The first issue of AMA, invited OKEx Mining Pool Operations Director Lin Han, Spark Mineral Pool ETH 2.0 Chief Technical researcher Uncle Meow, Senior Standard consensus analyst Li Zipeng, and ETC Asia-Pacific Community head Xu Kang to visit the “Golden Relativity” live broadcast room to explain in detail the beacon chain and Staking of the Etaifang 2.0 era.
The following are the core points of this LVB:
- The goal of ethernet 2.0 is to improve the scalability, security and programmability of ethernet. Through the “beacon chain + multi-fragment chain” mode, each fragment chain is a separate chain, and many fragment chains are unified by the beacon chain, which will effectively improve the scalability of the whole network.
two。. Compared with the previous ETH1.0, the 2.0 now is basically tantamount to turning over a new leaf. The update of ETH 2.0 is not an upgrade to the existing network, but a complete innovation of the consensus system of Ethernet Fong, making greater changes to the underlying protocol of the network, especially this ETH 2.0 will be the first landing of consensus agreement Casper and sharding technology, which will promote the development of blockchain expansion technology and continue to meet commercial standards.
- DeFi assets on the current chain will not be affected by the launch of ETH2.0, at least not until the prediction of ethernet 2.0 at the end of 2021.
- After the launch of ETH 2.0, the transition from PoW to PoS is a long and phased process, and ETH 1.x will also be maintained for quite a long time. At present, there are still teams in the Etay Fong community who devote their efforts to maintaining ETH 1.x.
The following are the details of the LVB:
Wang Yukun: first of all, why was Etay Square 2.0 introduced? What is the most important improvement of Tai Fong 2.0 over Tai Fong 1.0?
Lin Han: to understand why Ethernet Square 2.0 was introduced, we first need to understand what Ethernet Square was before 2.0, or what Ethernet Square is now.
In 2015, the current etherfang main online line uses the PoW consensus mechanism to get the native etherfang way similar to the way to get the native bitcoin. By running an etherfang mining machine, connecting to the power supply and running the corresponding algorithm, etherfang is Ethash, bitcoin is SHA256. What is obviously different from Bitcoin is that Etay Fong is unlimited mining, while Bitcoin has a pre-set number of issuance, which is a deflationary model. At the same time, Etay Fong can run smart contracts.
The biggest difference between Ethernet Fang 2.0 and the existing Ethernet Fang network is that it uses the PoS mechanism instead of the PoW mechanism to reach a consensus on the transaction order. The PoS mechanism is also a consensus mechanism adopted by many well-known currencies, such as EOS,XTZ and so on. A significant difference between PoS and PoW is that in the network of PoW mechanism, it is the power of calculation that determines the right of discourse, while in the network of PoS mechanism, it is the number and time of money held that determine the right of discourse. In the PoW mechanism, with more than 50% of the computing power of the whole network, attacks can be launched, while in the POS mechanism, if you want to launch an attack, you must collect more than 50% of the total currency, which will be relatively more expensive and difficult.
The goal of ethernet 2.0 is to improve the scalability, security and programmability of ethernet. Through the “beacon chain + multi-fragment chain” mode, each fragment chain is a separate chain, and many fragment chains are unified by the beacon chain, which will effectively improve the scalability of the whole network. Therefore, one of the most important reasons why Etay Fong 2.0 is changed to PoS mechanism is the consideration of its own performance optimization. Of course, the Ethernet Square, which is converted to the PoS mechanism, will also lower the threshold of participation compared with the PoW mechanism, so that more ordinary users can participate in the governance of the whole blockchain network.
Therefore, it can be predicted that the community ecology of Yitai Fong will certainly be more prosperous in the future.
Uncle Meow: I would like to add something from a relative technical point of view. To put it simply, ethernet 2.0 is expected to provide chain computing efficiency and solve scalability problems. Compared with the small improvements that we are already familiar with with ethernet 1.0, the changes brought about by 2.0 will actually affect every ethernet user. Structurally, it will change from a single-chain structure to a multi-chain structure, which provides scalability through the introduction of sharding chains; the consensus algorithm will gradually switch to a full PoS consensus in three stages, which provides the feasibility for users to directly participate in the governance on the chain; there are also some key improvements for developers, such as EVM will be replaced by eWASM, configurable execution environment, contract calls across shards, and so on. All these provide new soil for technological innovation in 2.0.
Li Zipeng: let me put it more bluntly, why do you want to engage in ETH2.0?? In a word: today’s ETH works, but it doesn’t work! You do Dapp transactions are extremely clogged, out-of-chain data to the chain is not easy to get, and do not support Dapp governance, so V God wants to do 2.0. EtherFong founder Vitalik said at the etheric Fong developer conference in Prague that ethernet 2.0 is about to be launched, which can increase the transaction processing capacity of ethernet network a thousand times.
The second small problem is my opinion: compared with the previous ETH1.0, the 2.0 now is basically equivalent to [turning over a new leaf]. The update of ETH 2.0 is not an upgrade to the existing network, but a complete innovation of the consensus system of Ethernet Fong, making greater changes to the underlying protocol of the network, especially this ETH 2.0 will be the first landing of consensus agreement Casper and sharding technology, which will promote the development of blockchain expansion technology and continue to meet commercial standards.
Compared with the current ethernet network, ETH 2.0 has the following major changes:
- The consensus mechanism is transferred from PoW to PoS, which will be the first implementation of the innovative PoS consensus Casper FFG algorithm that has attracted much attention.
two。. Under the PoW consensus mechanism, Yitaifang has only one longest chain as the main chain, while Etaifang 2.0 network has a beacon chain and 1024 fragmentation chains to achieve capacity expansion. These different fragment chains can communicate with each other and are uniformly controlled and verified by the main chain beacon chain.
- The digital asset on the ETH2.0 chain is BETH,. The original ETH will not be used on the new main chain. The holder of the ETH can only destroy the ETH and exchange it for BETH at 1:1. The original ETH will be destroyed, resulting in a new BETH. This exchange mechanism is completed by a smart contract on Ethernet Fong 1.0 and is monitored by the ETH 2.0 beacon chain.
- Staking will be one of the major features of ETH 2.0, that is, users can become the verifier of the ETH 2.0 beacon chain by pledging 32 BETH,.
Wang Yukun: several test networks of Ethernet Square 2.0 phase 0 are being tested, and many miners and miners have already participated in the test. what is the progress of the test so far? What are the main problems encountered? What conditions are required for the successful start of the beacon chain?
Lin Han: OKEx mining pool was one of the first large mining pools to join the etherfang 2.0 test network. at the end of April, we had already connected to the Topaz test network developed by etherfang 2.0 development team Prysmatic Labs, and it was also the only complete main network configuration test network in the whole network at that time. According to the feedback of our technicians, we have not encountered any big problems. At present, the test network of Etay Square 2.0 is relatively mature.
There are three main prerequisites for the successful start of the beacon chain:
- Deploy Eth2 margin contracts on the ETH1 main chain.
two。. The multi-client test network runs stably for a period of time.
- After the release of the margin contract, at least 16348 verifiers deposited the deposit.
At present, these three conditions, in addition to the multi-client test network also need to continue to test and run for a period of time, as far as I know, can basically meet. At present, only on the Topaz testing website, the number of verifiers has exceeded 20, 000. We can see that everyone’s enthusiasm is still very high. In terms of the test network, the current Witti multi-client test network is very stable, and the next test network will be released within a week, called Altona. At the same time, the, Prysmatic Labs Onyx test network has been started successfully.
Everyone is working very hard for the launch of the Ethernet 2.0 main network, thanks to the development team.
Wang Yukun: the first thing to launch is the beacon chain (Beacon Chain), which is also the core of Etay Square 2.0. what is the goal of the beacon chain? What are the main functions to be realized? Ethernet Fang 1.0 and beacon chain run at the same time, how to interact between ethernet 1.0 PoW old chain and beacon chain PoS new chain, and how to synchronize data such as block height?
Uncle Meow: the above mentioned some test network names, as well as the name of the development team, may not pay attention to the technology of friends will be relatively strange, I would like to make some simple additions.
The first thing to know is that the client of Yitaifang 2.0 is now promoted by many companies, in which the role of the foundation is mainly to develop protocol specifications, and the specific implementation is completed by each client. So now can participate in the test network is basically started by each client. Of course, there is also the existing 1. 0 test network, which is actively participating in the 2. 0 test network, and Witti is one of them. Take the Onyx recently launched by Prysm as an example, its configuration has been the same as that of the main network, and the current test network has gradually begun to test multi-client compatibility. Onyx was launched on the 14th of this month, and now there are 22206 activation verifiers (data I looked at an hour ago) participating, which shows that the enthusiasm of the technology community to participate is still very high.
Then you may have to ask, what are you doing by starting so many test networks, and if it has been completed, what are you still testing? At present, the main problem is the compatibility between clients, most of the test networks with single client are already available and easy to use, and because of the introduction of BLS signature algorithm, the change of the algorithm specification will also affect the implementation of the client and the compatibility between them.
Wang Yukun: is this compatibility problem easy to solve?
Uncle Meow: it’s easy to solve. To put it simply, it means that you and the other person hello, know that you are talking about hello, and know how to answer you, so it is compatible.
Wang Yukun: then this compatibility is really not a “problem”. It’s just a step that needs to be done. is it accurate to describe it?
Uncle Meow: in fact, there may be differences in the way the protocol is implemented, and multiple clients are required to test together to make sure that this “hello” problem does not exist. The beacon chain function of phase 0 is mainly to store and manage the registration of verifiers. If a user expects to be a verifier of 2.0, TA can transfer at least 32 ethers to the deposit contract (Deposit Contract) on the 1.0 chain with relevant information about the verifier, withdrawal information, signature, etc., which includes the BLS signature (this will be used later to answer why someone lost the coin). When the transaction is packaged at 1.0, it is important to note that the process is currently irreversible, which is the only way to interact in phase 0, to convert the eth of 1.0 to the eth, of 2.0. Because it is a separate chain, Beacon Chain itself does not synchronize the rest of the data on 1. 0.
Beacon chain is the starting point and core of the grand planning of Etay Square 2.0, which plays a vital role in the realization of the whole blueprint.
Lin Han: according to the technical specification, Etay Square 2.0 will be divided into several stages:
One is Phase 0: delivery is estimated at the end of the second quarter / the beginning of the third quarter of 2020, when the beacon chain is released and PoS verification is implemented on the beacon chain. It is estimated that ethernet 1.0 will continue to operate normally during this phase. Ethernet Fang 1.0, that is, the Ethernet Fang of our current PoW mechanism.
Second, phase1: is expected to be delivered in 2021, releasing sharding chains and allowing data to be stored on these sharding chains, but not processing transactions on sharding chains; ethernet 1.0 may continue to operate normally or may be integrated into ethernet 2.0 as a special sharding chain.
Third, phase2: is expected to be delivered in late 2021 / early 2022; transactions are allowed to be processed on the shard chain; after a period of time, ethernet 1.0 will transition to etherland 2.0 as the execution environment.
Beacon chain is a brand-new block chain, one of its functions is to enable the verifier to participate in the pledge system and replace the role of miners to become the builder of the chain, and the other function is to store the index of fragment status. After registering on the beacon chain, the verifier is randomly assigned to validate one or two shards. The verifier will combine the data on their shard with the data on the beacon chain to form a new block.
In other words, all fragment communication will be completed through the beacon chain, and the nodes will communicate with each other and cooperate to create a block chain system.
Of course, this means that Ethernet Fang 2.0 in the phase0, or beacon chain phase will not interact and synchronize with the old PoW chain. That is, it has nothing to do with the existing ethernet network, and the beacon chain is a brand-new block chain. Interaction with the existing ethernet network may not take place until the phase1 or phase2 phase, which may still take 1-2 years or more.
Wang Yukun: after switching from Pow to PoS, ETH currency holders can participate in Staking to become a verifier in ethernet network, so how to become an ethernet verifier? What are the opportunities and risks of becoming a verifier? How can I be selected to participate in proposing and certifying new blocks on the beacon chain?
Lin Han: to become a verifier of ethernet, the requirement is actually very simple. As long as you have 32 ETH, and pledge to the margin contract on the main network, you can get a verifier qualification. 32 here is the valid balance of a verifier, that is, you can transfer the deposit to the margin contract without limit, but only 32 are valid.
For details, you can look at this picture:
The advantage of being a verifier is that you can share the income of the verifier. when the pledge rate of Ethernet Square 2.0 is relatively low, the rate of return will be relatively high; as the number of verifiers increases gradually, the rate of return will eventually go down to a stable level. A yield function curve.
The risk, of course, is that if the verifier’s effective balance falls below the lower limit, or if there is an error or other violation, he will be confiscated or even expelled. Verifiers are randomly selected to participate in the proposal and certification of new blocks on the beacon chain.
There are two basic time units in Eth2 system, slot (slot) and time (epoch). A time slot is 12 seconds, which is the time it is expected to produce a block. A period of time consists of 32 time slots (therefore 6.4 minutes), during which the beacon chain performs all calculations related to the maintenance of the chain, including rationalizing and finalizing new blocks, awarding rewards and punishments to verifiers. Submit verification information every 12 seconds to verify a block (12 seconds out of a block), and the verifier submits witness information for the block on the beacon chain every 6.4 minutes (a period of time).
When there are 100000 verifiers in the network, one verifier will be required to propose block verification every two weeks on average.
This depends on the situation to understand, it does not have so much relationship with ordinary users, knowing that the above process is completely automatic, random, and all handled by the verifier software.
Li Zipeng: how to become a verifier? First, you have to have money. The money for 32 ETH is about 50, 000 RMB. Second, you have to have a computer or a server and know some technology. Because you have to run two things:
- Beacon chain client Beacon chain client.
two。. Verifier client Validator client.
In the current design architecture, the main factors affecting the reward rate of the verifier are:
Time to participate in the pledge. Theoretically, the earlier the participation time, the higher the pledge rate of return.
The additional issuance rate of ETH 2.0 network. According to the current additional issuance plan proposed by Vitalik, the maximum annual additional issuance rate of ETH is no more than 2 per cent. The maximum additional issuance may increase with the number of pledged ETH in the overall network, but the annualized rate of return of a single verifier may decrease with the increase of the number of verifiers.
The number of running verifier clients. Although a verifier client can only pledge 32 ETH, users can improve the probability of block proponents by running multiple verifier clients, and at the same time reduce the probability that a single client is not online, thus improving the overall annualized rate of return.
Offline punishment. When the verification client of the verifier is offline, it will be punished offline by the network, and then the verification benefit will be deducted. Forfeiture for wrongdoing. When the verifier does evil, the pledged ETH will be confiscated by the network.
Wang Yukun: for ordinary ETH currency holders, what they are most concerned about is to participate in Staking and get rewards, so how can ETH retail investors participate in Staking? of Etay Square 2.0?
Li Zipeng: this retail investor needs to be classified, and most of them are not interested in technology, so they can choose reliable third-party mining pools, wallets and other platforms to participate, such as the OK mining pool where Gittina is located, the fire coin mining pool of course, and the spark mining pool where Uncle Meow is located. For a small number of geeks, who are particularly concerned about the security of the currency, they will choose to run their own client to Stake.
Lin Han: in fact, the design concept of Etaifang 2.0 includes the hope of expanding the size of verifiers to millions to minimize the lack of decentralization that the PoS protocol has been criticized for. So for ordinary ETH money holders, they become verifiers and the threshold to participate in Ethernet Square 2.0 pledge is not very high. After the main network is online, just follow the client guide. Of course, users can also choose some pledge service providers to pledge ETH2.0, to obtain pledge income.
OKEx Mine Pool is the world’s top pledge service provider, and we always follow the principle of returning 99.9% of the pledge proceeds to our users. You are also very welcome to participate in the pledge service of Etay Fong 2.0 through OKEx Mining Pool at that time.
Uncle Meow: in short, the Spark Mine Pool is currently the largest Yi Tai Fang Mine Pool. On the road of ETH 2.0, I will still stick to the role of Keeper and dance with all kinds of heroes.
Tan Hongchao: to become a verifier, you need to deposit ETH in the deposit contract (Deposit Contract) of Ethernet Fong. This is an one-way and irreversible transaction that can not be used until stage 2. Why is it so designed? This is equivalent to locking a position. What will be the impact on the circulation and even the price of ETH if the PoW mining of Yitaifang 1.0 and the Staking locking of PoS are carried out at the same time?
Uncle Meow: from the perspective of technical architecture, the gradual upgrade is for security in three stages, and this part of security involves many aspects.
One is that the security cannot be reduced at the same time of consensus replacement, so it is impossible to adopt an one-size-fits-all approach, which leads to the coexistence of PoW and PoS in stage 0, as well as the three conditions for Beacon chain startup mentioned above.
The second is the security risk caused by excessive community cognition, which enables participants to know in advance that there is a cognitive threshold by stages and sacrificing mobility, thus promoting the self-learning process of the core community. avoid the risk of asset loss caused by lack of awareness in the upgrade process.
Third, the time required for infrastructure cold start-up requires resource reserves, such as what equipment to use for hosting, how to host multiple people, whether remote disaster preparedness is needed, the possible impact of cross-border network delays, and so on, all of which need to be fully tested.
As for the problem of circulation and price, there is a correlation, but there is not necessarily causality. Different from other PoS currencies whose market capitalization is not large, what kind of market expectation changes will be brought about by the increase in the lock-up ratio of Etay Fong, which is worth observing and analyzing.
Li Zipeng: to sum up briefly, it is the transitional stipulation made by the authorities in the light of the characteristics of stage 0 in ETH2.0: only ETH can be converted into BETH, because logically, ETH,BETH is 0 everywhere.
I mainly answer the second question. I feel that the friends in the group should be very concerned about the topic of [price], so I take this opportunity to share my views rather than as investment advice. Let’s start with the point of view: ETH is bound to rise before ETH2.0 is officially launched, and the logic is very simple. ETH 2.0 is a major positive event in the industry, and there are a large number of institutional investors who are bullish on ETH. At the same time, Staking gave ETH the concept of hoarding money for the first time, making ETH the first Coin with real hoarding to rise besides BTC.
Why do Staking reasons have such a great impact on the price of ETH currency? The reasons are as follows:
1) it is more likely that the pledge rate of ETH is more than 60%, and the high pledge rate will push the currency price to the positive spiral of Staking mechanism, that is, the ETH currency price will rise because of the good version 2.0, which in turn promotes everyone’s enthusiasm for Staking, resulting in a high pledge rate and less mobile ETH, resulting in users who can only buy at a higher price and push up the ETH price. You can refer to the previous increases in the exchange rates of ATOM and XTZ against BTC, which are also Staking projects.
2) to become a verifier, ETH can only be destroyed for BETH, but BETH can not be exchanged for ETH, thus reducing the amount of ETH on the market.
3) to become a super node, the only quick way to get ETH is to buy it from the secondary market.
Once the positive feedback spiral of Staking is started, it will be very fast.
Tan Hongchao: the interest of Ethernet Square from workload proof (PoW) to Ethernet Square 2.0 proves that in the process of this transformation, what impact will (PoS), have on ethernet protocols and developers such as DeFi?
Uncle Meow: the problem itself can be disassembled and understood. The change in consensus does not affect the existing DeFi, but the introduction of fragmentation may have a lot of impact on the technical architecture, such as the transition from synchronous logic to asynchronous logic, and so on. This answers whether the consensus will have an impact, but I think this question should be concerned about the impact of PoS on the ecology of DeFi. You can boldly assume that ethernet 2.0 staking itself will become the largest DeFi, in ethernet place, and it may become a new basis for DeFi products, on which more imagination can be derived, such as the source of mortgage interest, futures contracts, debt or money markets, all of which may change due to the interest-bearing characteristics of ethernet itself PoS. The existing Compound, Maker, Curve and Uniswap, will change fundamentally with ETH 2.0 PoS, that is, the mortgage is no longer useless, because it can capture the interest brought by inflation.
I think on the whole, Uncle Meow has a good answer to the impact of the future DeFi, and I answer from the influence on the “existing” Defi.
Because a large number of DeFi applications are deployed on the ETH chain of PoW, will it have an impact on the DeFi applications on the current ETH 1.0 chain? When ETH 2.0 comes online? In particular, are you concerned that current defi assets need to be migrated to the ETH 2.0 beacon chain?
According to our communication with the Prysmatic team, the answer is NO. That is, the DeFi assets on the current chain will not be affected by the launch of ETH2.0, at least not before the prediction of ethernet 2.0 at the end of 2021.
The following is the reply from the Prysmatic team for your reference, especially those who currently hold these DeFi assets of DAI.
Tan Hongchao: ETC recently completed the Phoenix hard bifurcation upgrade, which is compatible with the earlier Istanbul hard bifurcation function of ETH. So after ETH2.0 starts, will it affect the original computing power of ETH? With the introduction of PoS consensus, what strategies can ETH miners choose? Can ETC undertake the calculation power of ETH?
Xu Kang: after the launch of ETH 2.0, the transition from PoW to PoS is a long-term process in stages, not a simple one-size-fits-all. ETH 1.x will also be maintained for quite a long time, and there are still teams in the Etay Fong community who devote their efforts to maintaining ETH 1.x.
During this period of time, it will certainly have an impact on the original computing power of ETH, but the specific impact mainly depends on the strength and performance of other projects. Take ETC, for example, at present, by comparison, ETC is the most suitable chain to undertake the computing power of ETH.
First of all, ETC and ETH are homologous and technically identical, so there is no cost to switch to ETC mining. Second, the yield of ETC mining is close to that of ETH.
In addition, as long as the price of ETC increases, the interaction between computing power and price will flock to the ETC network.
We found that at the beginning of this year, when the price of ETC exceeded $10:00, a lot of computing power poured into the ETC network.
To sum up, ETH 2.0 is carried out in stages, and it is also a long process from PoW to PoS. During the conversion process, there will be arithmetic flow out of the ETH network to choose other chains, and the specific impact depends on the strength and performance of other chains during this period of time. As far as the current situation is concerned, ETC is the most suitable PoW block chain to undertake the computing power of Etaifang.
Tan Hongchao: will ETC consider switching to PoS after Etay Fong completely turns to PoS in the future? What are ETC’s future plans?
Xu Kang: ETC is working well on the basis of PoW consensus, and there are no plans to switch to PoS at present. Despite this, ETC is now actively working with various teams of ETH 1.x to improve the scalability and compatibility of the blockchain. ETC’s last three hard fork upgrades have made ETC and ETH fully compatible and consistent.
In addition, Stateless Client and distributed storage scheme are also research projects jointly carried out by ETC and ETH. In addition to improving scalability and intercompatibility, expanding the application ecology is also the short-term plan of ETC.
In February this year, ETC announced a partnership with Chainlink to use Chainlink’s prophecy machine to connect the world’s data under the chain; on June 16th, ETC launched the decentralized financial platform Celsius Network;. There will soon be more DeFi projects using the ETC platform.
Wang Yukun: after the bitcoin is halved, the greatest expectation of the currency circle may be ETH2.0. Can the major upgrade of Ethernet Square 2.0 bring about a breakthrough in the application of Ethernet Square? Ladies and Gentlemen, in what areas do you think Ethernet Square will make a breakthrough in the future? Will there be a bull market?
Uncle Meow: I would like to answer the last question first, that is, I do not have the ability to predict a “bull market”, so this question can be given to other guests, and then answer the first two questions.
Can the major upgrade of Ethernet Square 2.0 bring about a breakthrough in the application of Ethernet Square? Instead of saying whether it can bring about a breakthrough in application, it is better to think about whether it can solve the technical problems that have been encountered in Etay Fong. The answer is yes, uppercase YES. It can not only improve performance, but also bring stronger scalability.
This is like saying that the current ETH 1.0 is a provincial highway, 2.0 will be a multi-lane viaduct, and possibly high-speed rail, users will pay the same cost, get a faster experience, more cost-effective, and look Olympic in every way, faster, stronger and higher.
As for the direction of the breakthrough, what can now be observed is too much. For example, decentralized exchanges of automatic market makers, decentralized exchanges of synthetic assets, mortgage agreements, index agreements, money markets and so on, these are the scenarios where centralized finance has been landing on Ethernet Square in recent years.
But why is it still limited to finance? a large reason is that it is expensive. When more things can be done at a lower cost, it can carry more than just the financial products currently seen. The track should be wider and have more latitudes, while ETH 2.0 itself only needs to provide good soil and superior infrastructure. Personally, I am optimistic about the application ecological changes brought about by 2.0.
Li Zipeng: my answer may disappoint most people, but it does not affect my optimistic attitude.
Frankly speaking, there is uncertainty as to whether it can bring about a breakthrough in the application of Ethernet Square. Because we have not been able to judge the actual landing performance of ETH2.0, to put it bluntly, we have only seen the general appearance of ETH2.0, whether it can be really easy to use, safe, and good performance, we do not know, so we cannot draw a conclusion whether it can lead to the emergence of heart applications or empower the current Dapp,.
If Ethernet Square 2.0 successfully completes the upgrade, it will greatly promote the overall development of blockchain technology, especially to solve the current public chain expansion problem. However, it must also be recognized that the overall span of the update of Ethernet Square 2.0 is relatively long, especially the most important prediction machine will be landed by the end of 2021, and the degree of technological innovation is high and difficult. there is still great uncertainty as to whether it will be able to achieve the goal of a stable and secure new generation of low-level public chain.
The second is the [bull market] that everyone is more concerned about. frankly, I think the bull market will come, but we don’t know when it will come.
We don’t even know where it will come from. We really can’t tell whether it is like a 17-year-old mad cow or a five-year slow cow, so don’t trust BTC’s forecast of $100000 next year. This is an illogical order call. Some people say that there is a large amount of water released all over the world, but this is only the external environment, not the endogenous power. Therefore, before the turning point of the bull market in the fundamentals of the industry, it is all about the bull market.
As far as the fundamental turning point of the bull market is concerned, it must be the emergence of a Killer-level product or application that leads to an influx of users, assets and talent, such as the 17-year-old ICO. In this bull market cycle, it is certain that there are no applications like ICO, although DeFi’s assets are growing rapidly, and the characteristics of this iconic app will determine whether the bull market is slow or fast. It is impossible to know what kind of Killer App, will be generated after the launch of ETH2.0, especially when the prophecy machine function is launched by the end of 2021, so it is still a little early to predict a bull market.
Therefore, we need to keep observation at all times, neither blindly optimistic nor blindly pessimistic.
Lin Han: what I am more concerned about is that Ethernet Square 2.0 should attract more ordinary users, not just technicians, to participate in the ecological construction of Ethernet Square. Etay Square is a very complete blueprint of the block chain network, very sentimental, which means that the threshold is actually a little high, more difficult to get started.
As far as I know, most of the people who are interested in Etay Square are professional and technical personnel. If Ethernet Square 2.0 can attract the interest of more ordinary users and the number of users is increasing, then the future of Ethernet Square network, including the future of Dapp, will have more possibilities. This is why we have been insisting on user education and science popularization.
With regard to the bull market, my idea is that as long as every participant in the ethernet network, from technical developers, community defenders, Dapp developers, knowledge popularizers, to mining pools, miners, and so on, each of us will do our own thing, start with ourselves, and try our best to contribute to Etaifang, but do good deeds and don’t ask about the future, then the real bull market will certainly come!
Community question: when will ETH2.0 come out? I heard that a small number of deposits failed and then lost forever.
Uncle Meow: this question is technical. I’ll try my best to make it clear. Two pieces of information have been mentioned earlier, one is the BLS signature and the other is the recharge contract of ETH 1.0. the current ETH 1.0itself does not have the support of the BLS basic library, that is to say, the verification of the correctness of the BLS signature cannot be completed within the contract of ETH 1.0. for the time being, there is only simple field verification and no BLS signature verification in the recharge contract.
There is a scenario: if a user, TA generates a signature through the BLS tool and recharges to the corresponding contract to start validator, if the version of the BLS tool used by TA is different from the corresponding version 2.0, there is the possibility of losing currency.
In order to solve this problem, the current technology community already has a draft of EIP, which is to deploy a precompiled BLS code on ETH 1.0.This will make it convenient for current users to verify that the data they generate is correct and avoid unnecessary losses.
In short, there is a lack of verification at present, there will be verification methods in the future, and there is already a solution to the problem.
Wang Yukun: what is the current state of this draft? What will be the progress of the advance?
Uncle Meow: you already have a basic implementation, but you need ETH1.0 to have a hardfork (hard bifurcation) to execute EIP-2537.
This link is the solution implementation of the current community, and interested technical partners can check the details. The reason for not changing the deposit contract, is that the contract has been formally validated and the cost of rework will be high.
Wang Yukun: Oracle will not be available until the end of 2021, so is there any corresponding solution for the previous corresponding DeFi products?
Li Zipeng: first of all, the 2.0 EVM prophecy machine should be launched in 2021, not the prophecy machine Oracle. Looking back just now, I seem to have the wrong number. Secondly, with regard to the question you said, the answer is that it does not matter. The current Defi assets can still run properly on the PoW chain.
Xu Kang: with the launch of eWASM in ETH 2.0, developers can write smart contracts in a variety of development languages, not limited to Solidity, for this feature, ETC released EVM-LLVM, this year can also achieve a similar effect. In the future, more developer communities will come to ETH and ETC to develop smart contracts.
ETH and ETC are in full cooperation, including the research and development of ETH 1.x that I mentioned earlier.