It seems that Ethereum 2.0, the update that will lead the platform to migrate from the Proof of Work protocol to the Proof of Stake protocol, has presented fatal flaws in the way it has been implemented. staking.
This was stated by the CTO of SKALE Labs, Konstantin Kladko, on his official Twitter account. A comment that started a conversation held virtually with the co-founder of Ethereum, Vitalik ButerinIn the virtual conversation, Buterin asks Kladko what are the possible flaws that Ethereum 2.0 may present? He also asks him what is his point in mentioning this problem if he does not detail what it consists of.
In response to this, Kladko argument in a blunt manner that:
“I explained this in a separate tweet. What a directional bridge means is that you DESTROY 32 ETH1 when you stake. ETH2 will be less than ETH1 because there is no way to transfer it. If ETH2 = 0,5 ETH1, validators will IMMEDIATELY lose 50% of the money.”
The computer science specialist points out that there is a possibility that a one-way bridge will be created during the network upgrade. This could destroy all 32 ETH1 coins at the time of participation. Therefore, Kladko believes that this error could cause validators to lose up to 50% of their coins in the process.
It is important to note that these 32 ETH are the minimum amount of coins that a user needs to have to operate as a voter in decision-making within the network.
Likewise, let us remember that Ethereum 2.0, also known as ETH2 or Serenity, is the next update of the platform. An update whose launch was announced in 3 phases. Where it is estimated that Phase 0, the Beacon Chain Testnet, will be available by the end of July this year.
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The reality of the migration from Ethereum to Ethereum 2.0 and the flaws it presents
The ETH2 upgrade implements a proof-of-stake mechanism where users must deposit their coins and lock them in order to keep said coins within the ETH2 blockchain in order to participate as voters or validators within the network.
This mechanism is implemented in Ethereum 2.0 with the purpose of replacing the current mining protocol. PoW. Which, for Ethereum developers, implies an unnecessary expenditure of energy and computing equipment.
Thus, through the protocol PoS Anyone can participate in the Ethereum network by simply holding their coins. A job that replaces PoW mining, as there is no computational problem to solve. Rather, validators, depending on the amount of coins they stake, can be chosen to generate new blocks. These blocks will then be confirmed based on votes from participants.
Similarly, many in the crypto community believe that this working protocol will give the Ethereum platform a centralized character. Because those with a better economic position will always have the possibility of acquiring many more coins than others. Something like: the rich will be richer.
Meanwhile, in order to increase the scalability of Ethereum, ETH2 will also implement the chain fragmentation mechanism. sharding. Which will be combined with the protocol Casper.
Beacon Chain is scheduled to launch in the middle of this year
Even though there have been issues that have delayed the launch of Ethereum 0 Phase 2.0, Buterin believes that his project will be ready by the middle of this year. Moreover, in response to Kladko's statements, Buterin wrote that all ETH2 participants are confident that the platform's transition will be successful. And once it is done, other participants will be added to the new network.
Although Kladko pointed out that many participants are not clear about how the network transition process will be carried out. And that they only blindly trust that they will be able to make money with this new implementation. Even without knowing the mathematical implications that this update encompasses.
Kladko's statements also sparked interest and anger among several of his followers. So despite the harsh statements he made during this conversation, a few days later Kladko apologized. Above all, for having used fatalistic language to refer to Ethereum 2.0. Pointing out that he should not have used the word fatal to refer to ETH2.
About Konstantin Kladko, CTO of SKALE Labs
Konstantin Kladko is the current CTO of SCALE. A platform based on the Ethereum blockchain that seeks to improve the scalability of the network. Enabling high-speed consensus on the network and the execution of smart contracts and decentralized applications (dApps).
Kladko is a specialist in Computer Science. He holds a Master's and PhD in Physics. Max Planck Institute, where he graduated with special honors. This developer has also been involved in numerous large-scale projects. He was a software engineer at the cryptographic company Ingrian Networks, and founder of the laboratory Aspect Labs and the company Galactic Exchange.
Kladko also expresses a deep passion for Ethereum, although he has often referred to the network in an unkind manner. This is why many members of the community may question Kladko's fanaticism towards ETH, as they detect that his comments reveal a different vision of the paths that Ethereum is following, especially in reference to ETH2.
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