As of June 27, the number of pledges of Ethereum 2.0 contract addresses will soon reach 6 million ETH, which is a breakthrough for Ethereum.
According to CoinGecko data, the current total amount of ETH is about 116 million, and the number of ETH2.0 pledges accounts for about 5% of the total amount, with an annual interest rate of 6.4%.
However, when it comes to Ethereum's transition from PoW to PoS, and what kind of breakthrough has it made from 1.0 to 2.0? I feel it is necessary to mention what happened last November.
At the beginning of November 2020, Ethereum launched the 2.0 pledge. The rule is: at least 16,384 validators deposit (32 ETH per validator, 524,299 ETH in total) within 7 days before December 1 (that is, November 24). ). Ethereum 2.0 blocks will trigger genesis 7 days after this threshold is reached (no matter when).
However, the progress has been very slow, which shows that everyone is unwilling to give up the "determination" of graphics card mining. However, with the block production on schedule and the arrival of the bull market in the first few months of the first half of this year, more and more people find that the price of Ethereum has risen. At the same time, Gas fees have become very expensive, resulting in a reduction in the number of transactions, so EIP-1559, Layer 2 and other solutions have begun to become the focus of attention.
But the withdrawal of the Bitcoin mining industry has allowed people to really see the important reasons why Ethereum shifted from PoW to PoS:
1. Excessive energy consumption does not conform to the concept of carbon neutrality, and some large mining pools occupy more computing power;
2. The original throughput will cause problems such as slow block packaging and high gas fees when transactions are congested;
3. The blockchain has developed to the point where large-scale commercial use is required, and the original Ethereum PoW block generation has been unable to meet.
From November last year to the present, the upgrade of Ethereum 2.0 has a long way to go. Although there are obstacles, it is still advancing. However, for the public, what they want to know most is what role it can have for individuals?
The widely circulated ETH2.0 roadmap plans three sequentially implemented components:
Phase 0: Beacon chain with PoS as consensus mechanism
Phase 1: Multiple shard chains
Phase 2: Add execution functionality to all shards
V God has previously stated that in the next 1-2 years, the planned circulation of ETH is about 4.7 million pieces per year. Once the PoS is fully implemented, the number of destruction will be subtracted every year, and it will be about 2 million pieces per year.
The transformation of ETH from 1.0 to 2.0 provides more scalability for the entire blockchain world. PoW mining adopts a system similar to the distribution of workers according to their work. This system is mainly applicable to the 20th century. There is no problem in any country or any unit adopting this model. However, with the continuous improvement of living standards, that is, people Not satisfied with the form of only using mining machines to obtain tokens, more concepts of innovative gameplay such as DeFi, NFT, and Metaserve have emerged.
PoS is the most feasible method at this stage, because it produces a model of proportional equity distribution, which is precisely the most important breakthrough in corporate management in the transition from the 20th century to the 21st century, so it has become the object of competition among various companies. But just like the problem facing companies now, it allows large shareholders to have too much decision-making power, but the benefit is increased productivity.
ETH 2.0 emphasizes the sharding model, which solves the problem of high gas fees due to price increases, and enables ETH 2.0 to better carry high throughput, greatly improving user experience.
At present, the upcoming roadmap of Ethereum mainly includes:
2021 Q3 (July to September)
July - London Upgrade - Eth1 upgrade incorporating EIP-1559 and ice age delays
July - Optimism public mainnet goes live
August - zkSync 2.0 mainnet release. Achieve zk rollup of 20,000 transactions per second.
Eth1/Eth2 merged product testing.
Optimsim achieves fast withdrawal through MakerDao
StarkNet Constellation stage release, zk rollup of multiple apps
Argent uses zk rollup to achieve two-tier expansion
Q4 2021 (October to December)
Shanghai Upgrade - Possible Eth1/Eth2 Merger
StarkNet universe phase release. Decentralized zk rollup.
Q1 2022 (January to March)
Ethereum upgrade implements validator withdrawal/cleanup after merge.
Through the above content, we can see that the realization of Ethereum 2.0 will take some time. During this period, there will be several upgrades of different degrees in Ethereum, among which Shanghai upgrade will occupy a larger proportion. The merger of ETH1 and ETH2 It will bring new breakthroughs in technology, and at the same time, after the official release of Ethereum 2.0, there will be some commercial applications around Ethereum 2.
At the same time, it will take some time to deal with the finishing work on ETH1 after the release. Let us look forward to the arrival of the blockchain as well as the era of Ethereum 2.0!
