantages of manpower and capital.
Advancing into PoS, where is the Ethereum miner going?
Q2. Is the mining union of Ethereum gradually decreasing or falling? Can the safety of the original Ethereum chain be guaranteed in this process?
Qiu Xiaodong: The biggest uncertainty of Ethereum 2.0 is how much GPU power is going. In addition, the governance and economic models of Ethereum's PoS route have not yet been fully established, so various things can happen for PoS public chain governance.
Miners may panic and may be encouraged because many miners are themselves ETH holders.
I think the number of miners should be gradually reduced during this process. Because Ethereum will slowly transition from PoW to PoS, there will be a mixed phase of PoS and PoW. This stage may be an opportunity for the graphics card miners, the mining machine is digging the currency, and the excavated coins can also generate additional revenue. Choosing reliable and honest nodes for Staking is the primary consideration for miners.
The security of the Ethereum original chain will be related to the economic model of ETH2.0, but from the current point of view, the self-adjusting ability of the PoW system is quite strong, so we are not too worried about the security of the original chain.
Q3: Xinghuo Mine Pool is currently the largest computing power pool in Ethereum. How to deal with the Ethereum 2.0 era?
Qiu Xiaodong: First of all, it is impossible to give up the PoW business. We will certainly support more PoW public chain projects with technical strength, value, pursuit and potential, so that the GPU computing power of Ethereum can be digging. Secondly, we will give Ethereum PoW miners a sermon to guide them to participate in the Ethereum PoS ecological construction, because the mining pool will face exponential growth of users. In fact, the Spark Pool has started Staking business.
Q4. In October this year, Ethereum is expected to upgrade to Istanbul. Can the upgrade be carried out smoothly? How does it affect miners?
Qiu Xiaodong: Like a complex system like Ethereum, the changes in the rules must be careful and careful. The so-called EIP is to change the rules of Ethereum, and to launch a whole body, strictly speaking the mature performance of Ethereum. At present, I have not heard any opposition. The upgrade is not expected to have an impact on the miners. The ProgPoW proposal, which was discussed intensively, will not join the upgrade because the audit report has not been completed. The fee reform proposal is also not discussed in detail.
Media Observer Group·Chain Wen Panzhixiong: Ethereum 2.0, how do ordinary users become verification nodes?
Qiu Xiaodong: The PoS ecological threshold for ordinary users to participate in Ethereum will be very low, as long as 32 ETHs can be used as nodes. The specific technical details and profitability are not disclosed at present, so I am looking forward to Devcon in Osaka in October, I would like to hear from the Foundation to learn more about the implementation details.
The current estimate is that Ethereum PoS is more friendly to ordinary users and hopes to participate in more and more nodes. However, due to the characteristics of the lock period, there is a professional third-party financial solution. In the future, Defi and the big node will pay attention to the efforts to reduce the lock period.
Explain Ethereum 2.0: How do the two "ETHs" "have nothing to do with each other"?
Q5, Ethereum 2.0 In the conversion process, how to do thousands of DeFi ecosystems on Ethereum 1.0? They seem to have no way to build on the new chain (beacon chain), but the ETH on the old chain is constantly being drawn (pledged)?
Mako: Phase 2 of Ethereum 2.0 allows for the deployment of smart contracts, which is a stage for DeFi developers to build DApps.
There is currently no detailed implementation plan on how to move the Ethereum 1.0 account and contract to Ethereum 2.0. The known method requires a hard fork on the Ethereum 1.0 chain to transfer the Ethereum 1.0 account and contract status roots to Ethereum 2.0 for migration. This means that assets and DApp contracts on 1.0 can be mapped directly to 2.0. However, in the Ethereum 2.0 era, the 1.0 and 2.0 phases will run simultaneously. The user will use the Ethereum lock in the Ethereum 1.0 Certifier contract to participate in the Ethereum 2.0 mining, which is equivalent to destroying the Ethereum 1.0 Ethereum and converting it to Ethereum 2.0. . So the old chain was not blood drawn, it was destroyed directly, and then a new Ethereum was issued on 2.0.
In a sense, Ethereum 2.0 Staking, the conversion process is also a DeFi deployed in 1.0, but the Ethereum locked by the user can not be circulated in Ethereum 1.0.
Q6. In the future, will there be two kinds of ETHs based on the original chain ETH and the beacon chain in a period of time? Can they be converted directly in the wallet? Will it produce 2 prices?
Mako: Ethereum 2.0 Phase 1, 2, PoW to PoS ETH conversion is one-way, PoS chain is actually a simulated Ethereum, in addition to Staking and gains, can not transfer, there is no other use, PoW chain is real The Ethereum does not split the market.
Ethereum 2.0 Phase 3, allows PoS chain ETH transfer, at this stage the PoW chain account and contract will be mapped to Ethereum 2.0, PoW chain Ether will be phased out, automatically converted to PoS chain Ethereum at the same Ethereum address.
So my understanding does not produce two prices. Although there are two kinds of Ethereum at the same time, I can't use or transfer two kinds of Ethereum coins at the same time. To emphasize, stage 1 I am talking about here is not counted from 0.
Q7: In the PoW and PoS conversion process may impact the price of the currency? If a certain percentage of the currency has not been transferred to the Ethereum 2.0 chain?
Mako: Depositing 32 Ethereum coins into a contract is a verification node and you need to run the verification node yourself. This is a higher requirement for the user, but I have also tested it before. The whole process is simple. Just one notebook is good. You can also try it on 2.0 testnet. I think there will be a lot of professional verification nodes in the market to help ordinary users complete Staking. They can entrust any number of ETHs to the verification node for mining, such as the Spark Pool.
It can be said that users who want to participate in Ethereum 2.0 Staking need to be carefully considered and may be locked for a long time. Of course, there will be a third-party financial DApp that can solve the liquidity problem.
The Ethereum 2.0 program only copies the state root of Ethereum 1.0, and the account and contract of Ethereum 1.0 are mapped to Ethereum 2.0 to achieve its transfer, so there is no need to worry about the problem of no transfer.
Ethereum will face super-issue problems for a while, 1.0 mining can get ETH, 2.0 Staking can get BETH.
Tang Yan, editor of the media observation group and carbon chain: Ethereum is too big, too many stakeholders, so too difficult to make a transition to ETH 2.0, which may be postponed. What do you think?
Li Zongcheng : I think the ETH of the high probability PoW will continue. Mako thinks that the two sets will be chaotic at the same time. I don't think so. BTC fork name changed to BCH, BSV and not many people confused, ETH hard fork will also exist two sets of books at the same time, it is difficult to unify the will of anyone. Blockchain gives another group of people the possibility to stick to it.
Ethereum 2.0, will it be an accelerator for market outbreaks?
Q8: Ethereum and the original chain are both native PoW public chain projects, Ethereum turned to PoS, and the main chain with a main multi-side architecture (main chain PoW, side chain PoS) to PoS. What are the similarities and differences between them?
Li Zongcheng: The difference is very big. Compared with the original chain, it explores the expansion of the public chain and commercial ease of use in the other direction. The main chain is the main PoW mechanism. The main chain is based on the PoS. The PoS is used on the second layer network. Mechanism to innovate. Ethereum is the consensus mechanism of the main chain to make changes. The use of PoS is different.
PoS has certain advantages over PoW. PoW does not have the possibility of directly combining with large-scale commercial use. In the future, blockchains should be applied to more scenarios and be used by more people. It is difficult to meet the PoW mechanism. However, the advantage of PoW is that it can guarantee the security of the books and cannot be tampered with. Different public chain attempts and PoS combination, more to take advantage of PoS efficiency, improve the performance and scalability of the chain.
Q9. Can Ethereum lead the next bull market?
Li Zongcheng: If the market value of the public chain has been above the BTC, then the most likely is Ethereum.
I am optimistic about Ethereum, mainly because BTC is value storage, status is similar to gold, Ethereum is more like a securities infrastructure, because most Tokens will be issued based on Ethereum, which will enable Ethereum to carry more users and richer Trading, if the Ethereum user size exceeds btc, then the market value will exceed btc.
Newcomers have to go out and can't rely on old projects, they can only rely on new projects. All the firsts are waiting to be surpassed. If it is not Ethereum, there must be other projects with market capitalization exceeding btc. As a blockchain investor, it is constantly looking for the existence of such a possible project.
Q10: It is said that Polkadot, Cosmos, Coin Chain, Libra will pose a threat to Ethereum. What do you think?
Li Zongcheng: There is a great uncertainty in the future. Investors need to make layouts on high probability and high odds. They only vote for a certain public chain, and the gambling is too big.
Polkadot and Cosmos have a logical upgrade compared to Ethereum. The contract on Ethereum is usually a simple contract with 300 to 500 lines of code, and it is not possible to quickly develop additional blockchain projects based on the Ethereum development framework. Both of these public chains have a set of development frameworks that not only support more complex contract codes, but also make blockchain development easier.
There is a clear network effect in the blockchain, and the boss in a certain segment is hard to be surpassed by the latecomers in the same direction. There are obvious differences between these new projects and Ethereum. Exploring different application scenarios of blockchain technology is not a relationship between you and me.
Media Observer Mission · Xiaoshao Zhao Laojun: Ethereum 2.0 new agreement, the upgrade system originally scheduled to start in 2020 has recently been reported to be postponed on the line, what is the biggest difficulty encountered? How to look at the challenge?
Li Zongcheng: The biggest difficulty lies in technology development, and technology is the primary productivity. EOS doesn't seem to compete with ETH, and few projects are based on EOS. They are exploring in different directions.
Mako: I am very optimistic. I should be able to test 2.0 now and test the network online for a long time. Staking should start during devcon. The Ethereum 2.0 network requires 65,536 verification nodes to start and pledges 2 million Ethernet coins. It is not possible to delay, depending on the voting progress of everyone.