How does ethereum 2.0 achieve "swipe level" speeds?

The originalTitle: "how can ethereum 2.0 achieve" swipe rate "?
Honeycomb financial News

Ethereum, which has not halved in 2020, also has many stories to tell.

On Jan. 13, Weiss Crypto Ratings, a cryptocurrency rating agency, tweeted that Vitalik Buterin, the founder of ethereal, said that transaction confirmation times for version 2.0 would be reduced to three to six seconds.

Two days ago, the ethereum community released a version of the 2.0 Phase 0 code specification, and some new ideas have already been put in place, but a specific launch date for the new version has yet to be determined. Vitalik Buterin replies in Chinese community.

Ethereum, which has evolved to 2.0, will be a new network system. Under the existing foundation, consensus protocol Casper and sharded technology are expected to be implemented.

Whether the new ethereum can be launched will affect whether the corporate chain can get out of the "impossible triangle" and whether business applications can be launched on it.

The "phase 0" code specification is out

On Jan. 13, Weiss Crypto Ratings, a cryptocurrency rating agency, tweeted about ethereum 2.0: "V revealed that when ethereum 2.0 is fully implemented, the time required to confirm transactions will be reduced from a few minutes to three to six seconds -- about the time it takes to swipe a card."

Two days ago, ethereum's Github repository revealed that the community had released version 2.0 of the Phase 0 code specification, version v0.10.0, with the important information that "new BLS standards" would be integrated into the ethereum 2.0 specification. EricConner, Ethhub's founder, also said that this version of the code specification, which will be audited soon, is the basis for a future multi-client test network.

BLS is a signature algorithm proposed by Dan Boneh, Ben Lynn and HovavShacham of Stanford university, which can aggregate multiple signatures into one signature and multiple keys into one key. When multiple verifiers have to sign the block, the BLS aggregation algorithm can not only ensure the system security, but also save the storage space. The BLS signature algorithm is also the basis of ethereum's shift from PoW to PoS.

When users recently asked ethereum's chinese-language community when version 2.0 would launch, ethereum founder Vitalik Buterin replied, "either q1 or q2." No date has been set, but deployment of ethereum 2.0 has already begun.

The eight major currencies including BTC, BCH and daxin will enter the development cycle of production halving in 2020. For ethereum, the New Year is also important. Whether version 2.0 can be successfully launched is not only related to the breakthrough of the king of the chain, but also to verify whether the chain can achieve high performance under the premise of energy saving and security.

The "impossible triangle of corporate chains" problem is also one of the directions ethereum 2.0 is exploring, especially to solve the network congestion problem, which is directly related to the landing of some HFT applications on ethereum.

According to BTC.com, the current POW consensus for ethereum blocks is around 13 seconds, with six transactions per second. In reality, ethereum validates around 20 transactions per second.



Ethereum 2.0 goals

According to the community's plan, ethereum 2.0 is not a patch over the current 1.0 release, but an overhaul and redesign of the new network system that will bring changes such as sharable technology implementation, proof of interest, and new virtual machines (eWASM).

"Modification consensus + sharding technology" speeds up

Currently, version 2.0 has nine separate development teams working together. In terms of resolving performance issues, ethereum 2.0 points the technical solution to the modification of consensus protocols and the implementation of sharding technologies.

Ethereum, like bitcoin, USES a PoW consensus mechanism. The new ethereum will move from PoW consensus to PoS consensus.

Compared with the mechanism of PoW to determine the node verification right, the advantage of PoS is that the nodes participating in verification are limited and the confirmation speed will be improved.

Sharding technology improves network efficiency by dividing large chains (databases) into smaller, faster "blocks", each of which can be self-managed, with its own transaction history area, and the sharding data is eventually aggregated into the main chain to make the whole system more scalable.

For example, a DApp can have a complete sharding, and all relevant validations are only located on the sharding, and the in-slice node can confirm the transaction completion without verifying the data of other sharding.

Under the PoW consensus mechanism, ethereum has only one longest chain as the main chain. The ethereum 2.0 network has a beacon chain and 1024 sharding chains that can communicate with each other. As the core chain, beacon chain coordinates the sharding chain to realize capacity expansion.

When ethereum 2.0 goes live, the current version of ETH rewards assets and data on the chain will be migrated. Data migration can be achieved by two-way bridging and one-way bridging. In this regard, the current recommendation of the community is to move the Eth1.0 chain status to the Eth 2.0 chain sharding in phase 2 to ensure that all information of the Eth1.0 chain is available on the Eth 2.0 chain.

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