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Vitalik Buterin: The proof-of-stake beacon chain will be launched at 20:00 on December 1

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Get ready and look forward to the first phase of Ethereum 2.0!

Original title: "Vitalik Buterin: Proof-of-Stake Beacon Chain will be launched next Tuesday at 8pm Beijing time"

Original source: Planet Daily

This article is written by Vitalik Buterin on November 27th at the "First Blockchain Service Network BSN Global Technology Innovation and Development Summit Speech made at the Hubei Blockchain Technology Innovation Conference.

Hi everyone! I am very grateful to the BSN Global Technology Innovation Summit for giving me the opportunity to give a speech. Here I would like to give you a quick update on Ethereum 2.0: What’s new in Ethereum 2.0, where it’s going in the future, and how it’s relevant to blockchain users , especially some Ethereum enterprise users who use BSN to build projects.

First, let me share with you an exciting milestone: the Ethereum 2.0 proof-of-stake chain. This is the first phase of the Ethereum 2.0 effort, which has reached its goal of deposits. This means that this code is fully ready for the Ethereum 2.0 proof-of-stake chain, and it has been for a while. In fact, rolling out the chain required a lot of human effort - becoming validators, and about 520,000 ETH was deposited into the system as part of this proof-of-stake system. Two days ago, we have reached this goal, and now, we have far exceeded the target value, about 740,000 ETH can participate as validators in this new proof-of-stake network. This means that the proof-of-stake beacon chain is ready and it will be launched next Tuesday at 8:00 pm China time. Get ready and look forward to the first phase of Ethereum 2.0!

Ethereum 2.0 is a huge project that we have been working on for years. Now, the project has finally become a reality. With the proof-of-stake network launching early next week, Ethereum 2.0 will demonstrate the benefits it brings. First of all, the consensus of proof of stake is more efficient and reduces energy consumption. It's not so much a consensus requirement as it is a computer that miners need to run 24/7 and consume a lot of power constantly. Proof-of-Stake is more energy efficient and reduces a lot of waste, it uses fewer resources to provide the same level of security. Secondly, it is faster to reach consensus, that is, it takes less time to wait for transaction confirmation. In Ethereum 2.0, guarantee transactions within 12 to 18 minutes, and you get a very strong security guarantee. But even after about 12 seconds, you can get an initial confirmation with a strong guarantee, which is all a higher level of security. In Ethereum, a confirmation takes around 12 seconds, and for a very high level of security, you might have to wait much more. The third is higher scalability. An important technology in Ethereum 2.0 is called sharding. Sharding can reduce a lot of transaction costs and improve a lot of scalability. If sharding is combined with Layer 2 technology, it is possible for us to process up to 100,000 transactions per second. Finally, existing Ethereum applications continue to work. If you have an Ethereum application, transitioning to Ethereum 2.0 will not break your application, it will continue to work as it does today.

Next, I will introduce the path of scalability. The existing Ethereum chain today can process about 15 to 45 transactions per second, using a scaling technique called Rollups. This technology is already running on mainnet to some extent. Some ongoing projects will also start soon, such as: Loopring based in Shanghai and ZK-Sync, another main team, and other teams that are optimistic about Ethereum. Rollups are a scalability technology that can improve scalability to about 1000 to 4000 transactions per second. At present, simple payments can basically be made, but more complex ones, such as the application on smart contracts, will take time to be realized. Finally, if you combine Rollups and sharding, Rollups are basically ready, but sharding will take more time to combine the two. At that time, you can get up to 25,000 to 100,000 transactions/second, which will provide enterprise users with a higher level of scale and scalability, which is a strong guarantee. If you start building an application now, even if it reaches millions or tens of millions of users

Or in the long run Looking at it, even with hundreds of millions of users, there will still be room for the app to keep running. While these numbers only apply to today's technology, as computers continue to become more powerful, Ethereum will become more efficient. Over time, I expect this number to increase.

For a long time, I think one of the reasons why enterprises will use private chains is the scalability of public chains very bad. The Ethereum 2.0 public chain will have very good scalability, and Eth2 can be regarded as a hotbed for running applications. It will become more and more important as time goes on. Any kind of integration work, BSN or anyone else can make it happen, so scalability is very important

Next, I will introduce privacy protection. Privacy is a big problem for many enterprise applications. For this reason, everyone has done a lot of work in cryptography, such as: using zero-knowledge proof, ZKSnarks, Aztech, etc. The EY project, announced last year, has done a lot of work on privacy protection applications, benefiting from the security provided by the blockchain without sacrificing the confidentiality of private data.

The Beacon Chain, the Ethereum 2.0 proof-of-stake chain will be launched next week, and is expected to achieve sharding. And early in the middle of next year, it is likely to be the first major upgrade of the beacon chain-light client support. It's a fairly simple upgrade, so it's likely to happen soon. At the same time, we make more improvements to the existing Ethereum blockchain, such as: stateless client support, encryption operations, more efficient data structures, binary trees, accelerated fuel pool protocols, etc., many of which are used to improve the existing The Ethereum UX thing is a work in progress. Then, there is the expansion of shards, and the work of combining Ethereum 2.0 is carried out at the same time. And the existing Ethereum chain, so that the existing Ethereum chain and the new proof-of-stake chain are combined into a system to jointly run the proof-of-stake chain.

Overall, these are upgrades. This will make the Ethereum chain much more efficient, and they will allow applications to be more scalable and less expensive. If you are building an application that is expected to eventually have millions of users, there may not be enough space on the existing Ethereum 1.0 chain, but there will definitely be enough space on the Ethereum 2.0 chain. So you can start building and then be confident that you'll have a way to take full advantage of the capabilities of your Ethereum 2.0 chain. Proof of Stake will also provide a more stable and efficient consensus layer, giving stronger guarantees of transaction security, and this will happen at the same time as many other improvements. So if you're building applications, we encourage you to learn about all these upgrades, and also learn about rollup and some layer-2 scaling techniques. In the meantime, take a look at the ongoing work in the Ethereum ecosystem and learn how the technology might fit into your application. If you are just a fan, you are welcome to participate in the beacon chain as a validator.

Continue to observe, continue to participate, and hope that everyone can enjoy the Ethereum ecosystem. We will continue to improve rapidly in the next two to three years. thank you all!