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However, he gave no specific date for the merger with Ethereum 2. The Cryptoslate article refers to piece put out by Consensys, which says the merger will occur sometime in the first quarter or Q2. There have been delays to getting this transition started. This has to do with the beginning of an event called the difficulty time bomb.
I have written about this in the past, and Cryptoslate has written several articles about these delays. Essentially, the difficulty time bomb is the introduction of harder Ethereum mining requirements. Due to diminishing returns and lower return on investment ROI , the goal is to convince most miners to transition from mining, or proof-of-work, to proof-of-stake.
Where This Leaves ETH The fundamental issues with Ethereum relate to the high cost of its transactions as well as the long time period it takes to get transactions completed. This has to do with the scalability of the blockchain network.
Based on everything I have read, I suspect it will take at least another year or two. This cost is borne by ETH owners and most other transactions on the platform. This is why so many other Ethereum competitor cryptos will have plenty of time to build their market share.
But I suspect that until ETH makes significant progress, as Buterin says it will, the crypto will languish. It may take another 2 years for Ethereum to significantly lower its costs and speed up transactions. Prerequisites To better understand this page, we recommend you first read up on consensus mechanisms. What is proof-of-stake PoS? Proof-of-stake underlies certain consensus mechanisms used by blockchains to achieve distributed consensus.
In proof-of-work, miners prove they have capital at risk by expending energy. Ethereum uses proof-of-stake, where validators explicitly stake capital in the form of ETH into a smart contract on Ethereum. This staked ETH then acts as collateral that can be destroyed if the validator behaves dishonestly or lazily. The validator is then responsible for checking that new blocks propagated over the network are valid and occasionally creating and propagating new blocks themselves.
Validators To participate as a validator, a user must deposit 32 ETH into the deposit contract and run three separate pieces of software: an execution client, a consensus client, and a validator. On depositing their ETH, the user joins an activation queue that limits the rate of new validators joining the network. Once activated, validators receive new blocks from peers on the Ethereum network.
The transactions delivered in the block are re-executed, and the block signature is checked to ensure the block is valid. The validator then sends a vote called an attestation in favor of that block across the network. Whereas under proof-of-work, the timing of blocks is determined by the mining difficulty, in proof-of-stake, the tempo is fixed. Time in proof-of-stake Ethereum is divided into slots 12 seconds and epochs 32 slots.
One validator is randomly selected to be a block proposer in every slot. This validator is responsible for creating a new block and sending it out to other nodes on the network. Also in every slot, a committee of validators is randomly chosen, whose votes are used to determine the validity of the block being proposed. Finality A transaction has "finality" in distributed networks when it's part of a block that can't change without a significant amount of ETH getting burned.
On proof-of-stake Ethereum, this is managed using "checkpoint" blocks. The first block in each epoch is a checkpoint. Validators vote for pairs of checkpoints that it considers to be valid. If a pair of checkpoints attracts votes representing at least two-thirds of the total staked ETH, the checkpoints are upgraded.
The more recent of the two target becomes "justified". The earlier of the two is already justified because it was the "target" in the previous epoch. Now it is upgraded to "finalized". To revert a finalized block, an attacker would commit to losing at least one-third of the total supply of staked ETH.
The exact reason for this is explained in this Ethereum Foundation blog post. Since finality requires a two-thirds majority, an attacker could prevent the network from reaching finality by voting with one-third of the total stake. There is a mechanism to defend against this: the inactivity leak. This activates whenever the chain fails to finalize for more than four epochs.
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