Clarify the progress and follow-up planning of Ethereum 2.0 in one article

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Vitalik Buterin shared the roadmap after the Ethereum PoS merger at the ETHGlobal Merge summit.

Written by: imToken

On July 30, 2015, Ethereum launched its first milestone “Frontier”; it went through five years of iterative upgrades, from “home” to “metropolis”; last year, Ethereum began to deliver the last milestone of the planned “quiet”, which is Eth2 that everyone often talks about.

At present, we are in a state where Eth1 and Eth2 are running at the same time, that is, on the eve of the merger of Eth1 and Eth2 from “Metropolis” completely into “Tranquility”.

The Eth2 upgrade is divided into multiple stages. On December 1, 2020, Eth2 officially launched the first stage: the PoS beacon chain. At this stage, anyone can pledge 32 ETH and run a node to participate in Eth2 PoS pledge mining. At present, more than 4.32 million ETH have participated in the pledge, and more than 130,000 validators are maintaining the safe and stable operation of the beacon chain. Get an annualized return of about 7.5%.

Participate in Eth2 pledge mining

Ordinary users who want to participate in Eth2 pledge mining have a variety of options:

  • Self-built node scheme: To maintain the Eth2 node by yourself, on the one hand, you need to use the command line to generate the Eth2 wallet private key, and on the other hand, you have to bear the Slash risk caused by improper configuration. At your own risk, the operating threshold is high.
  • Custody scheme: The private key is managed centrally by the custodian and the Eth2 node is maintained. Relying on the trustee brand to bear the risk, the operation threshold is low.
  • Non-custodial solution: users hold their own private keys, and professional service providers run Eth2 nodes. Risks and operational thresholds are balanced.

In order to make it easier for users to participate in Eth2 staking, imToken wallet has also introduced corresponding Eth2 functions:

  • Eth2 wallet management function: Users who adopt the self-built node scheme can easily generate Eth2 wallet public key addresses through imToken.
  • imToken and InfStones have launched a non-custodial solution: InfStones is the world’s leading blockchain infrastructure service provider. Since the launch of the Eth2 beacon chain, it has provided professional Ethereum pledge mining services for large institutions. Now through imToken, ordinary users can also use the non-custodial solution provided by InfStones very simply and safely.

So, why participate in Eth2 pledge mining? On the one hand, participating in pledge mining can obtain stable income. At present, based on Ethereum’s standard calculation, the annualized rate is 7.5%. On the other hand, one of the goals of Eth2 upgrade is PoS, and the pledge nodes (validators) in the PoS mechanism are equivalent to the miners in the PoW mechanism. The more people participate and the more decentralized, the more secure the Ethereum network will be. Guaranteed. And security is the foundation of a value network like Ethereum.

Eth2 follow-up upgrade

Clarify the progress and follow-up planning of Ethereum 2.0 in one article

Currently Eth1 serves as the Ethereum execution layer, and Eth2 serves as the Ethereum PoS consensus layer. To participate in Eth2 pledge mining, you need to pledge ETH at the Ethereum execution layer (Eth1) and run the validator node of the PoS consensus layer (Eth2). Moreover, the pledged ETH needs to be redeemed after the Ethereum executive layer and the consensus layer merge. The merger time is expected to be at the end of this year or early next year.

Regarding the roadmap after the merger and the timing of pledge mining redemption has not been very clear, Vitalik recently shared the roadmap after the merger at the ETHGlobal Merge summit:

It is worth noting that Ethereum has been trying to solve the impossible triangle problem of the blockchain through cryptographic innovation, and Rollup is an important part. Rollup solutions such as zkSync 2.0, Optimism and StarkNet have been officially launched to form a synergy with Eth2 Effect, and jointly solve the impossible triangle problem of the blockchain.

Vitalik’s proposed future roadmap after the merger of Ethereum is very ambitious. It also mentioned that the part of SNARK can be described by Eth3. It can be predicted that these upgrades will take three to five years to complete. The current Ethereum upgrade to PoS through Eth2 is a new starting point, not an end. We also look forward to Ethereum finally completing the concept of world computer and becoming the infrastructure of future finance.

Disclaimer: As a blockchain information platform, the articles published on this site only represent the author’s personal views, and have nothing to do with the position of ChainNews. The information, opinions, etc. in the article are for reference only, and are not intended as or regarded as actual investment advice.

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