While Ethereum price is fast losing its value, having dropped about 54 percent in a month, Ethereum founder Vitalik Buterin says its scalability is making fast progress as the team is working on the beacon chain and shard data chains.
Ethereum 2.0: The Beacon Chain, Shard Data Chains
Ethereum has lost about 54 percent of its value in a month having tanked from $220 in early November to its current price of $103. Since its peak at about $1,400, Eth has lost over 92 percent of its value.
With a market cap of $10.7 billion, Ethereum is currently at the 3rd spot while managing the daily trading volume of more than $2 billion.
ETH 1 month price chart, Source: Coinmarketcap
As the developments on Ethereum Network are getting slowed down and its competitors gaining steam, Ethereum enthusiasts are looking for updates as one Twitter user asked Ethereum founder Vitalik Buterin, “We really need Ethereum to scale. Hope you are working hard for it.”
In response, Vitalik ensures,
The Github repository shared by Vitalik covers Ethereum specifications 2.0 that discusses “design rationale and proposed changes can be brought up and discussed as issues.”
It is currently divided into two phases, Phase 0 that involves The Beacon Chain and Phase 1 that covers Shard Data Chains.
In a separate Github entry that details the beacon chain reads, “The initial deployment phases of Ethereum 2.0 are implemented without consensus changes to Ethereum 1.0. A deposit contract at address DEPOSIT_CONTRACT_ADDRESS is added to Ethereum 1.0 for deposits of ETH to the beacon chain. Validator balances will be withdrawable to the shards when the EVM2.0 is deployed and the shards have state.”
The main responsibilities of the beacon chain are,
“Store and maintain the registry of validators, process crosslinks, and process its own block-by-block consensus, as well as the finality gadget.”
The document covering Phase 1 specifies that it depends on the implantation of Phase 0,
“Phase 1 is primarily concerned with the construction, validity, and consensus on the data of these shard chains. Phase 1 does not specify shard chain state execution or account balances. This is left for future phases.”
Broad design goals for Ethereum 2.0 has also been shared,
- to minimize complexity, even at the cost of some losses in efficiency
- to remain live through major network partitions and when very large portions of nodes go offline
- to select all components such that they are either quantum secure or can be easily swapped out for quantum secure counterparts when available
- to utilize crypto and design techniques that allow for a large participation of validators in total and per unit time
- to allow for a typical consumer laptop with O(C) resources to process/validate O(1) shards (including any system level validation such as the beacon chain)
At the end of last month, Casey Detrio, an eth dev, had said, “The first goal is to boost transaction throughput on the mainnet.”
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Having a background in writing, I worked on a wide array of industry topics and have recently entered the world of Blockchain and Cryptocurrency.