Vitalik Buterin outlines next steps for Ethereum after Beacon Chain launch
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4 Wochen ago
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Following the successful launch of Ethereum 2.0 Phase 0 — the first concrete step in building the next iteration of the protocol — Ethereum co-founder Vitalik Buterin published an updated roadmap of what comes next for the project.
The current development of Ethereum 2.0 is generally divided into phases. Phase 0 is the barebones Beacon Chain that enables staking but has no effect on the application layer. Phase 1 introduces sharding of data, increasing storage capabilities without directly influencing application performance. Finally, Phase 2 fully introduces transaction sharding and enables the promised thousands of transactions per second of throughput.
Buterin said in March that this roadmap template is a vision for the next five to 10 years. The updated version is more fluid and eliminates terms like “Phase 1” and “Phase 2” altogether. Defining features of each phase are now more independent from each other and incorporate work done for Ethereum 1.x.
Buterin’s roadmap encompasses all Ethereum developments to provide a detailed overview of what’s next for the platform, including approximate completion bars.
The roadmap I made back in March updated with (very rough and approximate!) progress bars showing what has been done and some of the recent tweaks to the roadmap itself.
Key features of the next major milestone are the transition of Ethereum 1.0 to proof-of-stake, the introduction of Eth2 light clients on Eth1, and data sharding — all of which were previously grouped under Phases 1 and 1.5. An important change in the current roadmap is the realization that the three steps are largely independent and can be worked on in parallel.
Furthermore, enormous scalability improvements can be achieved by executing on the latter two features, as they would enable hosting rollups on a sharded data structure. Rollups are a layer-two technology that offloads computation outside of the chain but guarantees its correctness through proofs stored on-chain. Due to this, data sharding vastly increases the rollups’ room to maneuver and could enable more than 10,000 TPS as soon as light clients and data sharding are introduced.
However, progress on data sharding and light clients is still at or below 50%, according to Buterin, consistent with estimates that Phase 1 will take at least one year to build.
Progress on stateless clients and the Ethereum 1.x initiative is also at less than 50%, according to the chart. The cryptographic technology of polynomial commitments — which Buterin earlier said is the key to practical stateless clients — is also far from being complete. Similarly, work toward many other advanced types of cryptographic technology and an improved virtual machine is still in its early stages.
After publishing the roadmap, Buterin urged to quickly implement EIP-1559, a proposal to burn the majority of the transaction fees collected by the protocol instead of offering them to miners.
Crypto enthusiasts could make $122K per year mining Ethereum with this setup
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52 Minuten ago
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Dezember 29, 2020
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Simon Byrne has taken at-home crypto mining to a whole new level as he looks to capitalize on Ethereum’s (ETH) enormous price potential.
As first reported by Anthony Garreffa, Byrne has set up an ETH mining rig consisting of 78 GeForce RTX 3080 graphics cards. Although the RTX 3080 is marketed toward high-end PC gamers, crypto miners are using these powerful specs to enhance their capabilities.
With each card using roughly 300W of power, Byrne’s setup uses 23.4KW of energy. And that doesn’t even factor in associated costs like AC. All said, his electricity bill is estimated to run up to around $2,166 per month.
The RTX 3080 launched in September at a price of $699, but supply shortages have caused the per-unit cost to swell to $1,199. At the shortage price, that’s a price tag of $93,522 for Byrne’s setup.
Still, these costs could be offset by the operation’s mining capability. One GeForce RTX 3080 graphic card has a hash rate of around 83MH/s using Ethash, which should generate roughly 0.22236870 ETH per month, according to Garreffa. All 78 cards would therefore generate 17.3 ETH per month, which is equivalent to around $12,352 at today’s prices.
Stripping away the electricity costs, that’s roughly $10,200 per month or $122,000 per year. And that’s not factoring in Ethereum’s price potential during the next bull market.
Ether’s price zipped past $700 over the weekend, the first such move since mid-2018. The return of altseason, as some have predicted, could send ETH’s price even higher over the medium term as investors cycle from Bitcoin to other large-cap cryptocurrencies.
Bitcoin price rally cools down as Polkadot gains 34% in first week of ‘altseason’
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12 Stunden ago
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Dezember 29, 2020
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Bitcoin (BTC) fell below $26,000 on Dec. 29 as fresh fallout from Ripple’s threatened U.S. lawsuit was felt throughout crypto markets.
Cryptocurrency market overview. Source: Coin360
BTC price dips as Coinbase halts XRP trading
Data from Cointelegraph Markets, Coin360 and TradingView showed BTC/USD hitting lows of $25,830 during Tuesday trading.
$27,000 support failed to hold overnight, sparking a retest of lower levels which now center on $26,000. At the weekend, Bitcoin hit all-time highs of $28,400 before swiftly reversing.
The latest losses come as XRP, the fourth-largest cryptocurrency by market cap, hits $0.23 thanks to major U.S. exchange Coinbase opting to suspend trading from next month. The reason is a lawsuit from the U.S. Securities and Exchange Commission (SEC), which threatens to classify XRP as an unlicensed security and make trading it all but impossible.
“There is going to be a rangebound construction, after which 2021 will most likely break out again,” Cointelegraph Markets analyst Michaël van de Poppe summarized about Bitcoin’s short-term perspectives in a video update on Monday.
Analyst braced for altseason
Van de Poppe is eyeing altcoins as next in line to see major gains. XRP notwithstanding, the market is already showing signs of life, with Ether (ETH) climbing above $700 for the first time since May 2018 this week.
Another winner on Tuesday was Polkadot (DOT), now the seventh-largest token by market cap, which saw a 22.5% daily rise, capping weekly performance of nearly 34%.
For Van de Poppe, the next “impulse wave” on Bitcoin in 2021 should take the market to $40,000 or $50,000, but “until then, altcoins will most likely do well.”
He additionally pointed to a likely top in Bitcoin market cap dominance, which at almost 70% should soon give way to altcoin presence. December tends to see BTC dominance peaks, with 2017, the time of Bitcoin’s first attempt to crack $20,000, a notable comparison.