ConsenSys blockchain researcher Mikhail Kalinin has officially presented Ethereum Improvement Proposal EIP-3675, which addresses the transition of the current network to Ethereum 2.0 and the PoS protocol.
Although Ethereum is many months away from completing the development of its new network based on proof of stake (PoS), the official transition of Ethereum to Ethereum 2.0 is one of the most important topics currently being discussed and capturing the attention of the entire crypto space. Therefore, the researcher blockchain Mikhail Kalinin officially presented the Ethereum Improvement Proposal (EIP) N º 3675, which will evolve Ethereum into a more powerful, scalable and efficient network.
The proposal indicates that the Beacon Chain, launched on December 2020, 3675, has not presented any failures during the time it has been in operation, which demonstrates the sustainability of the PoS system for Ethereum. Thus, EIP-XNUMX sets the stage for the merger of both networks.
Ethereum developers will discuss this proposal and give more details about it in the Ethereum Core Devs Meeting No. 354 to be held us in the afternoon. The activation of London on the Ethereum blockchain and other proposals for improving the network will also be discussed at the meeting, according to the agenda posted on the GitHub repository.
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From Ethereum to Ethereum 2.0
Ethereum 2.0, the blockchain network that developers are building, will change the consensus protocol of the current blockchain by eliminating the need for miners and computational expenditure, and replacing it with validators that will have the ability to confirm blocks based on the amount of ethers, the cryptocurrency native to Ethereum, which remain deposited in the network for the amount of time they have been operating within it, among other things.
Proof of Stake is a consensus protocol that seeks to provide greater scalability for blockchain networks, making them faster, more efficient and cheaper.
Ethereum 2.0 is still far from arriving
Even though developers are currently working on merging Ethereum and Ethereum 2.0, the reality is that the scalability network is still far from being achieved. Developers of this blockchain have been working on developing the PoS blockchain for years and have encountered countless obstacles along the way.
As an recognized recently Vitalik Buterin, co-founder and developer of the network, Ethereum 2.0 has taken longer than expected due to several problems that have arisen within the working team, rather than obstacles in the development of the network itself. However, it seems that the team has already found a way to organize its ideas and move forward in the construction of this new blockchain, essential for the survival of the protocol.
To date, the value locked within this chain exceeds $13.300 billion, with a total of 6.561.184 ETH deposited of 198.956 active validators at the time of this writing. ETH is trading at a value of $2.028 per unit according to CoinGecko.
Continue reading: JPMorgan: Ethereum 2.0 will boost the crypto economy with its new profit model
