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A New ETH Blockchain Is In Development

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During the meeting over at ETH on the 15th of June, Ethereum Guru Vitalik Buterin has talked about the upgrades that could be done to make Ethereum better. This involves both Sharding and Casper. The update is actually going to replace the Casper FFG and this is going to be done with a Casper Version 2. This would work as a beacon chain that will then be linked onto the main chain. The idea of this would be the fact that the component would be completely separate. It would give people the chance to develop much less intrusively and it would also give people the chance to make their own decisions as well. On top of this, it would also stop voting rules as to how blocks are moved around as well. It would also help to alter how the blocks are used and you wouldn’t have to worry about the other transactions being affected either. This is a great development from ETH and it means that very exciting things are certainly ahead. At some point, a Sharding function would come on the blockchain and it would also operate on the PoS consensus algorithm. This is what Casper helps to bring to the table. At some point, the Sharding function would be brought onto the blockchain and the development would also help to smooth out any transitions to the PoS and Sharding implementation as well. This would be done on the main chain and this is because Sharding could actually be built into Casper Version 2. On top of this, the meeting with the transition of the Casper V2 would be basic. There would only be the need to have one validator set and there would only be one from that point on. This would happen right from the start and it is incredible to see how the whole thing has developed.

Before the latest proposal came to light. Casper was being tested as a smart contract on the Test Net. This would then be implemented on the next chain. The idea of this is that the PoS rollout would come at a much later date. Sharding would as well. As it stands right now however, Buterin has stated that Casper V2 has basic shard management. There are some points of shard management cannot be specified here and that it really does need to preserve some of the optionality of how the parts are going to evolve over time.

The one-way system of the beacon’s chain means that when ETH is deposited into the system, these tokens would stay there until a future hard change allows transactions to be withdrawn. Casper V2 is intended to offer an increased security when you look at the main chain. On top of this, every single block on the chain would refer to a block that is on the main chain. This essentially means that whenever a block is on the POS chain and when it finalises itself, it points to a block on the main chain. This indirectly confirms the block on the beacon chain, so it is certainly interesting to see how this is going to happen. Of course, the update could also reduce the minimum amount of over 1500 ETH to just 32. This means that more and more people would be able to participate and it also means that the future of ETH is going to mean great things. Of course, Buterin has continued by saying that the beacon chain is something that really does push them further towards a final product. The overall idea is to have a sharded system. This is something that pushes them further along towards a final product and the best thing is that the design can also scale up the blockchain to the maximum that it can go as well.

Ethereum is a constant state of flux at the moment. It does have the ideas that it needs to evolve but this development has actually been happening for a number of years now. When you look back at January, you will see that ETH has reported that Buterin rolled out a roadmap. This was done for ETH and it also included a map that would need sharding. It also needs help moving to a new mechanism that would actually act as a proof of consensus as well. This would add a method to the blockchain scaling system and it would also solve a lot of problems.

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