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Ethereum plans to quit doing meth.

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@penderis
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Today I happened on a Publish0x article, because that is what I do these days in my attempt to be a mainstream crypto enthusiast. I find places to suckle at the teat of the crypto goddess.

Anyway... Not sure why I am explaining myself to you.

I was reading this article - I scanned it - you can also scan it here Phase 0 of Ethereum 2 and it struck me that this may have been mainstream news at some points. Regardless maybe there are more people who like me only happen on news once it affects them. Makes sense right.

Then this writeup is mainly for you. Similar to how I know there is a HF24 on Hive but I can betcha it is not newsworthy because nothing seems to have changed. Anyway, so that is my opinion on hype news.

POW is not socially acceptable. Really proof of work is equivalent to doing meth and it is very evident that currently, Ethereum has a big meth problem. They can't seem to control fees, they are sub-par at best when it comes to actually doing the work... There used to be a bit about Ethereum groupies but it did not work and instead, I left them in the basement to produce more Eth hype.

So to fix this Ethereum seemingly have "always" planned to move into the proof of stake world. Yeah, you read that right. They plan to appeal to the masses by actually attempting to do more work, hopefully making fees more predictable and instead of miner cronies propose a committee to run corruption on the network.

I just realised some people might think I do not like Ethereum...

Cutting lines for better distribution

Phase 0 of the systemic cocaine distribution - I mean conversion from proof of work to proof of stake is supposed to be within 2020. So that means within the next to two months Phase one Zero of the plan will be initiated.

Really you could just read the article I linked...

Firstly Phase 0 will only implement what they call the Beacon chain. As the name suggests it will be a beacon for future interactions to occur on Ethereum.

Because Eth is moving towards proof of stake this means that they are removing miners and will implement what they call Validators. Validators are similar to blockproducers or witnesses like on EOS or Hive.

The big difference I see is that Validators are self-elected and only the size of their wallet is what matters. It will take at least 32 Eth to become a validator and this Eth will be staked.

In Phase 0 the Beacon chain will already start accepting staked Eth but this cannot be unstaked until the next Phase which is in 2021.

The Validators are also not in effect yet and seemingly the only reason for Phase 0 is to lock up as much Eth in a hype train as possible.

Avoid the cops with redirection The Beacon chain will basically start by tracking staked Eth and Validators. In Phase 1 the Shards (side-chains?) will be added and in Phase 1.5 the current POW chain will become a Shard and start processing based on POS.

In Phase 2... I will let the docs speak for themselves:

Now there are many things that confuse me a little about all this and the main one would be Why?

It seems to me that we will not see the price of Eth reflect "innovation" until maybe the launch of Phase 1 which is the Shards.

Nothing they are implementing is groundbreaking or even seemingly showcases an interest in providing the best. Eth 2 is at best just a modernization of a monolith.

Long live the King, until he snorts a bit much

Ethereum will maintain value mainly because it already has value. The rich get richer and that sentiment carries through. If you are familiar with things like Ruby on Rails, Php and Node and server options such as Shared hosting, VPS or Cloud then you might see how I can picture the whole situation like that.

Ethereum will remain a solid option because it has always been one but if you really want something that maybe cares more about what is right over who is right then maybe Ethereum is not the chain to be building any applications on instead merely keep it as an asset store.

I can see that everyday applications would rather opt for a proper fast and agile chain say like Polkadot or something? Then keep value in Ethereum through the one thing they can possibly handle transaction wise like NFT or Staking which is basically longterm saving vs an operational bank account.

You can read a bit more about the future here: https://ethereum.org/en/eth2/#phase-zero

Image sources: Eth Coin | Eth Cocaine

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