{"id":135097,"date":"2020-05-31T21:00:07","date_gmt":"2020-05-31T20:00:07","guid":{"rendered":"https:\/\/cryptoslate.com\/?p=135097"},"modified":"2020-06-01T19:59:09","modified_gmt":"2020-06-01T18:59:09","slug":"ethereum-developer-danny-ryan-speaks-on-eth-2-0-progress-gives-insights-on-new-features","status":"publish","type":"post","link":"https:\/\/cryptoslate.com\/ethereum-developer-danny-ryan-speaks-on-eth-2-0-progress-gives-insights-on-new-features\/","title":{"rendered":"Ethereum developer Danny Ryan speaks on ETH 2.0 progress, gives insights on new features"},"content":{"rendered":"

Ethereum\u2019s upcoming 2.0 \u201cSenerity\u201d update is much-awaited<\/a> among cryptocurrency circles. The update will see the world\u2019s second-largest blockchain protocol move from a PoW<\/a> to a PoS<\/a> consensus mechanism, introducing features to bolster scalability, security, and speed.<\/p>\n

Key Takeaways<\/h2>\n

Speaking on a podcast<\/a> answering questions posed<\/a> by Reddit\u2019s r\/ethfinance community, Ryan seemed upbeat on addressing all queries, dutifully explaining various stages of ETH 2.0, it\u2019s upcoming features, and even answering concerns on possible centralization by opportunistic stakers.<\/p>\n

Currently, most developer efforts are focused on the launch of Phase 0<\/a>. However, Ryan notes Phase 1 is undergoing swift progress and should be quick to launch once Phase 0 is introduced to the market<\/a>.<\/p>\n

Ryan noted a computer like Raspberry Pi 4 \u201cmight be able\u201d to handle Phase 0, but Phase 1 implementation might require more powerful hardware.<\/p>\n

Some questions noted decentralized applications having similar objectives or output models could be, theoretically, run on specific shards to increase speed and output. To this, the developer hinted a DeFi-specific shard<\/a> was not unlikely.<\/p>\n

The idea of \u201cETH 3.0\u201d has been floated around by some developers, noted the community. This involves replacing certain components of Ethereum with zk-Snarks, used by private protocols like Zcash, to create a \u201cquantum-resistant\u201d platform.<\/p>\n

While some community members voiced the above idea, Ethereum co-founder Vitalik Buterin chimed in with his thoughts, via a comment<\/a> on the podcast's Reddit post:<\/p>\n

\u201cAt present, I favor the basic structure of Ethereum never again changing after (ETH 2.0) is out; only incremental tweaks.\u201d<\/p><\/blockquote>\n

Staking fears addressed<\/h2>\n

In the podcast, Ryan stated Ethereum developers \u201care aware\u201d of the community\u2019s concerns around the 32 ETH lockup to run a validator node, stating the team is open to discussions after the launch of Phase 0. He revealed earlier plans included ETH transfers between validator nodes, but were scrapped in the final design.<\/p>\n

Ryan stated there shall be \u201cdisincentives\u201d in place to keep \u201cStaking-as-a-Service\u201d providers from growing too large. This is presumably to prevent a Bitcoin-like scenario, where miner pools dominate<\/a> up to 60 percent of the hash rate, creating a 51 percent attack scenario in theory.<\/p>\n

For the above, Ryan said the developer team will work towards getting the entire Ethereum community involved and ensure the network is spread over as many clients as possible. Penalties are put in place to discourage centralization on a specific client\/s or other points of failure.<\/p>\n

As reported<\/a> by CryptoSlate, a study by Ethereum venture lab ConsenSys last month found out most members are looking forward to staking as a means of passive income, with 65 percent of survey respondents indicating this intention.<\/p>\n

Meanwhile, community members seemed pleased with Ryan's podcast, with most stating the developer was adept in answering community questions which made for a “great interview.”<\/p>\n

(The post has been heavily edited from a highly-detailed and extensive podcast for clarity and is focused on some main takeaways.)<\/i><\/p>\n","protected":false},"excerpt":{"rendered":"

Ethereum\u2019s upcoming 2.0 \u201cSenerity\u201d update is much-awaited among cryptocurrency circles. The update will see the world\u2019s second-largest blockchain protocol move from a PoW to a PoS consensus mechanism, introducing features to bolster scalability, security, and speed. Key Takeaways Speaking on a podcast answering questions posed by Reddit\u2019s r\/ethfinance community, Ryan seemed upbeat on addressing all […]<\/p>\n","protected":false},"author":65,"featured_media":135124,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[61713,37],"tags":[60923],"prediction_market_topic":[],"post_folder":[],"acf":[],"yoast_head":"\nEthereum developer Danny Ryan speaks on ETH 2.0 progress, gives insights on new features<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/cryptoslate.com\/ethereum-developer-danny-ryan-speaks-on-eth-2-0-progress-gives-insights-on-new-features\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Ethereum developer Danny Ryan speaks on ETH 2.0 progress, gives insights on new features\" \/>\n<meta property=\"og:description\" content=\"Ethereum\u2019s upcoming 2.0 \u201cSenerity\u201d update is much-awaited among cryptocurrency circles. 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