Crypto News

Preparing to launch a mechanism of consensus PoS for Ethereum 2.0 began

More than the five-year period of research and development conducted by the Ethereum team, is approaching its climax – the launch of the new Ethereum 2.0 on the basis of the existing. According to the plan Vitalik Buterin the launch of Ethereum 2.0 will begin by the end of the year.

The deployment of the new decentralized Ethereum 2.0, unique in its size, complexity and cost, will take several years. Users and assets running on the Ethereum blockchain will be transferred to the new network, while at the same time the parent network retain full functionality and activity that none of its user is not affected when switching to the Ethereum network 2.0.

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The market price of the cryptocurrency Ethereum (ETH), update protocols and stages of development of Ethereum in accordance with the road map project Ethereum 2.0. Source: CoinDesk Coin Metrics and Research

On the eve of the launch of the latest multiplayer test network Medalla, scheduled for 4 August, the developers of the project announced on Monday, July 27, started the Launchpad validator for the education and training of future validators for Ethereum 2.0. the network Medalla.

Ethereum 2.0. radically transformerait the world’s largest mining framework contracts. Acting in the network the algorithm of consensus, the blockchain, which defines the validation of transactions and blocks, so-called proof of work (PoW), will give way to the proof of the rates (PoS).

The algorithm of proof of work PoW is an integral part of the process of mining cryptocurrency. It provides a complex process of mathematical calculation (hash of data), performed by the miner. The speed of the process depends on the capacity of computer equipment. The correctness of the solution for a block of transactions and the possibility of adding it to the blockchain is confirmed by the consensus of distributed nodes. Hashing combined with cryptography in PoW consensus algorithm can ensure the network security and authentication. However, the use of the algorithm for the expanded Ethereum blockchain complicates the process of passing transactions.

The consensus algorithm Proof of Stake is meant to help solve the problem of scaling network, replacing the technology of mining PoW with its highly expensive and energy intensive computing equipment to check the units more energy efficient and decentralized consensus algorithm Proof-of-Stake (PoS). Proof of Stake is based on a probabilistic selection model validators, which takes into account the amount of margin to protect the network and does not depend on Hasrat. Computational complexity to verify transactions and blocks is greatly reduced.

The Launchpad validator help validator to learn about all aspects of the process, and developers will be able to verify that the validators know what Ethereum 2.0 and why for correct operation of new network, you need validators.

Having an accurate understanding of the task of the validators and the remuneration for the performance of its functions, validators will be able to test out the rates in the network Medalla, before you can begin to protect the Ethereum network 2.0 real interest rates after its launch.

The transition to PoS algorithm, according to the authors, begins with the announcement of the launch of the panel of validators.

Source:

cryptofound.com

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